DRAPER, Utah, March 8, 2021 (GLOBE NEWSWIRE) – HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity”), the nation’s largest unbiased well being financial savings account (“HSA”) custodian, introduced immediately Collectively buying Luum, a quickly rising know-how platform for the administration, compliance and sustainability of worker journey.
This acquisition strengthens the HealthEquity commuter providing, offering a set of important instruments that HR and amenities professionals must implement versatile return-to-office and hybrid-workplace methods. By combining know-how and deep integrations with parking suppliers and IT integrations into HR and payroll methods, employers can now provide secure and inexpensive journey options and versatile advantages for distant working.
“Luum’s company commuter platform and linked ecosystem of third-party mobility options permit employers to design advantages for each journey, or no journey in any respect,” mentioned Sohier Corridor, CEO of Luum. “By including Luum’s highly effective platform to HealthEquity’s current commuter providing and attain, we hope to assist our prospects present their employees with probably the most versatile, helpful and sustainable option to get to and from work. ‘return. The timing for this acquisition could not be extra good as employers throughout the nation brace for a brand new setting of commuting and entry to work. They want the unified system that places their profit insurance policies into apply. Supporting worker expertise, actual property asset optimization, workforce fairness and enterprise sustainability, the Luum and HealthEquity mixture is that resolution. “
Among the many highlights, HealthEquity and Luum will provide:
- Secure transport choices equivalent to closed-network carpooling matching, staggered arrival, assured return house, and proactive communication. Security and transparency are a precedence for employers, as 64% of staff are uncomfortable returning to the workplace, with entry-level staff and older staff feeling the least secure1;
- Final political flexibility to handle and measure hybrid commuting insurance policies. 82% of employers anticipate a post-pandemic hybrid office, says Gartner2. Now organizations can simply implement homework expense reimbursements, sustainable commute incentives, each day parking reservations, versatile subsidies, and personal bus / shuttle demand.
- Worker journey portal for correct office journey and distant work info, tailor-made to employer’s targets and linked to HR, advantages, payroll and expense administration methods.
- Company sustainability as a part of the hybrid office technique, by means of the measurement and visibility of tangible outcomes on local weather and different areas of environmental conservation. By some estimates, the commute to work accounts for 98% of a typical worker’s carbon footprint.3
- Fairness in transport is inextricably linked to the affordability of housing and transportation. When mixed, 50% of family prices are spent on shelter and transportation in america4. The mixed resolution offers employers the power to create journey insurance policies and subsidies to assist deal with transportation affordability and equitable entry.
Perella Weinberg Companions LP acted as monetary advisor and Willkie Farr & Gallagher LLP acted as authorized advisor to HealthEquity in reference to this transaction.
HealthEquity and its subsidiaries administer Well being Financial savings Accounts (HSAs) and different consumer-focused advantages for our greater than 12 million accounts in partnership with employers, profit advisors and well being plan suppliers and retirement who share our mission to attach well being and wealth and worth our outstanding “purple” service tradition. For extra info, go to www.healthequity.com.
Luum’s mission is to allow firms to match the dynamic working lives of staff with secure, versatile and sustainable mobility choices. As a frontrunner in company journey administration, we have interaction staff, unify mobility choices and drive significant conduct change. Plus, we offer secure, dependable and versatile journey choices for frontline staff and people making ready to return to work. For extra info, go to www.luum.com.
This press launch incorporates “forward-looking statements” inside the that means of the “secure harbor” provisions of the Non-public Securities Litigation Reform Act of 1995, together with, however not restricted to, statements concerning our trade, our enterprise technique, our plans, targets and expectations concerning our markets and market place, product enlargement, future operations, bills and different working outcomes, revenues, margins, profitability, enterprise beneficial properties future effectivity, tax charges, capital expenditures, money and capital sources and different monetary and operational info. When used on this dialogue, the phrases “might”, “believes”, “intends”, “seeks”, “anticipates”, “plans”, “estimates”, “expects”, “ought to” “,” Assume “,” proceed “,” might, “” will “,” future “and the unfavourable of such phrases or comparable expressions are supposed to establish forward-looking statements on this press launch.
Ahead-looking statements replicate our present expectations concerning future occasions, outcomes or outcomes. These expectations might or is probably not fulfilled. Though we imagine that the expectations mirrored within the forward-looking statements are cheap, we can provide you no assurance that these expectations will show to be right. A few of these expectations could also be based mostly on assumptions, information or judgments that transform incorrect. Precise occasions, outcomes and outcomes might differ materially from our expectations resulting from numerous dangers, uncertainties and different identified and unknown elements. Whereas it’s not potential to establish all of those dangers and elements, they embody, amongst others, dangers associated to the next:
- the influence of the COVID-19 pandemic on society, its operations and its monetary outcomes;
- our capacity to appreciate anticipated monetary and different advantages by combining Luum’s operations with our companies in an environment friendly and efficient method;
- our capacity to compete successfully in a quickly altering healthcare and advantages administration trade;
- our reliance on the supply and continued advantages of tax-efficient well being financial savings accounts and different consumer-oriented advantages;
- our capacity to appreciate the anticipated monetary and different advantages to the corporate from the Luum acquisition;
- our capacity to establish, purchase and efficiently combine extra portfolio purchases or acquisition targets;
- the numerous competitors we face and will face sooner or later, together with from these with extra sources than us;
- our dependence on the supply and efficiency of our know-how and communications methods;
- current and potential future cybersecurity breaches of our communications applied sciences and methods and different information disruptions, together with the ensuing prices and liabilities, injury to popularity and lack of enterprise;
- the present unsure well being care setting, together with adjustments in well being care applications and spending and associated laws;
- our capacity to adjust to present and future privateness, well being, tax, funding advisor and different legal guidelines relevant to our enterprise;
- our dependence on companions and third get together suppliers for distribution and vital companies;
- our capacity to develop and implement up to date performance for our applied sciences and communications methods and to efficiently handle our progress;
- our capacity to guard our model and different mental property rights; and
- our dependence on our administration workforce and key members of our workforce.
For an in depth dialogue of those and different threat elements, please discuss with the dangers detailed in our filings with the Securities and Trade Fee, together with, with out limitation, our most up-to-date Annual Report on Type 10- Okay and subsequent periodic and present studies. A earlier efficiency is just not essentially indicative of future outcomes. We assume no intention or obligation to replace or revise any forward-looking statements, whether or not on account of new info, future occasions or in any other case. Ahead-looking statements shouldn’t be taken as consultant of our views as of any date subsequent to the date of this press launch.
1 Pew, Convention Board: https://www.shrm.org/hr-today/information/hr-news/pages/remote-workers-not-comfortable-returning-to-office.aspx
2 Gartner: https://www.nytimes.com/2021/02/22/enterprise/energy-environment/corporations-climate-change.html
3 Solar-Microsystems: https://www.businesswire.com/information/house/20080609005431/en/Solar-Microsystems-Research-Finds-Open-Work-Program
4 US Division of Transportation: https://www.transportation.gov/mission/well being/housing-and-transportation-affordability#transportationandhealthconnection