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HealthEquity - M&A Summary and Business Overview

Information TechnologyCompany

HealthEquity M&A Summary

HealthEquity has acquired 3 companies, including 2 in the last 5 years. A total of 1 acquisition came from private equity firms.

HealthEquity’s largest acquisition to date was in 2019, when it acquired WageWorks for $2.0B. HealthEquity has acquired in 3 different US states. The Company’s most targeted sectors include business services (67%) and healthcare services (34%).

HealthEquity Business Overview

Where is HealthEquity headquartered?

HealthEquity is headquartered in Draper, Utah.

What is HealthEquity’s revenue?

HealthEquity disclosed revenue of 1,200M USD for 2025 and 1,000M USD for 2024.

How many employees does HealthEquity have?

HealthEquity has 3,126 employees.

What sector is HealthEquity in?

HealthEquity is an information technology company.

When was HealthEquity founded?

HealthEquity was founded in 2002.

M&A Summary

  • M&A Total Activity3
    • M&A Buy Activity3
  • Total Sectors Invested 2
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 2
  • M&A Advisors 2

HealthEquity

HealthEquity, Inc.

15 West Scenic Pointe Drive, Suite 100,
Draper, Utah 84020
United States,
(801) 727-1000
www.healthequity.com

HealthEquity is a consumer-focused health care services company that enables health insurers, benefits administrators, employers, and financial institutions to provide employees and consumers with a personal savings and payment account integrated into their health plan’s claims platform. Additionally, HealthEquity provides 24/7 personal advisory services to help consumers better save and spend their health care dollars. HealthEquity was founded in 2002 and is based in Draper, Utah.


M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.4/yr) # 1 2 - - - - 3
vol $2.0B $500M $2.5B
Sell (0.0/yr) # - - - - - - 0
  3

Most Recent M&A

Company Date Value Type
Health Savings Administrators LLC 2021-12-04 - Add-on Acquisition
Richmond, Virginia · www.hsaadministrators.info
MII Life Insurance, Inc. 2021-04-08 500M USD Divestiture
Eagan, Minnesota · www.hellofurther.com
WageWorks, Inc. 2019-04-30 2.0B USD Add-on Acquisition
San Mateo, California · www.wageworks.com
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Business Services 2 (67%) 2.5B (100%) - -
Healthcare Services 1 (33%) - - -
Total 3 $2.5B - -

By Geo

State/Country Buy Value Sell Value
United States 3 2.5B - -
  Virginia 1 - - -
  Minnesota 1 500M - -
  California 1 2.0B - -
Total 3 $2.5B - -

Top M&A Advisors

Financial Deals
Perella Weinberg Partners
 1
Legal Deals
Willkie Farr & Gallagher
 1

Deal Values

buy # Total
> $1B 1 $2.0B
$100M to $1B 1 $500M
TOTAL $2.5B
Largest WageWorks, Inc.
$2.0B (2019-04-30)

M&A Connections

Deals
Acquired from
Investor(s)
33%
1 (33%)
Strategic(s)
33%
1 (33%)

Company Summary

SECTOR

Information Technology

Revenue

1,200   20% 2025
1,000   17% 2024
862   14% 2023
757   4% 2022
734   38% 2021
532   86% 2020
287   25% 2019
230   30% 2018
178   41% 2017
127   45% 2016
88   2015
(millions of USD) Show More Show Less

Employees

3,126

Established

2002

Public

NASDAQ: HQY

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