HQY - HealthEquity Closes Conduent's BenefitWallet Acquisition | Benzinga
HealthEquity (NASDAQ: HQY) recently announced the completion of the acquisition of Conduent's BenefitWallet Health Savings Account portfolio.
In September 2023, HealthEquity entered into an agreement to acquire the BenefitWallet HSA portfolio from Conduent Business Services, LLC
Price Performance
In the past six months, HQY shares have gained 12.7% compared with the industry's rise of 13.0%. The S&P 500 has gained 17.7% in the same time frame.
Image Source: Zacks Investment Research
More on the Agreement
The acquisition agreement contemplated a purchase price of approximately $425 million for the transition of all BenefitWallet HSA accounts, including approximately 665,000 customer accounts and their approximately $2.7 billion of HSA assets to HealthEquity.
Acquisition Benefits to HealthEquity
HealthEquity is the largest HSA administrator in the United States, with more than 8.7 million HSA accounts as of Jan 31, 2024. The total assets of its HSA accounts are worth approximately $25.2 billion for the same period. As of June 2023, the company had a market share of 20% in the HSA category.
HQY derives revenues primarily from the services that it provides to make beneficial healthcare savings and spending decisions. Customers who invest in mutual funds ...