December 16, 2021

Willkie advised HealthEquity in its approximately $455 million acquisition.

On November 1, HealthEquity, Inc., the nation's largest health savings account (HSA) non-bank custodian, announced that it completed the acquisition of Further, a leading provider of HSA and consumer-directed benefit administration services, and the nation’s ninth largest HSA custodian.

HealthEquity purchased Further for $455 million, with an additional purchase price of up to $45 million that may be payable dependent upon the future closing and migration of approximately 50,000 voluntary employee beneficiary association accounts.

The acquisition of Further and its technology expands HealthEquity’s leadership in the growing HSA market and enhances its ability to drive growth with health plans and other go-to-market partners. With Further’s approximately 580,000 HSAs and $1.9 billion of HSA assets, HealthEquity now has approximately 6.7 million HSAs and approximately $18 billion in HSA assets.

HealthEquity and its subsidiaries administer health savings accounts and other consumer-directed benefits for more than 13 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers.

The Willkie team was led by partners Matthew Haddad and Erin Kinney and included associates Alexander Salem, Matthew Arnold and Brannock Furey.