HealthEquity Completes Further Acquisition Expands HSA market share, health plan relationships and adds private label solutions DRAPER, Utah , (GLOBE NEWSWIRE)

HealthEquity Completes Further Acquisition

share, health plan relationships

and adds private label

DRAPER, Utah, (GLOBE

NEWSWIRE) - November 1, 2021 - HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity"), the nation's

largest health savings account ("HSA") non-bank custodian, today completed the acquisition of Further, a leading provider of

HSA and consumer-directed benefit ("CDB") administration services, and the nation's ninth largest HSA custodian.

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. The deal also adds to HealthEquity's Total Solution offering-remarkable products backed by service,

education and employee engagement support that go above and beyond customer expectations.

"We are excited to join

forces with the Further team, who share our focus on intuitive technology and remarkable service to connect health and wealth,"

said Jon Kessler, President and CEO of HealthEquity.

Expanded HSA Leadership

now has approximately 6.7 million HSAs and approximately $18 billion in HSA Assets, including Further's approximately 580,000 HSAs

and $1.9 billion of HSA assets and the recently closed acquisition of the Fifth Third Bank HSA portfolio, which added 157,000 HSAs and

$490 million of HSA assets. Further also brings approximately 28,000 employer clients and approximately 270,000 CDBs, not

including approximately 50,000 VEBA accounts which may be acquired at a later date, to expand

HealthEquity's market leadership.

Technology-Driven Partner Growth

The Further acquisition expands HealthEquity's

commitment to independent Blue Cross Blue Shield licensees, now serving the great majority of the Blue network of 35 independent

companies. HealthEquity also serves a growing network of health plan, retirement plan, benefits administration, and other go-to-market

"For nearly 20 years HealthEquity

has connected Health and Wealth through education, and deploying great, easy to use technology in concert with our partners. Further helps

us continue that journey as we extend our position as a leading HSA custodian and expand our reach to a growing network of go-to-market

partners," said Kessler.

HealthEquity purchased Further for $455 million, with an additional

purchase price of up to $45 million that may be payable dependent upon the closing and migration of the VEBA assets early next year. We

expect Further will add more than $12 million in revenue in our fiscal year 2022 ending January 31, 2022, and less than $1 million

in adjusted EBITDA based on the fourth quarter member services ramp up and costs associated with implementation of the federal vaccine

HealthEquity and its subsidiaries administers

Health Savings Accounts (HSAs) and other consumer-directed benefits for our more than 13 million accounts in partnership with employers,

benefits advisors, and health and retirement plan providers who share our mission to connect health and wealth and value our culture

of remarkable "Purple" service. For more information, visit www.healthequity.com.

Forward-looking statements

This press release contains "forward-looking

statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act

of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning

our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability,

future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When

used in this discussion, the words "may," "believes," "intends," "seeks," "anticipates,"

"plans," "estimates," "expects," "should," "assumes," "continues,"

"could," "will," "future" and the negative of these or similar terms and phrases are intended to identify

forward-looking statements in this press release.

Forward-looking statements reflect our current expectations regarding

future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the

forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations

may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially

from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify

all of these risks and factors, they include, among others, risks related to the following:

For a detailed discussion of these and other risk factors, please refer

to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our most recent Annual

Report on Form 10-K and subsequent periodic and current reports. Past performance is not necessarily indicative of future results.

We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future

events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date

of this press release.