HealthEquity Expands Commuter Offering with Luum Acquisition adds options beyond monthly transit passes, strengthening capabilities for the new hybrid workplace DRAPER, Utah , (GLOBE NEWSWIRE)

HealthEquity Expands Commuter Offering

adds options beyond monthly transit passes,

capabilities for the new hybrid workplace

DRAPER, Utah, (GLOBE

NEWSWIRE) - March 8, 2021 - HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity"), the

nation's largest independent health savings account ("HSA") custodian, today jointly announced the acquisition of Luum,

a fast-growing technology platform for employee commute management, compliance and sustainability.

This acquisition strengthens

the HealthEquity commuter offering, delivering a critical toolset HR and facilities professionals need to implement flexible return-to-office

and hybrid-workplace strategies. Combining technology and deep integrations with parking providers and IT integrations

into HR and Payroll systems, employers can now offer safe, affordable commute alternatives and flexible remote-work benefits.

commute platform and connected ecosystem of third-party mobility solutions enable employers to design benefits for every commute,

or no commute at all," said Sohier Hall, CEO of Luum. "Adding Luum's powerful platform to HealthEquity's

existing commuter offering and reach, we expect to help our clients offer their workforce the most flexible, useful, and sustainable

way to get to and from work. The timing of this acquisition could not be more perfect as employers across the country gear up

for a new commuting and work access environment. They require the unified system that puts their benefit policies into practice.

In support of employee experience to real estate asset optimization to workforce equity to corporate sustainability, the Luum

and HealthEquity combination is that solution."

Among the highlights, HealthEquity and Luum will deliver:

Pew, Conference Board: https://www.shrm.org/hr-today/news/hr-news/pages/remote-workers-not-comfortable-returning-to-office.aspx

2 Gartner: https://www.nytimes.com/2021/02/22/business/energy-environment/corporations-climate-change.html

Perella Weinberg Partners LP

served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to HealthEquity on this transaction.

HealthEquity and its subsidiaries

administers Health Savings Accounts (HSAs) and other consumer-directed benefits for our more than 12 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.

is on a mission to empower enterprises to match employees' dynamic work-life with safe, flexible and sustainable mobility

options. As a leader in enterprise commute management, we engage employees, unify mobility options, and bring about meaningful

behavior change. Additionally, we provide safe, trusted and flexible commute options for frontline workers and those preparing

for a return to the workplace. For more information, visit www.luum.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.

3 Sun-Microsystems: https://www.businesswire.com/news/home/20080609005431/en/Sun-Microsystems-Study-Finds-Open-Work-Program

4 U.S. Department of Transportation: https://www.transportation.gov/mission/health/housing-and-transportation-affordability#transportationandhealthconnection

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

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.