HealthEquity Inc. of Draper has purchased Luum, a technology platform for employee commute management, compliance and sustainability. HealthEquity is one of the nation’s largest independent health savings account custodian companies.
“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,” HealthEquity said in announcing the acquisition. “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.”
“Luum’s enterprise 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.”
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.