WageWorks is an administrator of consumer-directed benefits such as flexible spending accounts and HealthEquity is designated as a non-bank health savings trustee by the IRS.
"Acquiring WageWorks positions us to accelerate the market-wide transition to HSAs, with greater market access and an end-to-end proprietary platform built to drive members to spend smarter while saving for healthcare in retirement," said Jon Kessler, President and CEO of HealthEquity.
"Together, we can meet employers and employees wherever they are on their journeys to connect health and wealth, while simultaneously accelerating our growth in an expanding industry.
WageWorks shares traded down 1.9% to $50.65 in Thursday's pre-market session.
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