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WageWorks Confirms Receipt of Proposal from HealthEquity

SAN MATEO, Calif., April 29, 2019 (GLOBE NEWSWIRE) -- WageWorks, Inc. (“WageWorks”) (WAGE), a leader in administering Consumer-Directed Benefits, confirms that it has received an unsolicited, non-binding proposal from HealthEquity, Inc. (HQY). The WageWorks Board of Directors, in consultation with its financial and legal advisors, will continue to carefully review the proposal in order to pursue the course of action that is in the best interests of all WageWorks shareholders.

WageWorks’ Board and management team, consisting of our new CEO, CFO, General Counsel and Executive Chairman, as well as two new independent directors, remain intensely focused on executing the recently articulated growth strategy, delivering the high-quality service that our customers have come to expect, and creating shareholder value, which has resulted in year-to-date returns of over 50%.

About WageWorks
WageWorks, Inc. (WAGE) is a leader in administering Consumer-Directed Benefits (CDBs). WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.

Media Contact:
Elizabeth Anderson
WageWorks, Inc.
972.984.0800
Elizabeth.Anderson@Wageworks.com

Investor Contact:
Michael Smiley
WageWorks, Inc.
650.577.5303
Michael.Smiley@wageworks.com