Conduent Incorporated (Nasdaq: CNDT), a global technology-led
business solutions and services company, and HealthEquity, Inc.
(Nasdaq: HQY), the nation’s largest health savings account (HSA)
administrator, today announced that they have entered into a
definitive agreement to transfer BenefitWallet’s Health Savings
Account (HSA) portfolio to HealthEquity.
The agreement contemplates a purchase price of approximately
$425 million for the transition of all BenefitWallet HSA accounts,
including approximately 665,000 customer accounts and their
approximately $2.7 billion of HSA assets to HealthEquity.
"This transaction demonstrates progress on the portfolio
rationalization plan outlined earlier this year,” said Cliff
Skelton, President and Chief Executive Officer, Conduent. “Clients
and customers will continue to benefit from the strong and
long-standing relationship between Conduent and HealthEquity.
HealthEquity will provide best-in-class HSA solutions, while
Conduent will continue to provide a variety of other market-leading
solutions, including benefit administration services.”
"We are eager to welcome BenefitWallet HSA members, their
employers, and partners to HealthEquity with remarkable Purple
service from HSA experts and the industry’s leading platform for
empowering healthcare consumers," said HealthEquity's CEO, Jon
Kessler.
HealthEquity serves as the custodian of more than 8.2 million
HSAs with assets totaling $23.2 billion. In addition to 24-hour
member services support, the company provides personalized service,
intuitive technology, and convenient education tools for employers
and members to manage their accounts.
The transfer of the BenefitWallet HSA assets to HealthEquity is
expected to close in multiple tranches during the first half of
2024 and is subject to regulatory approval and the satisfaction of
certain other customary closing conditions. With respect to use of
proceeds, Conduent intends to continue with a balanced approach to
capital allocation including maintaining modest levels of net
leverage.
J.P. Morgan Securities LLC is serving as financial advisor, and
Willkie Farr & Gallagher LLP is serving as legal counsel to
HealthEquity. Holland & Knight LLP is serving as legal counsel
to Conduent for the transaction.
About HealthEquityHealthEquity and its
subsidiaries administer HSAs and other consumer-directed benefits
for 15 million accounts in partnership with employers, benefits
advisors, and health and retirement plan providers who share our
mission to save and improve lives by empowering healthcare
consumers and value our culture of remarkable “Purple” service. For
more information, visit www.healthequity.com.
About ConduentConduent delivers digital
business solutions and services spanning the commercial, government
and transportation spectrum — creating exceptional outcomes for its
clients and the millions of people who count on them. The company
leverages cloud computing, artificial intelligence, machine
learning, automation and advanced analytics to deliver
mission-critical solutions. Through a dedicated global team of
approximately 60,000 associates, process expertise and advanced
technologies, Conduent solutions and services digitally transform
its clients’ operations to enhance customer experiences, improve
performance, increase efficiencies and reduce costs. Conduent adds
momentum to its clients’ missions in many ways, including
delivering 43% of nutrition assistance payments in the U.S.,
enabling 1.3 billion customer service interactions annually,
empowering millions of employees through HR services every year and
processing nearly 12 million tolling transactions every day. Learn
more at www.conduent.com.
Forward-looking StatementsThis communication
contains forward-looking statements which include, but are not
limited to, all statements that do not relate solely to historical
or current facts, such as statements regarding the parties’
expectations, intentions or strategies regarding the future, or the
completion or effects of the transaction, including, without
limitation, statements regarding providing best-in-class HSA
solutions to clients, while Conduent continues to provide them with
a variety of other market-leading solutions, including wealth and
retirement services; continuing with Conduent’s balanced approach
to capital allocation including maintaining modest levels of net
leverage; and expectations for closing of the agreement and
transferring the BenefitWallet HSA assets to HealthEquity to occur
in multiple tranches during the first half of 2024 subject to
regulatory approval and satisfaction of other customary closing
conditions. In some cases, these statements include words like:
"may," "might," "will," "could," "would," "should," "expect,"
"intend," "plan," "objective," "anticipate," "believe," "estimate,"
"predict," "project," "potential," "continue," "seek," "aim,"
"assume" and "ongoing," or the negative of these terms, other
comparable terminology intended to identify statements about the
future, statements regarding our plans, goals, expectations or
business strategies. These forward-looking statements are subject
to the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995. The parties’ expectations and
beliefs regarding these matters may not materialize and may be
based on assumptions that prove to be incorrect. Actual outcomes
and results may differ materially from those contemplated by these
forward-looking statements as a result of uncertainties, risks, and
changes in circumstances, including but not limited to risks and
uncertainties related to: the ability of the parties to consummate
the transaction, satisfaction of closing conditions precedent to
the consummation of the transaction, potential delays in
consummating the transaction and transferring the applicable HSA
assets, and the expected benefits to each party from the
transaction. Additional risks and uncertainties that could cause
actual outcomes and results to differ materially from those
contemplated by the forward-looking statements are included in each
party’s most recent filings with the SEC, including each party’s
Annual Report on Form 10-K for the party’s most recent fiscal year
and any subsequent reports on Form 10-Q or Form 8-K filed with the
SEC from time to time and available at www.sec.gov.
The forward-looking statements included in this communication
are made only as of the date hereof and should not be relied upon
as representing either party’s view as of any date other than the
date hereof. Neither party assumes any obligation and neither party
intends to update these forward-looking statements, except as
required by law.
Media Contact:Sean Collins, Conduent,
+1-310-497-9205, sean.collins2@conduent.comAmy Cerny, HealthEquity,
acerny@healthequity.com
Investor Relations Contacts:Giles Goodburn,
Conduent, +1-203-216-3546, ir@conduent.comRichard Putnam,
HealthEquity, (801) 231-0697, rputnam@healthequity.com
HealthEquity (NASDAQ:HQY)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
HealthEquity (NASDAQ:HQY)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024