A Letter from our CEO: HealthEquity Acquires Luum
To our valued customers, partners, and mobility friends,
With great joy and optimism, I want to let you know that on March 8th, 2021, Luum was acquired by HealthEquity [NASDAQ: HQY]. Together, our companies will become the new standard for commuter benefit solutions in the industry—holistic, flexible, and integrated.
HealthEquity is among the nation’s largest providers of employee benefits, including HSA, COBRA, and commuter benefits (some of you may be familiar with WageWorks, a subsidiary of HealthEquity). HealthEquity and Luum share a mission to improve the lives and livelihoods of employees through employer benefits innovation. We share common values and we are both committed to remarkable client and partner experiences. HealthEquity serves more than 12 million members, 100,000+ organizations, 15,000+ registered benefits advisors, and more than 175 health plan partners. This acquisition means Luum can more rapidly achieve its vision, one that HealthEquity shares, of sustainable mobility choices for a better tomorrow.
Nine years ago, we set out to use technology to help employers improve employee commutes and encourage sustainable mobility. When we began this journey, little did we appreciate the impact that Luum could have on organizations around the country and in the communities they call home.
Luum’s commute platform gives our customers the power to put flexible programs in place so HR leadership can drastically impact employee engagement, retention, and wellness. It gives Operations, Real Estate, and Parking teams the tools to confidently avoid constructing new parking garages when supply is tight—instead optimizing existing assets by reducing parking demand. Luum gives the CEO an immediate, measurable way to demonstrate corporate sustainability efforts. Today with the HealthEquity acquisition, Luum is one giant step closer to transforming more organizations around the country.
Together, Luum and HealthEquity are committed to delivering the most flexible, holistic, and integrated commuter benefits to your employees. HealthEquity’s “Purple” Culture has a relentless focus on the customer—making them the ideal strategic partner for Luum. Our top priority throughout the integration of our two companies is to continue the exemplary service you expect and provide you with the best commuter benefits for your employees. We will keep you informed of our progress, and let you know about any new features or functionalities as they become available. If you have questions, please reach out to your Luum contact directly, or to me.
We are in this together, always. On behalf of Ken Irving—the inspiration for Luum—my co-founders Matt and Tyler, and the entire Luum team, we are so grateful for each one of you—our customers, partners, and mobility friends. We are better together and look forward to our continued journey to improve the commute for everyone.
E. Sohier Hall
President and Chief Executive Officer
Read the Press Release