Health savings account custodian HealthEquity acquires Seattle transportation startup Luum – GeekWire
HealthEquity, a publicly-traded administrator of Health Savings Accounts (HSAs), has acquired Luum, a Seattle startup that helps employers manage commute benefits for their workers.
Founded in 2012, Luum works with hospitals, universities, tech companies, and more, offering software that facilitates parking management and integration with mobility apps, among other features. It aims to help employers achieve outcomes, such as reducing the number of employees driving alone to work, through incentives and disincentives. Luum’s customers include Microsoft, T-Mobile, OHSU, City of Seattle, and more.
The acquisition will bolster HealthEquity’s commuter offering, particularly as employers roll out hybrid return-to-office strategies. Terms of the deal were not disclosed.
“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,” Luum CEO Sohier Hall said in a statement.
Hall previously spent a decade at Microsoft before helping launch Luum nine years ago with former Microsoft colleague Tyler Simpson, who is Luum’s CTO, and Matt Hall, another Microsoft alum who is Luum’s chief architect.
Luum has 50 employees; all will be joining HealthEquity, which employs more than 3,000 people.
HealthEquity reported revenue of $179.4 million in the third quarter, up 14%, and non-GAAP net income of $32.2 million.