Health savings account custodian HealthEquity acquires Seattle transportation startup Luum

Luum CEO Sohier Hall. (Lüum photo)

HealthEquity, a publicly traded administrator of Health Savings Accounts (HSAs), has acquired Luum, a Seattle startup that helps employers manage commuting benefits for their employees.

Luum was founded in 2012 and works with hospitals, universities, technology companies and others. The company offers software that, among other things, facilitates parking management and integration into mobility apps. The aim is to use incentives and disincentives to help employers achieve results, e.g. B. Reduce the number of workers traveling to work alone. Luum customers include Microsoft, T-Mobile, OHSU, City of Seattle and more.

The acquisition will strengthen HealthEquity’s commuter offerings, especially as employers adopt hybrid return-to-office strategies. The terms of the contract were not disclosed.

“By adding the powerful Luum platform to the existing commuter service and reach of HealthEquity, we want to help our customers give their employees the most flexible, useful and sustainable way to get to and from work,” said Sohier Hall, CEO of Luum, in a statement.

Hall previously worked at Microsoft for a decade before helping launch Luum nine years ago with former Microsoft colleague Tyler Simpson, Luum’s CTO.

Luum has 50 employees; All will join HealthEquity, which employs more than 3,000 people.

HealthEquity posted revenue of $ 179.4 million, up 14%, and non-GAAP net income of $ 32.2 million for the third quarter.