HealthEquity has made a number of significant acquisitions over the last few years. These acquisitions have allowed the company to broaden its product portfolio and strengthen its partner ecosystem. They did not seem to appreciate the additional ongoing work these acquisitions would bring. Parts of the company are overwhelmed just trying to "keep the lights on".
HealthEquity tends to pay below market average, so turnover has become an issue.
The management team that was put in place a few years ago have brought over a number of their colleagues from prior companies. There are a lot of good people that have come over, but it has started to feel a bit cliqueish.