WageWorks Announces Pricing of its Initial Public Offering

WageWorks, Inc., a leading provider of consumer-directed benefit programs in the United States, today announced the commencement of its initial public offering of 6,500,000 shares of its common stock at a price to the public of $9.00 per share. The shares will begin trading on Thursday, May 10, 2012, on the New York Stock Exchange under the ticker symbol “WAGE.” In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock to cover over-allotments, if any.

William Blair and Stifel Nicolaus Weisel are serving as joint book-running managers for the offering, with JMP Securities LLC and Needham & Company, LLC, acting as co-managers. A prospectus for the offering, when available, may be obtained from William Blair & Company, L.L.C. at 222 West Adams Street, Attention: Prospectus Department, Chicago, IL 60606, phone number (800) 621-0687, or from Stifel Nicolaus Weisel at One Montgomery Street, Suite 3700, San Francisco, California 94104, phone number (415) 364-2720.

A registration statement relating to shares of the common stock of WageWorks, Inc. has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About WageWorks

WageWorks, Inc. is a leading provider of consumer-directed benefit programs in the United States. WageWorks administers and operates a broad array of products, including spending account management programs, such as health and dependent care Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs) and commuter benefits.

WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, please visit the Web site at www.wageworks.com.

Contacts:

Investor Relations Contact:
ICR
Staci Mortenson, 650-577-6300
ir@wageworks.com
or
Media Contact:
WageWorks, Inc.
Bonnie Zelter, 650-577-5355
Bonnie.Zelter@wageworks.com
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