TriNet

Last updated
TriNet Group, Inc.
Company type Public
NYSE:  TNET
Russell 2000 Component
Industry Professional employer organization
Founded1988, San Leandro, California, United States
Headquarters
Dublin, California
,
United States
Key people
 Burton Goldfield, President & CEO (2008–2024); Special Advisor (2024–)
Mike Simonds, CEO (2024–) [1]
RevenueIncrease2.svgUS$ 4.9 billion (2023)
Decrease2.svgUS$ 469 Million (2023)
Increase2.svgUS$ 355 million (2023)
Total assets Increase2.svgUS$ 3.7 billion (2023)
Number of employees
3,622 (2019)
Subsidiaries TriNet Zenefits
Website www.trinet.com

TriNet Group, Inc. is a Dublin, California-based professional employer organization for small and medium-sized businesses. [2] TriNet administers payroll and health benefits and advises clients on employment law compliance and risk reduction, acting in some cases as an outsourced human resources department. [3] TriNet is headquartered in . TriNet partners with organizations between 3 and 2,500 employees. [4]

Contents

Founded in 1988, TriNet offered basic employee benefits, dental coverage, life and disability insurance and employment law guidance. [5] Since then, TriNet has broadened its offerings to add payroll services, Fortune-500 benefits, 401(k) guidance, worker's compensation, liability insurance, and strategic human resources support and services. The company also provides online tools such as web-hosted management portals for manager and employee self-service. [4]

TriNet has been accredited by the Employer Services Assurance Corporation since 1995. [6]

History

TriNet was founded in 1988 by entrepreneur Martin Babinec in San Leandro, California. Babinec led TriNet through several acquisitions of smaller professional employer organizations, including Boston-based HR Logic Holdings, [7] John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings. [8]

The company went through its own rounds of equity financing, including an investment by U.K.-based staffing firm Select Holdings, LLC (later renamed as Vedior). In 2000, the company was incorporated as TriNet Group. [9] In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a growth equity firm. [10]

In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director. [11]

In March 2014 TriNet launched its initial public offering (IPO) on the New York Stock Exchange with ticker symbol TNET and became a public company. [12] [13]

Acquisitions

TriNet acquired E3 Group, a Dallas-based professional employer organization, in 2003. [14]

In 2006, TriNet purchased the Outsource Group, a human resources service provider. [15] [16]

TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander in 2007. [17]

The company acquired LMC Resources, a human resources advisor, in April 2008 [18] [19] and, in June 2009, completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida. [20]

In May 2012, TriNet completed its acquisition of ExpenseCloud. [21] ExpenseCloud helps businesses manage expense reporting online and from mobile devices. [22] The following month, the company announced in April 2012 that it had acquired AccordHR in Oklahoma City. [23] A few months later, in October 2012, TriNet closed its acquisition of Strategic Outsourcing and became the largest, independent professional employer organization in the U.S. [24] [25]

Recognition

In the 1990s, TriNet was a member of the Inc. 500 Hall of Fame for five consecutive listings on the magazine's ranking of fastest growing, privately held American companies [30] (#12 in 1995, #79 in 1996, #166 in 1997, #319 in 1998 and #381 in 1999). In 2008, TriNet ranked #3,369 in the Inc. 5000, [31] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies. [32] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing, [33] and in 2010, at #1601.

In 2011, TriNet was recognized as a fast-growth company by Inc. Magazine for the fourth year in a row. [30]

In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award. [34]

TriNet has been accredited by the Employer Services Assurance Corporation since 1995. This certification validates the solid financial performance of professional employer organizations, and the assurance of their employer-compliant operations and services, continually monitoring them for adherence to important financial, ethical, and operational standards. [35]

In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers. [36] In the same year, TriNet is named one of the Bay Area's Best and Brightest Companies to Work For® by the National Association for Business Resources. [37]

In 2017, TriNet was named one of the 100 Fastest-Growing Companies by Fortune magazine [38] and one of Selling Power magazine's 50 Best Companies to Sell For, for the fourth consecutive year. [39]

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References

  1. ↑ "TriNet Announces Retirement of Burton M. Goldfield and Appoints Mike Simonds President and CEO".
  2. ↑ "About TriNet". TriNet. Retrieved 10 July 2018.
  3. ↑ "Risk & Compliance". TriNet. Retrieved 10 July 2018.
  4. 1 2 Skolnick, Adam (2013-07-22). "HR: Big Savings for Small Business". Fiscal Times. Retrieved 15 May 2014.
  5. ↑ Jonathan Marshall, "The Ultimate in Outsourcing," San Francisco Chronicle.
  6. ↑ "Find a PEO". www.esac.org. Retrieved 2024-09-25.
  7. ↑ "Company Overview of HR Logic, Inc". Bloomberg. 6 July 2023.
  8. ↑ California Firm buying LMC Resources," Denver Business Journal.
  9. ↑ "United States Securities and Exchange Commission". Sec.Gov.
  10. ↑ "TriNet History". TriNet website. Retrieved 4 November 2015.
  11. ↑ David Goll, "Human resources outsourcer TriNet gets the second CEO in 20 years," East Bay Business Times.
  12. ↑ "Cloud-based payroll processor TriNet IPO priced at $16 per share". Reuters. The Thomson Reuters. Retrieved March 27, 2014.
  13. ↑ "TRINET GROUP INC (TNET) IPO". Nasdaq .
  14. ↑ "TriNet buys E3 Group's trade assets". www.bizjournals.com. 18 September 2003. Retrieved 2024-09-19.
  15. ↑ Lieber, Katy (16 July 2006). "TriNet digs into deep pockets to pick up Outsource Group". San Francisco Business Times. Retrieved 2024-09-25.
  16. ↑ "Company Overview of The Outsource Group, LLC". Bloomberg . 6 July 2023.
  17. ↑ "TriNet Group Acquires John Parry & Alexander". Mergr.com. Retrieved November 7, 2007.
  18. ↑ "California firm buying LMC Resources". Denver Business Journal. 16 April 2008. Retrieved 2024-10-08.
  19. ↑ "Company Overview of LMC Resources, Inc". Bloomberg.
  20. ↑ "TriNet Group of California to acquire Gevity HR", Tampa Bay Business Journal
  21. ↑ "San Leandro's TriNet Expands Again". San Leandro, CA Patch. 2012-05-11. Retrieved 2024-11-06.
  22. ↑ Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com
  23. ↑ "TriNet Announces Acquisition of Accord Human Resources". Virgo Capital. April 26, 2012. Retrieved April 26, 2012.
  24. ↑ "TriNet to Acquire Strategic Outsourcing, Inc (SOI)". Yahoo . Retrieved September 14, 2012.
  25. ↑ Brown, Steven E.F. (30 October 2012). "After three acquisitions, TriNet will 'take the rest of the year off' says CEO". San Francisco Business Times. Retrieved 2024-10-08.
  26. ↑ "TriNet Acquires Ambrose" Press Release
  27. ↑ "TriNet Announces Acquisition of Accord Human Resources". Virgo Capital. Retrieved April 26, 2012.
  28. ↑ TriNet. "TriNet Acquires Little Bird HR". TriNet. Retrieved 2020-08-04.
  29. ↑ "TriNet Completes Acquisition of Zenefits". Zenefits (Press release). Retrieved 2022-04-25.
  30. 1 2 "TriNet on Inc". Inc.com .
  31. ↑ "Inc 5,000 company profile – TriNet," Inc.com.
  32. ↑ "East Bay’s fastest-growing companies recognized," East Bay Business Times.
  33. ↑ "Inc. 5000 2009 list", Inc.com.
  34. ↑ "Ernst & Young Names TriNet CEO Burton Goldfield Finalist For Entrepreneur Of The Year Award In Northern California". PR Newswire. 2013-05-23. Retrieved 15 May 2014.
  35. ↑ "Spotlight on TriNet". PEOCompare.
  36. ↑ VendOp Best B2B Vendors 2015
  37. ↑ "National Association for Business Resources Names TriNet One of the Best and Brightest Companies to Work For in the U.S." Yahoo . Retrieved December 17, 2015.
  38. ↑ "TriNet Group". Fortune 100 Companies.
  39. ↑ "50 Best Companies to Sell for in 2017". SellingPower.com.
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