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,
United States
Key people
Burton Goldfield, President & CEO (20082024); 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 an American cloud-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 Dublin, California. TriNet partners with organizations between 3 and 2,500 employees. [4]

Contents

Founded in 1988, TriNet initially 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 a manager and employee self-service. [4]

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, [6] John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings. [7] At the same time, 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 incorporated as TriNet Group. [8] In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a growth equity firm. [9]

In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director. [10] [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]

In June 2023, Reuters reported that TriNet was attempting to find a buyer to sell itself to. [14]

Acquisition history

Recognition and media highlights

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 [28] (#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, [29] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies. [30] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing, [31] 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. [28]

In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award. [32]

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. [33]

In March 2012, CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face" was published in Forbes. [34]

In December 2014, CEO Burton Goldfield made a second appearance on Jim Cramer's Mad Money. [35]

In March 2015, Charles Passy, reporter MarketWatch interviewed TriNet CEO Burton Goldfield in the article "A Bigger Paycheck for TriNet". [36]

In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers. [37] 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. [38]

In 2017, TriNet was named one of the 100 Fastest-Growing Companies by Fortune Magazine [39] and one of Selling Power magazine's 50 Best Companies to Sell For, for the fourth consecutive year. [40]

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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. "Company Overview of HR Logic, Inc". Bloomberg. 6 July 2023.
  7. California Firm buying LMC Resources," Denver Business Journal.
  8. "United States Securities and Exchange Commission". Sec.Gov.
  9. "TriNet History". TriNet website. Retrieved 4 November 2015.
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  11. "TriNet Appoints Burton M. Goldfield As New Chief Executive Officer". BusinessWire . Retrieved May 14, 2008.
  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. Vinn, Milana (June 9, 2023). "Exclusive: Online payroll vendor TriNet explores sale". Reuters. Retrieved June 24, 2023.
  15. "TriNet Expands Customer Base with Referrals from Other Human Resource Providers". BusinessWire . Retrieved June 25, 2003.
  16. "TriNet Acquires E3 Operations as Part of Texas Expansion". BusinessWire . Retrieved September 17, 2003.
  17. "Company Overview of The Outsource Group, LLC". Bloomberg . 6 July 2023.
  18. "TriNet Group Acquires John Parry & Alexander". Mergr.com. Retrieved November 7, 2007.
  19. "Company Overview of LMC Resources, Inc". Bloomberg.
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  23. "TriNet to Acquire Strategic Outsourcing, Inc (SOI)". Yahoo . Retrieved September 14, 2012.
  24. "TriNet Acquires Ambrose" Press Release
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  26. TriNet. "TriNet Acquires Little Bird HR". TriNet. Retrieved 2020-08-04.
  27. "TriNet Completes Acquisition of Zenefits". Zenefits (Press release). Retrieved 2022-04-25.
  28. 1 2 "TriNet on Inc". Inc.com .
  29. "Inc 5,000 company profile – TriNet," Inc.com.
  30. "East Bay’s fastest-growing companies recognized," East Bay Business Times.
  31. "Inc. 5000 2009 list", Inc.com.
  32. "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.
  33. "Spotlight on TriNet". PEOCompare.
  34. CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face", Forbes
  35. CEO Burton Goldfield's second appearance on Jim Cramer's Mad Money
  36. CEO Burton Goldfield's interview in MarketWatch
  37. VendOp Best B2B Vendors 2015
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  40. "50 Best Companies to Sell for in 2017". SellingPower.com.