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]
July 2, 2013: TriNet acquired Ambrose Employer Group. Ambrose is a New York City-based professional employer organization.[26][27]
July 27, 2020: TriNet acquired Little Bird HR. Little Bird HR is a New York City-based professional employer organization.[28]
February 15, 2022: Trinet closed its acquisition of Zenefits.[29]
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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US$4.9 billion (2023)
US$469 Million (2023)