Company type | Public |
---|---|
NYSE: TNET Russell 2000 Component | |
Industry | Professional employer organization |
Founded | 1988, San Leandro, California, United States |
Headquarters | , United States |
Key people | Burton Goldfield, President & CEO (2008–2024); Special Advisor (2024–) Mike Simonds, CEO (2024–) [1] |
Revenue | US$ 4.9 billion (2023) |
US$ 469 Million (2023) | |
US$ 355 million (2023) | |
Total assets | US$ 3.7 billion (2023) |
Number of employees | 3,622 (2019) |
Subsidiaries | TriNet Zenefits |
Website | www |
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]
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]
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]
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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