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]
 | |
| 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 |
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
editTriNet 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 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][12]
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.[13][14]
Acquisitions
editTriNet acquired E3 Group, a Dallas-based professional employer organization, in 2003.[15]
In 2006, TriNet purchased the Outsource Group, a human resources service provider.[16][17]
TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander in 2007.[18]
The company acquired LMC Resources, a human resources advisor, in April 2008[19][20] and, in June 2009, completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.[21]
- May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices.[22]
- April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City.[23]
- October 25, 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
editIn 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]
References
edit- ^ "TriNet Announces Retirement of Burton M. Goldfield and Appoints Mike Simonds President and CEO".
- ^ "About TriNet". TriNet. Retrieved 10 July 2018.
- ^ "Risk & Compliance". TriNet. Retrieved 10 July 2018.
- ^ a b Skolnick, Adam (2013-07-22). "HR: Big Savings for Small Business". Fiscal Times. Retrieved 15 May 2014.
- ^ Jonathan Marshall, "The Ultimate in Outsourcing," San Francisco Chronicle.
- ^ "Find a PEO". www.esac.org. Retrieved 2024-09-25.
- ^ "Company Overview of HR Logic, Inc". Bloomberg. 6 July 2023.
- ^ California Firm buying LMC Resources," Denver Business Journal.
- ^ "United States Securities and Exchange Commission". Sec.Gov.
- ^ "TriNet History". TriNet website. Retrieved 4 November 2015.
- ^ David Goll, "Human resources outsourcer TriNet gets the second CEO in 20 years," East Bay Business Times.
- ^ "TriNet Appoints Burton M. Goldfield As New Chief Executive Officer". BusinessWire. Retrieved May 14, 2008.
- ^ "Cloud-based payroll processor TriNet IPO priced at $16 per share". Reuters. The Thomson Reuters. Retrieved March 27, 2014.
- ^ "TRINET GROUP INC (TNET) IPO". Nasdaq.
- ^ "TriNet buys E3 Group's trade assets". www.bizjournals.com. 18 September 2003. Retrieved 2024-09-19.
- ^ Lieber, Katy (16 July 2006). "TriNet digs into deep pockets to pick up Outsource Group". San Francisco Business Times. Retrieved 2024-09-25.
- ^ "Company Overview of The Outsource Group, LLC". Bloomberg. 6 July 2023.
- ^ "TriNet Group Acquires John Parry & Alexander". Mergr.com. Retrieved November 7, 2007.
- ^ "California firm buying LMC Resources". Denver Business Journal. 16 April 2008. Retrieved 2024-10-08.
- ^ "Company Overview of LMC Resources, Inc". Bloomberg.
- ^ "TriNet Group of California to acquire Gevity HR", Tampa Bay Business Journal
- ^ Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com
- ^ "TriNet Announces Acquisition of Accord Human Resources". Virgo Capital. April 26, 2012. Retrieved April 26, 2012.
- ^ "TriNet to Acquire Strategic Outsourcing, Inc (SOI)". Yahoo. Retrieved September 14, 2012.
- ^ 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.
- ^ "TriNet Acquires Ambrose" Press Release
- ^ "TriNet Announces Acquisition of Accord Human Resources". Virgo Capital. Retrieved April 26, 2012.
- ^ TriNet. "TriNet Acquires Little Bird HR". TriNet. Retrieved 2020-08-04.
- ^ "TriNet Completes Acquisition of Zenefits". Zenefits (Press release). Retrieved 2022-04-25.
- ^ a b "TriNet on Inc". Inc.com.
- ^ "Inc 5,000 company profile – TriNet," Inc.com.
- ^ "East Bay’s fastest-growing companies recognized," East Bay Business Times.
- ^ "Inc. 5000 2009 list", Inc.com.
- ^ "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.
- ^ "Spotlight on TriNet". PEOCompare.
- ^ VendOp Best B2B Vendors 2015
- ^ "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.
- ^ "TriNet Group". Fortune 100 Companies.
- ^ "50 Best Companies to Sell for in 2017". SellingPower.com.