TriNet

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TriNet Group, Inc.
Company typePublic
NYSE: TNET
Russell 2000 Component
IndustryProfessional 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]
RevenueIncreaseUS$ 4.9 billion (2023)
DecreaseUS$ 469 Million (2023)
IncreaseUS$ 355 million (2023)
Total assetsIncreaseUS$ 3.7 billion (2023)
Number of employees
3,622 (2019)
SubsidiariesTriNet Zenefits
Websitewww.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]

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[edit]

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[edit]

  • 2003: TriNet acquired two professional employer organizations, including the west coast assets of ALTRES and the E3 Group.[15][16]
  • 2006: Trinet completed the acquisition of Outsource Group, a human resources service provider.[17]
  • 2007: TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander.[18]
  • 2008: TriNet acquired LMC Resources, a professional employer organization focused on emerging markets.[19]
  • June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.[20]
  • May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices.[21]
  • April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City.[22]
  • October 25, 2012: TriNet closed its acquisition of Strategic Outsourcing and became the largest, independent professional employer organization in the U.S.[23]
  • July 2, 2013: TriNet acquired Ambrose Employer Group. Ambrose is a New York City-based professional employer organization.[24][25]
  • July 27, 2020: TriNet acquired Little Bird HR. Little Bird HR is a New York City-based professional employer organization.[26]
  • February 15, 2022: Trinet closed its acquisition of Zenefits.[27]

Recognition and media highlights[edit]

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]

References[edit]

  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. ^ a b 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.
  10. ^ David Goll, "Human resources outsourcer TriNet gets the second CEO in 20 years," East Bay Business Times.
  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.
  20. ^ "TriNet Group of California to acquire Gevity HR", Tampa Bay Business Journal
  21. ^ Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com
  22. ^ "TriNet Announces Acquisition of Accord Human Resources". Virgo Capital. April 26, 2012. Retrieved April 26, 2012.
  23. ^ "TriNet to Acquire Strategic Outsourcing, Inc (SOI)". Yahoo. Retrieved September 14, 2012.
  24. ^ "TriNet Acquires Ambrose" Press Release
  25. ^ "TriNet Announces Acquisition of Accord Human Resources". Virgo Capital. Retrieved April 26, 2012.
  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. ^ a b "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
  38. ^ "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.
  39. ^ "TriNet Group". Fortune 100 Companies.
  40. ^ "50 Best Companies to Sell for in 2017". SellingPower.com.

External links[edit]

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