TriNet Group, Inc.

Type	Public
Traded as	NYSE: TNET Russell 2000 Component
Industry	Professional employer organization
Founded	1988, San Leandro, California, United States
Headquarters	Dublin, California , United States
Key people	Burton Goldfield, President & CEO
Revenue	US$ 4.9 billion (2022)
Operating income	US$ 355 Million (2022)
Net income	US$ 355 million (2022)
Total assets	US$ 3.4 billion (2022)
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.^[1] 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.^[2] TriNet is headquartered in Dublin, California. TriNet partners with organizations between 3 and 2,500 employees.^[3]

Founded in 1988, TriNet initially offered basic employee benefits, dental coverage, life and disability insurance and employment law guidance.^[4] 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.^[3]

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,^[5] John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings.^[6] 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.^[7] In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a growth equity firm.^[8]

In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director.^[9][10]

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.^[11][12]

In June 2023, Reuters reported that TriNet was attempting to find a buyer to sell itself to.^[13]

Acquisition history

• 2003: TriNet acquired two professional employer organizations, including the west coast assets of ALTRES and the E3 Group.^[14][15]
• 2006: Trinet completed the acquisition of Outsource Group, a human resources service provider.^[16]
• 2007: TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander.^[17]
• 2008: TriNet acquired LMC Resources, a professional employer organization focused on emerging markets.^[18]
• June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.^[19]
• May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices.^[20]
• April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City.^[21]
• October 25, 2012: TriNet closed its acquisition of Strategic Outsourcing and became the largest, independent professional employer organization in the U.S.^[22]
• July 2, 2013: TriNet acquired Ambrose Employer Group. Ambrose is a New York City-based professional employer organization.^[23][24]
• July 27, 2020: TriNet acquired Little Bird HR. Little Bird HR is a New York City-based professional employer organization.^[25]
• February 15, 2022: Trinet closed its acquisition of Zenefits.^[26]

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^[27] (#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,^[28] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies.^[29] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,^[30] 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.^[27]

In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.^[31]

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.^[32]

In March 2012, CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face" was published in Forbes.^[33]

In December 2014, CEO Burton Goldfield made a second appearance on Jim Cramer's Mad Money.^[34]

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

External links

• Official website