TriNet
{{Short description|American cloud-based professional employer organization}}
{{Infobox company
| name = TriNet Group, Inc.
| logo = TriNet Logo.png
| type = Public
| traded_as = {{ubl|{{NYSE|TNET}}|Russell 2000 component}}
| key_people = Burton Goldfield, President & CEO (2008–2024); Special Advisor (2024–)
Mike Simonds, CEO (2024–){{cite web |url=https://www.trinet.com/about-us/news-press/press-releases/trinet-announces-retirement-of-burton-m-goldfield-and-appoints-mike-simonds-president-and-ceo |title=TriNet Announces Retirement of Burton M. Goldfield and Appoints Mike Simonds President and CEO}}
| industry = Professional employer organization
| revenue = {{Increase}} {{US$|4.9 billion|link=yes}} (2023)
| operating_income = {{Decrease}} {{US$|469 Million}} (2023)
| net_income = {{Increase}}{{US$|355 million}} (2023)
| assets = {{Increase}} {{US$|3.7 billion}} (2023)
| num_employees = 3,622
| num_employees_year = 2019
| foundation = 1988, San Leandro, California, United States
| location_city = Dublin, California
| location_country = United States
| subsid = TriNet Zenefits
| website = {{URL|https://www.trinet.com/}}
}}
TriNet Group, Inc. is a professional employer organization for small and medium-sized businesses.{{cite web|title=About TriNet|url=https://www.trinet.com/company/|website=TriNet|accessdate=10 July 2018}} 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.{{cite web|title=Risk & Compliance|url=https://www.trinet.com/full-service-hr/risk-compliance/|website=TriNet|accessdate=10 July 2018}} TriNet is headquartered in Dublin, California. TriNet partners with organizations between 3 and 2,500 employees.{{cite news|last=Skolnick|first=Adam|title=HR: Big Savings for Small Business|url=http://www.thefiscaltimes.com/Articles/2013/07/23/HR-Big-Savings-for-Small-Business#page1|accessdate=15 May 2014|newspaper=Fiscal Times|date=2013-07-22}}
Founded in 1988, TriNet offered basic employee benefits, dental coverage, life and disability insurance and employment law guidance.Jonathan Marshall, "[http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/1996/06/11/BU36179.DTL The Ultimate in Outsourcing]," San Francisco Chronicle. 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.
TriNet has been accredited by the Employer Services Assurance Corporation since 1995.{{Cite web |title=Find a PEO |url=https://www.esac.org/Business/find-a-peo |access-date=2024-09-25 |website=www.esac.org}}
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,{{cite web |title=Company Overview of HR Logic, Inc. |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=29599 |website=Bloomberg| date=6 July 2023 }} John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings.[http://denver.bizjournals.com/denver/stories/2008/04/14/daily44.html?surround=lfn California Firm buying LMC Resources]," Denver Business Journal.
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.{{cite web |title=United States Securities and Exchange Commission |url=https://www.sec.gov/Archives/edgar/data/937098/000093709816000114/tnet-123115x10k.htm |website=Sec.Gov}} In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a growth equity firm.{{cite web|title=TriNet History|url=http://www.trinet.com/company/about/history.htm|website=TriNet website|accessdate=4 November 2015}}
In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director.David Goll, "[http://www.bizjournals.com/eastbay/stories/2008/05/19/story3.html?b=1211169600%5E1637165 Human resources outsourcer TriNet gets the second CEO in 20 years]," East Bay Business Times.
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.{{cite news |title=Cloud-based payroll processor TriNet IPO priced at $16 per share |url=https://www.reuters.com/article/us-trinet-group-ipo/cloud-based-payroll-processor-trinet-ipo-priced-at-16-per-share-idUSBREA2P2CT20140327 |accessdate=March 27, 2014 |agency=The Thomson Reuters |publisher=Reuters}}{{cite web |title=TRINET GROUP INC (TNET) IPO |url=https://www.nasdaq.com/markets/ipos/company/trinet-group-inc-73783-74037 |website=Nasdaq}}
Acquisitions
TriNet acquired E3 Group, a Dallas-based professional employer organization, in 2003.{{Cite web |date=18 September 2003 |title=TriNet buys E3 Group's trade assets |url=https://www.bizjournals.com/dallas/stories/2003/09/15/daily37.html |access-date=2024-09-19 |website=www.bizjournals.com}}
In 2006, TriNet purchased the Outsource Group, a human resources service provider.{{Cite web |last=Lieber |first=Katy |date=16 July 2006 |title=TriNet digs into deep pockets to pick up Outsource Group |url=https://www.bizjournals.com/eastbay/stories/2006/07/17/story2.html |access-date=2024-09-25 |website=San Francisco Business Times}}{{cite web |title=Company Overview of The Outsource Group, LLC |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=6124899 |website=Bloomberg| date=6 July 2023 }}
TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander in 2007.{{cite web |title=TriNet Group Acquires John Parry & Alexander |url=https://mergr.com/trinet-group-acquires-john-parry-%26-alexander |website=Mergr.com |accessdate=November 7, 2007}}
The company acquired LMC Resources, a human resources advisor, in April 2008{{Cite web |date=16 April 2008 |title=California firm buying LMC Resources |url=https://www.bizjournals.com/denver/stories/2008/04/14/daily44.html |access-date=2024-10-08 |website=Denver Business Journal}}{{cite news |title=Company Overview of LMC Resources, Inc. |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4752504 |agency=Bloomberg}} and, in June 2009, completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.[http://www.bizjournals.com/tampabay/stories/2009/03/02/daily47.html "TriNet Group of California to acquire Gevity HR", Tampa Bay Business Journal]
In May 2012, TriNet completed its acquisition of ExpenseCloud.{{Cite web |date=2012-05-11 |title=San Leandro's TriNet Expands Again |url=https://patch.com/california/sanleandro/san-leandro-s-trinet-expands-again |access-date=2024-11-06 |website=San Leandro, CA Patch |language=en}} ExpenseCloud helps businesses manage expense reporting online and from mobile devices.[http://pando.com/2012/05/08/trinet-completes-acquisition-of-expensecloud-in-pursuit-of-small-business-hr-domination Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com] The following month, the company announced in April 2012 that it had acquired AccordHR in Oklahoma City.{{cite web |url=http://www.virgocapital.com/trinet-announces-acquisition-of-accord-human-resources/ |title=TriNet Announces Acquisition of Accord Human Resources |website=Virgo Capital |date=April 26, 2012 |accessdate=April 26, 2012}} 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.{{cite news |title=TriNet to Acquire Strategic Outsourcing, Inc (SOI) |url=https://finance.yahoo.com/news/trinet-acquire-strategic-outsourcing-inc-173000880.html |accessdate=September 14, 2012 |agency=Yahoo}} {{Cite web |last=Brown |first=Steven E.F. |date=30 October 2012 |title=After three acquisitions, TriNet will 'take the rest of the year off' says CEO |url=https://www.bizjournals.com/sanfrancisco/blog/2012/10/after-three-acquisitions-trinet-will.html |access-date=2024-10-08 |website=San Francisco Business Times}}
In July 2013, the company acquired Ambrose Employer Group, a New York City-based professional employer organization.[http://www.prnewswire.com/news-releases/trinet-acquires-ambrose-214040431.html "TriNet Acquires Ambrose" Press Release]{{cite web |title=TriNet Announces Acquisition of Accord Human Resources |url=http://www.virgocapital.com/trinet-announces-acquisition-of-accord-human-resources/ |website=Virgo Capital |accessdate=April 26, 2012}}
In July 2020, TriNet acquired Little Bird HR. Little Bird HR is a professional employer organization based in New York City.{{Cite web|last=TriNet|title=TriNet Acquires Little Bird HR|url=https://www.trinet.com/insights/trinet-acquires-little-bird-hr|access-date=2020-08-04|website=TriNet|language=en}}
On February 15, 2022, Trinet closed its acquisition of Zenefits.{{Cite press release |title=TriNet Completes Acquisition of Zenefits |url=https://www.zenefits.com/press-release/trinet-completes-acquisition-of-zenefits/ |access-date=2022-04-25 |website=Zenefits}}
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{{cite web |title=TriNet on Inc. |url=https://www.inc.com/profile/trinet |website=Inc.com}} (#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,"[https://archive.today/20130126003222/http://www.inc.com/inc5000/2008/company-profile.html?id=200833690 Inc 5,000 company profile – TriNet]," Inc.com. as well as #13 in the East Bay Business Times list of fastest growing, privately held companies."[http://www.bizjournals.com/eastbay/stories/2008/05/19/story3.html?b=1211169600^1637165 East Bay’s fastest-growing companies recognized]," East Bay Business Times. TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,[https://www.inc.com/profile/trinet "Inc. 5000 2009 list]", Inc.com. 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.
In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.{{cite news|title=Ernst & Young Names TriNet CEO Burton Goldfield Finalist For Entrepreneur Of The Year Award In Northern California|url=https://www.prnewswire.co.uk/news-releases/ernst--young-names-trinet-ceo-burton-goldfield-finalist-for-entrepreneur-of-the-year-award-in-northern-california-208658851.html|accessdate=15 May 2014|newspaper=PR Newswire|date=2013-05-23}}
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.{{cite web |title=Spotlight on TriNet |url=https://www.peocompare.com/spotlight-on-trinet/ |website=PEOCompare}}
In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers.[https://www.vendop.com/best-vendor/2015/ VendOp Best B2B Vendors 2015] 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.{{cite news |title=National Association for Business Resources Names TriNet One of the Best and Brightest Companies to Work For in the U.S. |url=https://finance.yahoo.com/news/national-association-business-resources-names-140000606.html |accessdate=December 17, 2015 |publisher=Yahoo}}
In 2017, TriNet was named one of the 100 Fastest-Growing Companies by Fortune magazine{{cite web |title=TriNet Group |url=http://fortune.com/100-fastest-growing-companies/2017/trinet-group/ |website=Fortune 100 Companies}} and one of Selling Power magazine's 50 Best Companies to Sell For, for the fourth consecutive year.{{cite web |title=50 Best Companies to Sell for in 2017 |url=https://www.sellingpower.com/resources/2017/50-best-companies-to-sell-for |website=SellingPower.com}}
References
{{Reflist}}
External links
- {{Official website|https://www.trinet.com/}}{{Finance links|name=TriNet Group, Inc.|reuters=TNET.N|sec_cik=0000937098|yahoo=TNET|google=TNET:NYSE}}
{{Authority control}}
{{DEFAULTSORT:TriNet Hr Services}}
Category:1988 establishments in California
Category:2014 initial public offerings
Category:American companies established in 1988
Category:Companies based in Alameda County, California
Category:Companies listed on the New York Stock Exchange
Category:Human resource management organizations
Category:Software companies based in the San Francisco Bay Area
Category:Software companies established in 1988