TriNet HR Services

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TriNet Group, Inc.
Type Public
Traded as NYSETNET
Industry Human Resources Services; Professional Employer Organization or
  • Business Services
Founded San Leandro, California, U.S. (1988)
Headquarters San Leandro, California, U.S.
Key people Burton M. Goldfield, President & CEO
Employees 1,700 (2013)
Website www.trinet.com

TriNet (TriNet Group, Inc.) is a cloud-based strategic partner to small and medium sized businesses for payroll, health benefits, employment law compliance and risk reduction. TriNet is headquartered in San Leandro, California. As a professional employer organization (PEO), TriNet partners with organizations between 1 and 2,500 employees to help relieve the administrative burden of HR and reduce cost.[1] TriNet's value proposition is that it helps CEOs/Founders/Entrepreneurs "realize their ambitions" by allowing them to focus on driving their business, instead of managing HR.

Founded in 1988, TriNet initially offered basic employee benefits, dental coverage, life and disability insurance and employment law guidance.[2] Since then, TriNet broadened its offerings to add more sophisticated payroll services, Fortune-500 benefits, 401(k) guidance, worker's compensation, liability insurance, and strategic HR support and services. The company also provides online tools such as web-hosted management portals for manager and employee self-service.[3]

History[edit]

TriNet was founded in 1988 by Martin Babinec (incorporated on December 5, 1988). Babinec led TriNet through several acquisitions of smaller PEOs, including John Parry & Alexander and The Outsource Group of Walnut Creek, Calif.; E3 Group Inc. of Dallas, ALTRES (Alternative Resources for Business) of Honolulu, Hawaii; and Boston-based HR Logic Holdings, Inc.[4] 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 2004, Vedior sold its minority interest in TriNet to General Atlantic, a private equity firm.[5]

In May 2008, Burton M. Goldfield joined the company as president and CEO. Babinec remained the company as director.[6]

On November 21, 2013, TriNet filed registration statement on Form S-1 with the U.S. Securities and Exchange Commission for proposed initial public offering of common stock. The number of shares to be offered and the price range for the proposed offering have no yet been determined. [7]

Recent Acquisitions[edit]

  • June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), an HR outsourcing company based in Bradenton, Florida.[8]
  • May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage the entire expense reporting process online or from a mobile device. The cloud-based solution allows users to create, submit and approve expense reports online and then either reimburse employees or invoice clients via integration with leading SaaS accounting solutions. The system connects with many popular online solutions specifically tailored for small to medium size businesses such as FreshBooks, NetSuite, Intacct and Intuit QuickBooks. ExpenseCloud can import expenses from credit cards and banks and offers receipt scanning and capture directly from iPhone, iPad, Android and Blackberry devices.[9]
  • April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City. [10]
  • October 25, 2012: TriNet closed its acquisition of SOI and became the largest, independent PEO in the U.S.
  • July 2, 2013: TriNet acquired Ambrose Employer Group. Ambrose is a New York City-based PEO focused on delivering high-touch HR services to emerging financial and professional services organizations, with a primary concentration on hedge funds and private equity firms. [11]

Products/Services[edit]

Core Services: Payroll Services & Tax Administration, Risk Protection & Compliance, Top Benefit Plans, Online HR Self-Service, TriNet Marketplace[12]

Strategic Services: Performance Management, Leadership Training, Talent Acquisition, Career Transitions, Corporate Ethics Program, Team Accelerator, Compensation Consulting, Time and Attendance, Expense Management.[13]

TriNet Marketplace: an exclusive business-to-business online marketplace that offers a new and trusted sales channel for small business (launched October 21, 2013). [14]

TriNet Mobile: TriNet offers "TriNet Mobile," a mobile HR management application for iOS and Android. The app allows employees and HR-managers to track payroll transactions, manage leave requests, view health care benefits and make decisions from anywhere.

Recognition and Certifications[edit]

TriNet is 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 (#12 in 1995, #79 in 1996, #166 in 1997, #319 in 1998 and #381 in 1999).(The 1995-99 listings are under "TriNet Employer Group" and 1999's is under "TriNet VCO".)[15] In 2008, TriNet ranked #3369 in the Inc. 5000,[16] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies.[17] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,[18] and in 2010, at #1601.

In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award. [19]

TriNet has been accredited by the Employer Services Assurance Corporation (ESAC) since 1995. ESAC certification validates the solid financial performance of PEOs, and the assurance of their employer-compliant operations and services, continually monitoring them for adherence to important financial, ethical, and operational standards.[20]

References[edit]

  1. ^ Adam Skolnick, "HR: Big Savings for Small Business" The Fiscal Times
  2. ^ Jonathan Marshall, "The Ultimate in Outsourcing," San Francisco Chronicle.
  3. ^ Adam Skolnick, "HR: Big Savings for Small Business" The Fiscal Times
  4. ^ California Firm buying LMC Resources," Denver Business Journal.
  5. ^ Vedior to sell stake in U.S. business process outsourcing co for 43 mln usd," Forbes.
  6. ^ David Goll, "Human resources outsourcer TriNet gets second CEO in 20 years," East Bay Business Times.
  7. ^ Market Watch, "TriNet Files Registration Statement for Proposed Initial Public Offering of Common Stock"
  8. ^ "TriNet Closes Acquisition of Gevity", press release
  9. ^ Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com
  10. ^ http://connect.trinet.com/wp-content/uploads/2012/04/TriNet_AccordAcquisition.pdf
  11. ^ "TriNet Acquires Ambrose" Press Release
  12. ^ http://www.trinet.com/solutions/core_services/default.htm
  13. ^ http://www.trinet.com/solutions/strategic_services/default.htm
  14. ^ PR Newswire, "TriNet Launches Marketplace for Small Business"
  15. ^ “Inc. 500 Hall of Fame”, Inc.com
  16. ^ "Inc 5,000 company profile – TriNet," Inc.com.
  17. ^ "East Bay’s fastest-growing companies recognized," East Bay Business Times.
  18. ^ "Inc. 5000 2009 list", Inc.com.
  19. ^ The Street, ["Ernst & Young Names http://www.thestreet.com/story/11932481/1/ernst-young-names-trinet-ceo-burton-goldfield-finalist-for-entrepreneur-of-the-year-award-in-northern-california.html "Ernst & Young Names TriNet CEO Burton Goldfield Finalist for Entrepreneur of the Year Award in Northern California"]
  20. ^ ESACcorp.org, “Accredited PEOs by State.”

External links[edit]