|Traded as||NYSE: TNET|
|Industry||Professional Employer Organization|
|Founded||San Leandro, California, U.S. (1988)|
|Headquarters||San Leandro, California, U.S.|
|Key people||Burton M. Goldfield, President & CEO|
TriNet (TriNet Group, Inc.) is a cloud-based professional employer organization (PEO) for small and medium sized businesses. TriNet administers payroll and health benefits and advises clients on employment law compliance and risk reduction. TriNet is headquartered in San Leandro, California. TriNet partners with organizations between 1 and 2,500 employees.
Founded in 1988, TriNet initially offered basic employee benefits, dental coverage, life and disability insurance and employment law guidance. Since then, TriNet has broadened its offerings to add 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.
TriNet was founded in 1988 by Martin Babinec. 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. 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.
In May 2008, Burton M. Goldfield joined the company as president and CEO. Babinec remained at the company as a director.
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 not yet been determined.
- June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), an HR outsourcing company based in Bradenton, Florida.
- May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices.
- April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City.
- 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.
Recognition and certifications
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 (#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, as well as #13 in the East Bay Business Times list of fastest growing, privately held companies. TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing, and in 2010, at #1601.
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.
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- Vedior to sell stake in U.S. business process outsourcing co for 43 mln usd," Forbes.
- David Goll, "Human resources outsourcer TriNet gets second CEO in 20 years," East Bay Business Times.
- Market Watch, "TriNet Files Registration Statement for Proposed Initial Public Offering of Common Stock"
- "TriNet Closes Acquisition of Gevity", press release
- Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com
- "TriNet Acquires Ambrose" Press Release
- “Inc. 500 Hall of Fame”, 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.
- ESACcorp.org, “Accredited PEOs by State.”