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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
RevenueIncreaseUS$ 3.9 billion (2019)
IncreaseUS$ 212 million (2019)
Number of employees
3,622 (2019)
Websitewww.trinet.com

TriNet, legally TriNet Group, Inc., is a 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 1 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]

Acquisition history

  • 2003: TriNet acquired two professional employer organizations, including the west coast assets of ALTRES and the E3 Group.[13][14]
  • 2006: Trinet completed the acquisition of Outsource Group, a human resources service provider.[15]
  • 2007: TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander.[16]
  • 2008: TriNet acquired LMC Resources, a professional employer organization focused on emerging markets.[17]
  • June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.[18]
  • May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices.[19]
  • April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City.[20][16]
  • October 25, 2012: TriNet closed its acquisition of Strategic Outsourcing and became the largest, independent professional employer organization in the U.S.[21]
  • July 2, 2013: TriNet acquired Ambrose Employer Group. Ambrose is a New York City-based professional employer organization.[22][23]
  • July 27, 2020: TriNet acquired Little Bird HR. Little Bird HR is a New York City-based professional employer organization.[24]

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[25] (#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,[26] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies.[27] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,[28] 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.[25]

In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.[29]

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.[30]

In March 2012, CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face" was published in Forbes.[31]

In December 2014, CEO Burton Goldfield made a second appearance on Jim Cramer's Mad Money.[32]

In March 2015, Charles Passy, reporter MarketWatch interviewed TriNet CEO Burton Goldfield in the article "A Bigger Paycheck for TriNet".[33]

In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers.[34] 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.[35]

In 2017, TriNet was named one of the 100 Fastest-Growing Companies by Fortune Magazine[36] and one of Selling Power magazine's 50 Best Companies to Sell For, for the fourth consecutive year.[37]

References

  1. ^ "About TriNet". TriNet. Retrieved 10 July 2018.
  2. ^ "Risk & Compliance". TriNet. Retrieved 10 July 2018.
  3. ^ a b Skolnick, Adam (2013-07-22). "HR: Big Savings for Small Business". Fiscal Times. Retrieved 15 May 2014.
  4. ^ Jonathan Marshall, "The Ultimate in Outsourcing," San Francisco Chronicle.
  5. ^ "Company Overview of HR Logic, Inc". Bloomberg.
  6. ^ California Firm buying LMC Resources," Denver Business Journal.
  7. ^ "United States Securities and Exchange Commission". Sec.Gov.
  8. ^ "TriNet History". TriNet website. Retrieved 4 November 2015.
  9. ^ David Goll, "Human resources outsourcer TriNet gets the second CEO in 20 years," East Bay Business Times.
  10. ^ "TriNet Appoints Burton M. Goldfield As New Chief Executive Officer". BusinessWire. Retrieved May 14, 2008.
  11. ^ "Cloud-based payroll processor TriNet IPO priced at $16 per share". Reuters. The Thomson Reuters. Retrieved March 27, 2014.
  12. ^ "TRINET GROUP INC (TNET) IPO". Nasdaq.
  13. ^ "TriNet Expands Customer Base with Referrals from Other Human Resource Providers". BusinessWire. Retrieved June 25, 2003.
  14. ^ "TriNet Acquires E3 Operations as Part of Texas Expansion". BusinessWire. Retrieved September 17, 2003.
  15. ^ "Company Overview of The Outsource Group, LLC". Bloomberg.
  16. ^ a b "TriNet Group Acquires John Parry & Alexander". Mergr.com. Retrieved November 7, 2007.
  17. ^ "Company Overview of LMC Resources, Inc". Bloomberg.
  18. ^ "TriNet Closes Acquisition of Gevity", Press Release
  19. ^ Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com
  20. ^ http://connect.trinet.com/wp-content/uploads/2012/04/TriNet_AccordAcquisition.pdf
  21. ^ "TriNet to Acquire Strategic Outsourcing, Inc (SOI)". Yahoo. Retrieved September 14, 2012.
  22. ^ "TriNet Acquires Ambrose" Press Release
  23. ^ "TriNet Announces Acquisition of Accord Human Resources". Virgo Capital. Retrieved April 26, 2012.
  24. ^ TriNet. "TriNet Acquires Little Bird HR". TriNet. Retrieved 2020-08-04.
  25. ^ a b "TriNet on Inc". Inc.com.
  26. ^ "Inc 5,000 company profile – TriNet," Inc.com.
  27. ^ "East Bay’s fastest-growing companies recognized," East Bay Business Times.
  28. ^ "Inc. 5000 2009 list", Inc.com.
  29. ^ "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.
  30. ^ "Spotlight on TriNet". PEOCompare.
  31. ^ CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face", Forbes
  32. ^ CEO Burton Goldfield's second appearance on Jim Cramer's Mad Money
  33. ^ CEO Burton Goldfield's interview in MarketWatch
  34. ^ VendOp Best B2B Vendors 2015
  35. ^ "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.
  36. ^ "TriNet Group". Fortune 100 Companies.
  37. ^ "50 Best Companies to Sell for in 2017". SellingPower.com.
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