TriNet

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]

TriNet Group, Inc.
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
RevenueUS$ 3.9 billion (2019)
US$ 212 million (2019)
Number of employees
3,622 (2019)
Websitewww.trinet.com

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. 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. "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. "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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