TriNet

TriNet Group, Inc. is a professional employer organization for small and medium-sized businesses.^[2] 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.^[3] TriNet is headquartered in Dublin, California. TriNet partners with organizations between 3 and 2,500 employees.^[4]

TriNet Group, Inc.

Company type	Public
Traded as	NYSE: TNET Russell 2000 component
Industry	Professional employer organization
Founded	1988, San Leandro, California, United States
Headquarters	Dublin, California , United States
Key people	Burton Goldfield, President & CEO (2008–2024); Special Advisor (2024–) Mike Simonds, CEO (2024–)[1]
Revenue	US$4.9 billion (2023)
Operating income	US$469 Million (2023)
Net income	US$355 million (2023)
Total assets	US$3.7 billion (2023)
Number of employees	3,622 (2019)
Subsidiaries	TriNet Zenefits
Website	www.trinet.com

Founded in 1988, TriNet offered basic employee benefits, dental coverage, life and disability insurance and employment law guidance.^[5] 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.^[4]

TriNet has been accredited by the Employer Services Assurance Corporation since 1995.^[6]

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,^[7] John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings.^[8]

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.^[9] In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a growth equity firm.^[10]

In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director.^[11]

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.^[12][13]

Acquisitions

TriNet acquired E3 Group, a Dallas-based professional employer organization, in 2003.^[14]

In 2006, TriNet purchased the Outsource Group, a human resources service provider.^[15][16]

TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander in 2007.^[17]

The company acquired LMC Resources, a human resources advisor, in April 2008^[18][19] and, in June 2009, completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.^[20]

In May 2012, TriNet completed its acquisition of ExpenseCloud.^[21] ExpenseCloud helps businesses manage expense reporting online and from mobile devices.^[22] The following month, the company announced in April 2012 that it had acquired AccordHR in Oklahoma City.^[23] 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.^{[24] [25]}

In July 2013, the company acquired Ambrose Employer Group, a New York City-based professional employer organization.^[26][27]

In July 2020, TriNet acquired Little Bird HR. Little Bird HR is a professional employer organization based in New York City.^[28]

On February 15, 2022, Trinet closed its acquisition of Zenefits.^[29]

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^[30] (#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,^[31] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies.^[32] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,^[33] 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.^[30]

In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.^[34]

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.^[35]

In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers.^[36] 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.^[37]

In 2017, TriNet was named one of the 100 Fastest-Growing Companies by Fortune magazine^[38] and one of Selling Power magazine's 50 Best Companies to Sell For, for the fourth consecutive year.^[39]