TriNet Group, Inc. is an American cloud-based
professional employer organization for small and medium-sized businesses.
TriNet administers
payroll
A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks pe ...
and
health benefits and advises clients on
employment law
Labour laws (also known as labor laws or employment laws) are those that mediate the relationship between workers, employing entities, trade unions, and the government. Collective labour law relates to the tripartite relationship between employee, ...
compliance and risk reduction, acting in some cases as an outsourced
human resources
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include m ...
department.
TriNet is headquartered in
Dublin, California
Dublin (formerly, Dougherty, Alameda County, California, Amador and Dougherty's Station) is a suburban city of the East Bay in California. It is located within the Amador Valley of Alameda County, California, Alameda County's Tri-Valley region. ...
. TriNet partners with organizations between 3 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
The ''Fortune'' 500 is an annual list compiled and published by '' Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
benefits,
401(k)
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodical employee contributions come directly out of their ...
guidance,
worker's compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her emp ...
, 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.
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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, John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings. 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. In 2004, Vedior sold its minority interest in TriNet to General Atlantic
General Atlantic (also known as "GA") is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States. The firm was founded in 1980 as the captive investment team for ...
, a growth equity firm.
In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director.
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.
Acquisition history
* 2003: TriNet acquired two professional employer organizations, including the west coast assets of ALTRES and the E3 Group.
* 2006: Trinet completed the acquisition of Outsource Group, a human resources service provider.
* 2007: TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander.
* 2008: TriNet acquired LMC Resources, a professional employer organization focused on emerging markets.
* June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), a human resources 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 Strategic Outsourcing and became the largest, independent professional employer organization in the U.S.
* July 2, 2013: TriNet acquired Ambrose Employer Group. Ambrose is a New York City-based professional employer organization.
* July 27, 2020: TriNet acquired Little Bird HR. Little Bird HR is a New York City-based professional employer organization.
* February 15, 2022: Trinet closed its acquisition of Zenefits
TriNet Zenefits (legal name: YourPeople, Inc., previously known as Zenefits) is a technology company based in San Francisco, that offers cloud-based software as a service to companies for managing their human resources, with a particular focus o ...
.
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 (#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.
In 2011, TriNet was recognized as a fast-growth company by Inc. Magazine for the fourth year in a row.
In 2012 and 2013, Ernst & Young
Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and Pricewaterh ...
named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.
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.
In March 2012, CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face" was published in Forbes.
In December 2014, CEO Burton Goldfield made a second appearance on Jim Cramer's Mad Money.
In March 2015, Charles Passy, reporter MarketWatch interviewed TriNet CEO Burton Goldfield in the article "A Bigger Paycheck for TriNet".
In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers. In the same year, TriNet is named one of the Bay Area's Best and Brightest Companies to Work ForĀ® by the National Association for Business Resources.
In 2017, TriNet was named one of the 100 Fastest-Growing Companies by Fortune
Fortune may refer to:
General
* Fortuna or Fortune, the Roman goddess of luck
* Luck
* Wealth
* Fortune, a prediction made in fortune-telling
* Fortune, in a fortune cookie
Arts and entertainment Film and television
* ''The Fortune'' (1931 film) ...
Magazine and one of Selling Power magazine's 50 Best Companies to Sell For, for the fourth consecutive year.
References
External links
*
{{DEFAULTSORT:TriNet Hr Services
1988 establishments in California
2014 initial public offerings
American companies established in 1988
Companies based in Alameda County, California
Dublin, California
Companies listed on the New York Stock Exchange
Human resource management
Payroll
Software companies based in the San Francisco Bay Area
Software companies established in 1988
Software companies of the United States
Business services companies of the United States