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, acting in some cases as an outsourced human resources department. 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.
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History
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 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.
On March 27, 2014, Burton Goldfield, TriNet CEO, discussed its IPO, competitors, and future with Mad Money host Jim Cramer.
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Acquisition history
- 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 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 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.
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.
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.
References
External links
- Official website
- Company History
Source of article : Wikipedia
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