TriNet
| Public | |
| Traded as | NYSE: TNET |
| Industry | Professional Employer Organization |
| Founded | San Leandro, California, U.S. (1988) |
| Headquarters | San Leandro, California, U.S. |
|
Key people
|
Burton Goldfield, President & CEO |
|
Number of employees
|
2,236 (2015) |
| Slogan | "Ambitions Realized" |
| Website | www |
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. TriNet is headquartered in San Leandro, California. TriNet partners with organizations between 1 and 2,500 employees.[1]
Founded in 1988, TriNet initially offered basic employee benefits, dental coverage, life and disability insurance and employment law guidance.[2] 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.[1]
Contents
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.[3] 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.[4]
In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director.[5]
In March 2014 TriNet launched its initial public offering (IPO) on the New York Stock Exchange with ticker symbol TNET.[citation needed]
On March 27, 2014, Burton Goldfield, TriNet CEO, discussed its IPO, competitors, and future with Mad Money host Jim Cramer.[6]
Acquisition history
- June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), an HR outsourcing company based in Bradenton, Florida.[7]
- May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices.[8]
- April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City.[9]
- 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.[10]
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,[11] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies.[12] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,[13] and in 2010, at #1601.
In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.[14]
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.[15]
In December 2014, CEO Burton Goldfield made a second appearance on Jim Cramer's Mad Money.[16]
In March 2015, Charles Passy, reporter MarketWatch interviewed TriNet CEO Burton Goldfield in the article "A Bigger Paycheck for TriNet".[17]
In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers.[18]
References
- ↑ 1.0 1.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Jonathan Marshall, "The Ultimate in Outsourcing," San Francisco Chronicle.
- ↑ California Firm buying LMC Resources," Denver Business Journal.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ David Goll, "Human resources outsourcer TriNet gets second CEO in 20 years," East Bay Business Times.
- ↑ Jim Cramer, TriNet a one-stop solution: CEO Burton Goldfield, CNBC
- ↑ "TriNet Closes Acquisition of Gevity", Press Release
- ↑ Michael Carney, "TriNet completes Acquisition of ExpenseCloud in Pursuit of Small Business HR Domination" Pando.com
- ↑ http://connect.trinet.com/wp-content/uploads/2012/04/TriNet_AccordAcquisition.pdf
- ↑ "TriNet Acquires Ambrose" Press Release
- ↑ "Inc 5,000 company profile – TriNet," Inc.com.
- ↑ "East Bay’s fastest-growing companies recognized," East Bay Business Times.
- ↑ "Inc. 5000 2009 list", Inc.com.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face", Forbes
- ↑ CEO Burton Goldfield's second appearance on Jim Cramer's Mad Money
- ↑ CEO Burton Goldfield's interview in MarketWatch
- ↑ VendOp Best B2B Vendors 2015
