Founded in 1988, TriNet initially 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 a manager and employee self-service.[4]
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,[6] John Parry & Alexander and the Outsource Group of Walnut Creek, Calif.; E3 Group of Dallas; and Boston-based HR Logic Holdings.[7] 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.[8] In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a growth equity firm.[9]
In May 2008, Burton Goldfield joined the company as president and CEO. Babinec remained at the company as a director.[10][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]
In June 2023, Reuters reported that TriNet was attempting to find a buyer to sell itself to.[14]
2003: TriNet acquired two professional employer organizations, including the west coast assets of ALTRES and the E3 Group.[15][16]
2006: Trinet completed the acquisition of Outsource Group, a human resources service provider.[17]
2007: TriNet acquired human resources outsourcing and consulting firm John Parry & Alexander.[18]
2008: TriNet acquired LMC Resources, a professional employer organization focused on emerging markets.[19]
June 1, 2009: TriNet completed its acquisition of Gevity (NASDAQ: GVHR), a human resources outsourcing company based in Bradenton, Florida.[20]
May 9, 2012: TriNet completed its acquisition of ExpenseCloud. ExpenseCloud helps businesses manage expense reporting online and from mobile devices.[21]
April 26, 2012: TriNet announced its acquisition of AccordHR in Oklahoma City.[22]
October 25, 2012: TriNet closed its acquisition of Strategic Outsourcing and became the largest, independent professional employer organization in the U.S.[23]
July 2, 2013: TriNet acquired Ambrose Employer Group. Ambrose is a New York City-based professional employer organization.[24][25]
July 27, 2020: TriNet acquired Little Bird HR. Little Bird HR is a New York City-based professional employer organization.[26]
February 15, 2022: Trinet closed its acquisition of Zenefits.[27]
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[28] (#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,[29] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies.[30] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,[31] 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.[28]
In 2012 and 2013, Ernst & Young named TriNet CEO Burton Goldfield finalist for Entrepreneur of the Year Award.[32]
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.[33]
In March 2012, CEO Burton Goldfield's article titled "Age Discrimination Case Highlights Exposure Fast-Growing Companies Face" was published in Forbes.[34]
In December 2014, CEO Burton Goldfield made a second appearance on Jim Cramer's Mad Money.[35]
In March 2015, Charles Passy, reporter MarketWatch interviewed TriNet CEO Burton Goldfield in the article "A Bigger Paycheck for TriNet".[36]
In May 2015, TriNet was recognized as one of the top 50 B2B vendors in the United States by their customers.[37] 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.[38]
In 2017, TriNet was named one of the 100 Fastest-Growing Companies by Fortune Magazine[39] and one of Selling Power magazine's 50 Best Companies to Sell For, for the fourth consecutive year.[40]
US$ 4.9 billion (2023)
US$ 469 Million (2023)
