History
TriNet was founded in 1988 by Martin Babinec (incorporated on December 5, 1988). 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 private equity firm.
In May 2008, Burton M. Goldfield joined the company as President and CEO. Babinec remains associated with the company as its Chairman. Although a private company, TriNet reported that it was on track for $100 million in revenue in 2008. The company also reported that it had recorded a 24 percent increase in clients during the first half of 2008 as compared to the same period a year ago, or 360 new companies. It also had a 30 percent increase in the number of people employed by those clients.
On June 1, 2009, TriNet completed its acquisition of Gevity (NASDAQ: GVHR), an HR outsourcing company based in Bradenton, Florida. The all-cash transaction was valued at approximately $98 million. The combined company is now one of the largest HR outsourcing providers in the country, and currently has 7,000 clients and 118,500 work site employees nationwide.
In March of 2012 TriNet teamed up with Startup America to Be an On-Demand HR Partner for Startups. As a partner, TriNet helps Startup America members manage their human resource needs, from minimizing employer-related risk and relieving administrative burden, to putting proactive strategic plans in action. To get started, TriNet is offering one free month of services plus a free human capital assessment and compensation study. TriNet has committed to providing HR services with an aggregate annual value of more than $20M.
In May of 2012 TriNet teamed up with startup accelerator TechStars. As a sponsor, TriNet advises the program’s startups on managing their human resource needs, from minimizing employer-related risk and relieving administrative burden, to putting proactive strategic plans in action. TriNet will also provide a reduction in its administrative service fees for any startups that sign up with TriNet. TriNet also hosts periodic educational sessions and maintain onsite office hours for direct access to TriNet advisors.
On May 9, 2012, TriNet completed its acquisition of ExpenseCloud. ExpenseCloud provides everything companies need to manage the entire expense reporting process online or from a mobile device. The three-year-old, cloud based solution allows users to create, submit, and approve expense reports online and then either reimburse employees or invoice clients via integration with leading SaaS accounting solutions. The system seamlessly connects with many popular online solutions specifically tailored for small to medium size businesses such as FreshBooks, NetSuite, Intacct, and Intuit QuickBooks. ExpenseCloud can also import expenses from thousands of credit cards and bank providers as well as receipt scanning and capture directly from iPhone, iPad, Android and Blackberry devices.
On June 6, 2012, TriNet teamed up with Steve Farber to provide entrepreneurs with leadership development training and tools. The Extreme Leadership Series program at TriNet consists of a series of videos featuring Steve Farber that address key issues relating to organizational leadership. The video tutorials are designed to help TriNet’s clients grow their businesses effectively and inspire their teams to greatness. TriNet’s clients have also been provided with copies of Farber’s latest book, The Radical Leap Re-Energized.
On July 2, 2012, TriNet unveiled HR Insight. With HR Insight, TriNet clients can view preformatted reports, can manipulate and edit standard reports, and can create custom reports using advanced query and report formatting. Custom reports allow users access to every data element so that they can build uniquely relevant reports from scratch. The standard and custom tools both provide the ability to sort, filter, and group reports. Custom graphs or crosstab reports can also be created.
On July 9, 2012, TriNet partnered with the Austin Technology Council (ATC). The goal of the ATC is to create and nurture a vibrant and thriving Austin technology community, which includes providing member companies with ample opportunities to trade best practices, address key operations and strategy issues, and participate in exclusive networking events for the best in professional development. ATC partners are critical to the planning and programming that makes ATC an in-demand part of the Central Texas business landscape.
On July 16, 2012, TriNet teamed up with OCTANe to support Southern California technology entrepreneurs. As a platinum sponsor, TriNet is engaged with OCTANe’s Senior Leadership group, including the OCTANe Board, committees, and senior leadership residing in Orange County. TriNet will also play an integral role in OCTANe’s private networking events featuring business leaders and entrepreneurs as well as with the organization’s Biomedical and Technology Leadership teams.
On September 11, 2012, TriNet and the Technology Association of Georgia (TAG) announced their partnership .With over 17,800 members, representing 1,900 tech and tech-enabled companies, TAG is a leader in the technology industry. In addition to providing more than 200 educational and networking events each year, TAG serves as an advocate for positive public policy change that will transform the technology community and enhance the economic climate of Georgia. TAG serves as a liaison with Chambers of Commerce statewide and beyond to attract new businesses and employees and provides resources to support the growth and success of companies currently in Georgia.
On September 13, 2012, TriNet began the legal process to acquire Strategic Outsourcing, Inc. (SOI).
On October 25, 2012, closed its acquisition of SOI and became the United States' largest, independent PEO. The acquisition builds on the earlier success of TriNet’s acquisition of AccordHR in April 2012, and further augments TriNet’s geographic and industry reach to include a meaningful position across the southeastern United States. Additionally, TriNet expands its PEO service delivery capabilities to “Main Street USA” organizations and employees, including those in business services, light manufacturing, real estate and retail services. The combined organization provides Human Resources services to more than 160,000 work site employees (WSEs) across a broad spectrum of industries.
Read more about this topic: Tri Net HR Services
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