TriNet
| Company type | Public |
|---|---|
| Industry | Professional employer organization |
| Founded | 1988 in San Leandro, California, United States |
| Founder | Martin Babinec |
| Headquarters | Dublin, California , United States |
Area served | Small and mid-sized enterprises (3 to 2,500 employees) |
Key people | Mike Simonds (CEO) |
| Products | Payroll management, employee benefits, compliance advisory, HR outsourcing services, 401(k) administration, workers’ compensation, liability coverage, strategic HR advisory, technology-enabled HR tools |
| Website | www |
TriNet Group, Inc. operates as a professional employer organization (PEO) that caters to small and mid-sized enterprises by delivering payroll management, employee benefits, and compliance advisory related to employment laws. Functioning as an outsourced HR department, TriNet primarily serves businesses with employee counts ranging from 3 to 2,500. Based in Dublin, California, the company offers all-encompassing human resource solutions aimed at minimizing risk while boosting operational effectiveness.
Established in 1988 in San Leandro, California, TriNet originally provided employee benefit programs including dental, life, and disability insurance along with employment law consulting. Over time, it broadened its offerings to incorporate payroll processing, Fortune 500-caliber benefit plans, 401(k) administration, workers’ compensation, liability coverage, and strategic human resource advisory services. Additionally, TriNet delivers technology-enabled tools such as web-based portals that facilitate self-service for both employees and managers.
Prioritizing business expansion and competitive positioning, TriNet has upheld accreditation from the Employer Services Assurance Corporation since 1995. Its business strategy includes leveraging international subsidiaries like TriNet Zenefits to increase its footprint within the professional employer organization sector.
In 2023, the company reported revenues of $4.9 billion alongside a net income of $355 million and total assets valued at $3.7 billion. The leadership change from longtime CEO Burton Goldfield to Mike Simonds underscores TriNet’s dedication to maintaining strong financial results and broadening its market presence.
History
Founded in 1988 by entrepreneur Martin Babinec in San Leandro, California, TriNet grew through the acquisition of smaller PEOs such as Boston’s HR Logic Holdings, John Parry & Alexander, the Outsource Group based in Walnut Creek, California, and Dallas’s E3 Group.
The firm obtained equity funding from Select Holdings—a U.K.-based staffing company later renamed Vedior—and was officially incorporated as TriNet Group in 2000. In 2004, Vedior divested its minority interest to General Atlantic, a growth equity investor.
Burton Goldfield became president and CEO in May 2008 while Babinec stayed on as a board member. TriNet made its public debut on the New York Stock Exchange under the ticker TNET in March 2014.
Acquisitions
TriNet pursued growth through targeted acquisitions to enhance its market position and expand service capabilities. Notable acquisitions include Dallas-based E3 Group in 2003; Outsource Group in 2006; John Parry & Alexander in 2007; and LMC Resources in 2008. The purchase of Gevity (NASDAQ: GVHR) in 2009 further bolstered its HR outsourcing portfolio.
In 2012, TriNet acquired ExpenseCloud—an online and mobile expense reporting solution—and AccordHR located in Oklahoma City. Later that year, acquiring Strategic Outsourcing established TriNet as the largest independent PEO within the United States.
Subsequent acquisitions included Ambrose Employer Group from New York City in July 2013; Little Bird HR also based in NYC in July 2020; and Zenefits in February 2022. These transactions expanded TriNet’s service offerings and strengthened its global footprint across the human resources industry.
Recognition
Throughout the 1990s, TriNet secured a spot in the Inc. 500 Hall of Fame by appearing for five consecutive years, ranking among the fastest-expanding privately owned companies in the U.S. (moving from #12 in 1995 to #381 in 1999). The company sustained its growth momentum, remaining on the Inc. 5000 list until 2010. Additionally, in 2008, TriNet achieved the #13 position on the East Bay Business Times ranking of rapidly growing private enterprises.
Between 2011 and 2013, TriNet continued to demonstrate rapid expansion. During this period, CEO Burton Goldfield was recognized as a finalist for Ernst & Young’s Entrepreneur of the Year award in Northern California in both 2012 and 2013, reflecting strong leadership and industry acclaim.
Since 1995, TriNet has been accredited by the Employer Services Assurance Corporation, signifying its solid financial health and adherence to standards within the professional employer organization (PEO) sector.
In 2015, TriNet earned recognition as one of the top 50 B2B vendors nationwide based on customer feedback and was also named among the Bay Area's Best and Brightest Companies to Work For®, highlighting its excellence in workforce engagement and service delivery.
By 2017, TriNet was listed among Fortune magazine’s 100 Fastest-Growing Companies and received its fourth consecutive honor from Selling Power magazine as one of the 50 Best Companies to Sell For, underscoring its significant market presence and sales performance.