DUBLIN, Calif., Dec. 23, 2021 /PRNewswire/ -- TriNet, a
leading provider of human resources solutions for small and
medium-size businesses (SMBs), today announced it has entered into
a definitive agreement to acquire Zenefits, a People Operations
platform purpose-built for SMBs, from Francisco Partners, a leading
global investment firm that specializes in partnering with
technology businesses. Details of the stock and cash transaction
were not disclosed.
Zenefits is a leading cloud HR platform which provides
innovative and intuitive HR, benefits, payroll and employee
engagement software purpose-built for small and medium-size
businesses. Through the acquisition of Zenefits, TriNet
diversifies its product offering to include an Administrative
Services Organization (ASO), enabling TriNet to dynamically service
SMBs throughout their lifecycle. Upon completion of the deal, the
addition of Zenefits will expand TriNet's ecosystem to serve more
than 24,000 SMBs and approximately 600,000 employees.
"I am passionate about providing comprehensive solutions for
SMBs and the acquisition of Zenefits will expand and complement the
TriNet offering—beyond a Professional Employer Organization or
PEO," said TriNet President and CEO, Burton
M. Goldfield. "The timing is perfect for this acquisition
given the recent small business boom and increase in new
entrepreneurs that can benefit from our service offering. TriNet's
commitment to powering the success of small and medium-size
businesses will be expanded to include an ASO product
offering—leveraging Zenefits' industry leading cloud HR
platform."
He added, "We look forward to welcoming the Zenefits team with
their extensive SMB expertise as we usher in the next phase of
TriNet's growth."
"Over the past few years, we've successfully transformed our
business to a leading SaaS 'people platform,' and we are incredibly
proud of what we have achieved and the position we are now in to
meet the needs of small and mid-sized businesses," said
Jay Fulcher, CEO, Zenefits. "Upon
completion of the deal and as part of TriNet, Zenefits will have
the resources to continue to serve SMBs today, tomorrow and well
into the future."
Upon deal close, Zenefits will become a wholly owned subsidiary
of TriNet and Francisco Partners will become a TriNet stockholder.
TriNet is also expected to become a preferred supplier of PEO and
HRIS services to Francisco Partners portfolio companies across the
country after closing.
The acquisition is expected to close in the coming months,
subject to customary closing conditions, including the receipt of
regulatory approvals.
About TriNet
TriNet (NYSE: TNET) provides small and
medium-size businesses (SMBs) with full-service HR solutions
tailored by industry. To free SMBs from HR complexities, TriNet
offers access to human capital expertise, benefits, risk mitigation
and compliance, payroll and real-time technology. From Main Street
to Wall Street, TriNet empowers SMBs to focus on what matters
most—growing their business. TriNet, incredible starts here. For
more information, visit TriNet.com or follow us on
Twitter.
About Zenefits
Zenefits helps thousands of small and mid-size companies drive
performance by streamlining people operations: the workforce,
compliance and performance issues that are the difference between
success and failure. Zenefits' People Operations Platform delivers
the most comprehensive, easy to use, mobile HR experience on the
market. Its HR, Benefits, Payroll, Wellness, Engagement,
Performance and People Analytics apps are intuitive and
interoperable. Combined with advisory services and tightly
integrated partner apps, Zenefits enables better business agility
and performance for emerging businesses. To learn more, visit
Zenefits.com and find SMB news, how-to's and resources
at zenefits.com/workest.
About Francisco Partners
Francisco Partners is a
leading global investment firm that specializes in partnering with
technology and technology-enabled businesses. Since its launch over
20 years ago, Francisco Partners has invested in more than 300
technology companies, making it one of the most active and
longstanding investors in the technology industry. With more than
$30 billion in assets under
management, the firm invests in opportunities where its deep
sectoral knowledge and operational expertise can help companies
realize their full potential. For more information on Francisco
Partners, please visit www.franciscopartners.com.
Investors:
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Media:
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Scott
Smith
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Renee
Brotherton
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TriNet
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TriNet
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Investorrelations@TriNet.com
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Renee.brotherton@trinet.com
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(510)
875-7201
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(408)
646-5103
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TriNet and the TriNet logo are registered trademarks
of TriNet. All other trademarks, service marks, registered
trademarks, or registered service marks are the property of their
respective owners.
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SOURCE TriNet Group, Inc.