TriNet announced it has entered into a definitive agreement to acquire Zenefits from Francisco Partners. Trinet is a leading provider of human resources solutions for small and medium-sized businesses. Zenefits is a people operations platform purpose-built for SMBs, and Francisco Partners is a leading global investment firm that specializes in partnering with technology businesses.
Zenefits is a market-leading cloud human capital management platform that offers innovative and intuitive human resource, benefits, payroll, and employee engagement software designed specifically for small and medium-sized organizations. With the acquisition of Zenefits, TriNet diversifies into an Administrative Services Organization (ASO), enabling TriNet to dynamically service SMBs throughout their lifecycle. TriNet's ecosystem will include more than 24,000 small and medium-sized businesses and more than 600,000 employees following the completion of the deal.
"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. We look forward to welcoming the Zenefits team with their extensive SMB expertise as we usher in the next phase of TriNet's growth."
TriNet President and CEO, Burton M. Goldfield
“We've successfully converted our business over the last several years into a leading SaaS 'people platform,' and we're immensely pleased with what we've accomplished and the position we've positioned ourselves in to fulfill the demands of small and mid-sized organizations. After the transaction is completed and Zenefits becomes a part of TriNet, Zenefits will have the resources necessary to continue serving SMBs now, tomorrow, and well into the future." said Jay Fulcher, CEO, Zenefits.
TriNet has acquired Zenefits, making Zenefits a wholly owned subsidiary in TriNet. Francisco Partners is now a shareholder of TriNet. TriNet is also expected to become a preferred provider of PEO and human resource management services to Francisco Partners portfolio firms across the country following the transaction's completion.
About TriNet
TriNet supplies small and medium-sized businesses (SMBs) with industry-specific human resource solutions. TriNet gives SMBs access to human capital knowledge, benefits, risk mitigation and compliance, payroll, and real-time technology to liberate them from HR complexity. TriNet enables SMBs to focus on what matters most—growing their business from Main Street to Wall Street.
About Zenefits
Zenefits helps thousands of SMBs improve performance by streamlining their workforce, performance challenges, and compliance. In short, Zenefits' People Operations Platform is the best mobile HR solution available. All of its apps are intuitive and interoperable.
About Francisco Partners
Francisco Partners is a renowned worldwide investment firm focused on technology and technology-enabled businesses. It is one of the most active and longstanding investors in the technology industry, having invested in more than 300 technology companies. The firm, which manages more than $30 billion in assets, invests in opportunities where its sector knowledge and operational expertise can help companies reach their full potential.