TriNet Announces Expiration of Hart-Scott-Rodino Waiting Period, State of Florida Approval for Gevity Acquisition
SAN LEANDRO, Calif. (April 15, 2009) - TriNet Group, Inc., a leading provider of human resources (HR) outsourcing and consulting services to small businesses, announced today achievement of key milestones related to the proposed acquisition of Gevity (NASDAQ: GVHR), an HR outsourcing company based in Bradenton, Florida.
Representing a significant step toward completing the transaction, the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 expired with regard to TriNet’s proposed acquisition of Gevity. In addition, the State of Florida licensing authority approved the change in ownership of Gevity’s group and individual Florida licenses to TriNet Group, Inc, and the State of Arkansas has granted preliminary approval, subject to certain supplemental filings.
On March 5, TriNet announced that it has entered into a definitive agreement to acquire Gevity. The transaction is expected to be completed by the end of the second quarter.
“With the passage of these milestones we move much closer toward creating a leading, integrated HR outsourcing company that will set a new standard of service excellence for our customers,” said Burton M. Goldfield, president & CEO of TriNet.
With this acquisition, TriNet will become one of the leading HR outsourcing companies serving small businesses in the United States, with more than 8,000 customers employing more than 130,000 people nationwide.
About TriNet Group, Inc.
Founded in 1988 in the San Francisco Bay Area, TriNet provides strategic, cost-effective payroll, benefits, and HR outsourcing services to companies throughout the United States and Canada. TriNet specializes in helping small businesses reach their corporate goals and become destinations for top talent, enabling them to compete successfully with larger, more established organizations. TriNet’s comprehensive offerings include HR administration, online employee benefits administration and support, employer risk management, payroll processing, tax compliance, workers compensation, group health and welfare products, and strategic human capital consulting services. For more information about TriNet, visit http://www.trinet.com.
About Gevity
As a leading provider of HR solutions, Gevity helps small businesses nationwide maximize performance through its world-class HR expertise and services—including payroll, benefits, administrative processing, risk management, policies and procedures, new hire support, performance management, and employee development, and retention. For more information, visit http://www.gevity.com