TriNet's First Quarterly Results as a Combined Company Show Rapid Growth in Down Economy
HR outsourcing provider on path to nearly double last year's revenue total since closing June 1 acquisition of Gevity.
SAN LEANDRO, Calif. (November 16, 2009) – TriNet, the country’s second-largest provider of co-employment human resources outsourcing services to small businesses, today announced figures from its third quarter, the first full quarter since the company acquired a public competitor, Florida-based Gevity, in June. Since completing the acquisition, TriNet has added more than 350 small business clients representing almost 7,500 employees, and continues on a growth path toward annual net revenues exceeding $160 million, which significantly increase last year’s record-setting net revenue figure ($100 million).
“TriNet took a bold step to pursue an acquisition in a down economy, and the great results we achieved from our first quarter as a combined company show that our business strategy is working,” said Burton M. Goldfield, TriNet’s president and CEO. “We made our numbers on both the expense and revenue sides, and exceeded our goal for new client onboarding.”
TriNet recorded almost $55 million in net revenue during the third quarter, pushing its year-to-date figure past the $100 million total the company earned last year. The company added 212 clients, employing more than 4,025 workers, during the quarter. In addition, TriNet ran more than 1 million paychecks and enrolled more than 30,000 employees into benefits plans. TriNet now serves as a trusted advisor to more than 8,000 small businesses covering 130,000 employees in all 50 states.
As a testament to TriNet’s ability to serve as a trusted advisor to small businesses, Ziff Davis CFO Neil Glass shared the following during the quarter, just nine months after signing on. Here are some excerpts:
“The TriNet relationship has enabled our business to focus on our core competencies…TriNet has given us a robust HR technology platform, significantly reduced costs in the HR and finance departments, and provided our employees with an enhanced suite of benefit offerings…While our business has experienced some significant changes during 2009…TriNet responded each step of the way…As a result, we have come to think of TriNet, not just as another vendor of ours, but as a critical extension of our business.
TriNet further established itself as a leader in the human resources outsourcing industry earlier this year when it announced the first in a series of uniquely tailored solutions geared toward providing small businesses with tools to maximize their investment in human capital. In Q3, TriNet added three services to this portfolio to help small businesses focus on employee retention and motivation in a recovering economy: Compensation Consulting, Team Accelerator and TriNet Perks.
As Goldfield said in last month’s announcement, “Having a highly motivated work force that is collaborating toward a common goal will be a key factor in a company’s ability to realize their ambitions and accelerate growth as our economy recovers. We want to help companies hold on to the talent that they have, so that employees aren’t motivated to look for greener pastures as employment opportunities expand. Ensuring that a company’s retention strategies are in place now will help improve the overall level of satisfaction of today’s workforce.”
About TriNet
TriNet serves as a trusted HR partner to small businesses throughout the United States and Canada. TriNet’s technology 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 benefits, and strategic human capital consulting services. For more information, please visit http://www.trinet.com.