TriNet Secures Equity Investment from General Atlantic LLC
SAN LEANDRO, Calif. (June 9, 2005) – TriNet, a nationwide provider of human resources services for small and mid-sized companies, today announced that its principal shareholders have secured an equity investment from General Atlantic LLC, one of the world's leading private equity investment firms with a successful track record in backing business process outsourcing companies. Although specific terms of the investment were not disclosed, the transaction provides General Atlantic with a controlling interest in TriNet and includes a commitment for future acquisition financing. No changes in TriNet's executive team are anticipated.
TriNet intends to use the investment to support its rapid growth in serving clients in its target industries of technology, financial services, and professional services, as well as to expand its suite of services and service geographies.
"General Atlantic recognizes the phenomenal potential for HR outsourcing services provided to small and medium-sized firms," said Martin Babinec, who founded TriNet in 1988 and continues to serve as the company's Chairman, President & CEO. "Their proven ability to assist growth companies like TriNet will help accelerate our ability to penetrate this exciting market and bring significant advantages to our existing customers as we broaden our service offerings. We anticipate a long and prosperous partnership with the General Atlantic team."
Braden Kelly of General Atlantic said, " TriNet's commitment to leading edge technology platforms supporting a high-touch delivery system enables customers to offload their HR administrative burden with confidence while substantially reducing their cost of doing business. We expect many more small and medium sized businesses to seriously explore HR outsourcing in the coming years. With the benefit of the visionary leadership of Martin Babinec and a committed and experienced management team, we're confident that TriNet is poised for significant growth and success."
About TriNet Group, Inc.
Founded in 1988, TriNet delivers outsourced human resources throughout the United States and Canada and specializes in serving technology, financial service, and professional service firms. Its offerings include human asset administration, employer risk management, online employee benefits administration and support, payroll processing, tax compliance, workers' compensation, group health and welfare products, and strategic human capital consulting services. More than simply an HR services provider, TriNet contractually assumes certain legal and financial responsibilities regarding employer rights, legal compliance and risk management. For more information about TriNet, visit http://www.trinet.com.
About General Atlantic
General Atlantic LLC, is a leading global private equity firm focused on investing in companies providing information technology or using information technology to drive growth. The firm was founded in 1980 and has about $8 billion in capital under management. General Atlantic has invested in over 140 companies and has current holdings in approximately 50 companies, of which almost one half are based outside the United States. The firm is distinguished within the investment community by its global strategy and worldwide presence, its commitment to provide sustained value-added assistance for its portfolio companies and its long term approach. General Atlantic has nearly 70 professionals among its 130 employees worldwide with offices in Greenwich, New York, Palo Alto, Washington, D.C., London, Düsseldorf, Singapore, Tokyo, Mumbai, Hong Kong, and São Paulo. For further information and a listing of its public and private portfolio companies see www.generalatlantic.com.
Further Information:
For TriNet, contact:
Greg Howard
510.875.7236
greg.howard@trinet.com
For General Atlantic, contact:
Pat Hedley
203.629.8658
phedley@generalatlantic.com