SAN LEANDRO, Calif. (Sept. 14, 2012) – TriNet, a cloud-based provider of on-demand HR services, has executed a definitive agreement to acquire Strategic Outsourcing, Inc (SOI) from Clarion Capital Partners, LLC. TriNet’s acquisition of SOI will enable the company to offer a multi-product professional employer organization (PEO) service delivery model that will better serve the needs of entrepreneurs and small businesses across America. TriNet announced today that the company has received notice of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with the transaction and will rapidly move towards a financial close.
Following on the success of TriNet’s acquisition of AccordHR in early 2012, an initiative which broadened TriNet’s market reach, the acquisition of SOI will provide TriNet with an additional service model and expanded geographical and vertical market coverage to address new segments of the industry. In this respect, the addition of SOI augments and broadens TriNet’s ability to serve more clients than ever before.
“We are passionate about helping America’s small businesses succeed in these difficult economic and regulatory times. The SOI service model will strengthen our ability to support a broader range of entrepreneurial companies that are putting people back to work,” said Burton M. Goldfield, CEO of TriNet.
Based near Charlotte, North Carolina, SOI will operate as a business unit of TriNet, with its name and brand remaining intact. The SOI senior management team, including CEO, Carl Guidice, will remain in leadership positions. The combined business will continue to deliver the specific products and levels of service that all of its current customers have come to expect.
“The core driver of SOI’s success has been our people, and joining forces with TriNet will only further enhance our ability to support our colleagues and clients,” said Carl Guidice, CEO of SOI. “We’re excited about the new opportunities that will arise as our two organizations come together and we’re enthusiastic about working together to build an even stronger business.”
Since SOI was founded in 1995, thousands of small and medium-sized businesses have trusted the company to provide solutions to their needs in human resources, employee benefits, payroll and risk management. SOI works one-on-one with clients to offer comprehensive, integrated human resource solutions that fit their unique needs. Leveraging over 20 years of experience and the knowledge of its leadership team, SOI provides the access, expertise and confidence small and growing businesses need to succeed.
“Clarion has had a terrific partnership with SOI over the last seven years,” commented Marc Utay, Clarion’s Managing Partner. “Carl Guidice and the entire SOI team have turned the business into one of the industry’s success stories, and we are fully appreciative of their efforts. We wish them well as part of TriNet’s family of companies.”
“This acquisition will solidify TriNet’s position as the preeminent provider of HR solutions with products tailored to a range of vertical markets – in addition, creating the largest independent PEO in terms of employees served,” said Jimmy Franzone, vice president of corporate development of TriNet.
SOI was advised by on the transaction by Lazard Middle Market and Duane Morris LLP.
TriNet is a trusted strategic HR partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet’s solutions help contain costs, minimize employer-related risks, and relieve administrative burden to keep an entrepreneur’s focus on their core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet's Professional Employer Organization (PEO) expertise is integrated with every facet of a client’s business. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit https://www.trinet.com.
SOI is a leading PEO, based outside of Charlotte, North Carolina, which provides human resources outsourcing to small- and medium-sized businesses. The company specializes in payroll administration, safety and risk management, workers’ compensation, human resource administration, compliance, and benefits administration.
About Clarion Capital Partners, LLC
Clarion Capital Partners is a New York based middle market private equity firm. Clarion focuses on growth companies in a variety of industries including Business Services, Healthcare Services, Specialty Financial Services, Consumer Products, Specialty Retail, and Media and Entertainment. Clarion uses a broad range transaction structures including leveraged buyouts, growth equity and recapitalizations. Additional information on Clarion can be found at www.clarion-capital.com.
Contact: Matthew Meigs, 510-875-7320, firstname.lastname@example.org
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