DUBLIN, CA — TriNet, a provider of human resources solutions for small and medium-size businesses (SMBs) has completed a deal to acquire Zenefits, an SaaS-based human capital management (HCM) solution purpose-built for SMBs , from private equity firm Francisco Partners. Zenefits is now a wholly-owned subsidiary of TriNet and will be known as TriNet Zenefits. The price of the deal hasn’t been revealed.
The acquisition expands TriNet’s technology product offering and furthers its position as the leading human resources services provider for SMBs with or without the PEO structure.
Through a centralized and highly scalable platform with a modern consumer-like user interface, TriNet Zenefits delivers software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. The added offering will provide even greater flexibility, allowing TriNet to deliver a broader range of HR functionality and service models.
Zenefits launched in 2013 and was once of the hottest startups in Silicon Valley. The company was acquired by Francisco Partners in 2021.
“Today’s acquisition of Zenefits marks a historic day for TriNet and I could not be more excited to diversify our SMB product offering,” said Burton M. Goldfield, TriNet President and CEO. “The addition of Zenefits furthers our mission to power the success of SMBs by supporting their growth and enabling their people. By adding an enhanced HCM software product to TriNet’s PEO offering, we will be in a position to create a unique HR solution not available in today’s market which we intend will eventually operate within the same technology cloud environment.”
Goldfield added, “I am also thrilled to welcome the TriNet Zenefits team to TriNet, who bring another layer of entrepreneurial spirit and innovation to our company.”
As part of the acquisition, former Chief Financial Officer of Zenefits Shaun Wiley has assumed the role of Senior Vice President at TriNet Zenefits. Additionally, other members of the Zenefits team remain in similar roles at the company.
In connection with the closing of the acquisition, Francisco Partners is now a TriNet stockholder. “TriNet’s acquisition marks the start of an exciting new chapter for the entire Zenefits team. We want to acknowledge and thank Zenefits’ employees, customers and partners for all their hard work and dedication,” said Scott Eisenberg, Head of Credit and Structured Solutions at Francisco Partners. “We look forward to supporting TriNet as it builds on this success and launches the TriNet Zenefits platform as a key part of the Company’s future SMB growth strategy.”