TriNet Completes Purchase of Zenefits

<p><strong>DUBLIN&comma; CA —<&sol;strong> <a href&equals;"https&colon;&sol;&sol;www&period;trinet&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">TriNet<&sol;a>&comma; a provider of human resources solutions for small and medium-size businesses &lpar;SMBs&rpar; has completed a deal to acquire <a href&equals;"https&colon;&sol;&sol;www&period;zenefits&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Zenefits<&sol;a>&comma; an SaaS-based human capital management &lpar;HCM&rpar; solution purpose-built for SMBs &comma; from private equity firm <a href&equals;"https&colon;&sol;&sol;www&period;franciscopartners&period;com&sol;home" target&equals;"&lowbar;blank" rel&equals;"noopener">Francisco Partners<&sol;a>&period; Zenefits is now a wholly-owned subsidiary of TriNet and will be known as TriNet Zenefits&period; The price of the deal hasn&&num;8217&semi;t been revealed&period;<&sol;p>&NewLine;<p>The acquisition expands TriNet&&num;8217&semi;s technology product offering and furthers its position as the leading human resources services provider for SMBs with or without the PEO structure&period;<&sol;p>&NewLine;<p>Through a centralized and highly scalable platform with a modern consumer-like user interface&comma; TriNet Zenefits delivers software-based solutions to help streamline workflows by connecting HR&comma; Benefits&comma; Employee Engagement&comma; Payroll and Time &amp&semi; Attendance&period; The added offering will provide even greater flexibility&comma; allowing TriNet to deliver a broader range of HR functionality and service models&period;<&sol;p>&NewLine;<p>Zenefits launched in 2013 and was once of the hottest startups in Silicon Valley&period; The company was acquired by Francisco Partners in 2021&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Today’s acquisition of Zenefits marks a historic day for TriNet and I could not be more excited to diversify our SMB product offering&comma;” said Burton M&period; Goldfield&comma; TriNet President and CEO&period; &OpenCurlyDoubleQuote;The addition of Zenefits furthers our mission to power the success of SMBs by supporting their growth and enabling their people&period; By adding an enhanced HCM software product to TriNet’s PEO offering&comma; 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&period;”<&sol;p>&NewLine;<p>Goldfield added&comma; &OpenCurlyDoubleQuote;I am also thrilled to welcome the TriNet Zenefits team to TriNet&comma; who bring another layer of entrepreneurial spirit and innovation to our company&period;”<&sol;p>&NewLine;<p>As part of the acquisition&comma; former Chief Financial Officer of Zenefits Shaun Wiley has assumed the role of Senior Vice President at TriNet Zenefits&period; Additionally&comma; other members of the Zenefits team remain in similar roles at the company&period;<&sol;p>&NewLine;<p>In connection with the closing of the acquisition&comma; <a href&equals;"http&colon;&sol;&sol;www&period;franciscopartners&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Francisco Partners<&sol;a> is now a TriNet stockholder&period; &OpenCurlyDoubleQuote;TriNet’s acquisition marks the start of an exciting new chapter for the entire Zenefits team&period; We want to acknowledge and thank Zenefits&&num;8217&semi; employees&comma; customers and partners for all their hard work and dedication&comma;” said Scott Eisenberg&comma; Head of Credit and Structured Solutions at Francisco Partners&period; &OpenCurlyDoubleQuote;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&period;”<&sol;p>&NewLine;