TriNet Becomes Nation’s Largest Independent Professional Employer
SAN LEANDRO, Calif. –October 25, 2012 –TriNet, a cloud-based provider of on-demand HR services, today announced it has officially closed its acquisition of Strategic Outsourcing, Inc. (SOI) from Clarion Capital Partners, LLC. The acquisition enables TriNet to provide small and medium-sized businesses nationwide with an industry-leading portfolio of professional employer organization (PEO) products and services. With the closing of this acquisition, TriNet becomes the largest independent PEO in the country as well as the only such firm to offer multiple products and services targeted to specific industries. PEOs are experiencing significant growth nationwide, with recent estimates from the National Association of Professional Employer Organizations (NAPEO) at greater than $81 billion in gross revenues.
Charlotte, North Carolina-based SOI will maintain its name, brand, current products and services, and senior management team, including CEO Carl Guidice, and will further support TriNet’s strategy of providing distinct products and services to satisfy market and customer needs. Clients of both SOI and TriNet will see a continuity of products and services through the acquisition, as well as receive the familiar high-quality service delivered by both businesses.
“SOI owes its significant success to our employees and their unwavering dedication to our clients,” commented Carl Guidice, CEO of SOI. ”Joining forces with TriNet will allow two of the industry’s strongest PEOs to come together, improving our ability to serve current and future clients with an enhanced portfolio of complementary products and services. We’re enthusiastic about working together to deliver a new level of offerings and service to our clients, and we are excited about the new opportunities as our two organizations come together.”
The acquisition builds on the earlier success of TriNet’s acquisition of AccordHR in April 2012, and further augments TriNet’s geographic and industry reach to include a meaningful position across the southeastern United States. Additionally, TriNet expands its PEO service delivery capabilities to “Main Street USA” organizations and employees, including those in business services, light manufacturing, real estate and retail services. The combined organization is now the largest independent PEO and provides Human Resources services to more than 160,000 work site employees (WSEs) across a broad spectrum of industries.
“With a struggling economy, the pressure is on small and medium-sized businesses to perform for the sake of their employees and our country. I’m extremely proud of the fact that we deliver critical HR support services that allow the founders and leadership teams to focus on their growth,” noted TriNet CEO Burton M. Goldfield. “By integrating the SOI service delivery model, TriNet improves its ability to support the nation’s entrepreneurs as they nurture their companies to become the next generation of category leaders.”
“SOI has been a terrific partner over the last seven years,” commented Marc Utay, Clarion’s Managing Partner. “SOI is one of the best managed companies in the PEO industry, and Carl Guidice and the entire team were instrumental in achieving this success. We truly appreciate their efforts and expect the combined company will continue to thrive.”
SOI was founded in 1995, and provides solutions to the human resources, employee benefits, payroll and risk management needs of thousands of small and medium-sized businesses. The SOI product line within the TriNet family now offers clients custom-developed, integrated human resource solutions to fit their organization’s unique needs. Over the company’s nearly 20 years of experience, SOI, much like TriNet, has consistently experienced strong business growth. Most recently, both SOI and TriNet have independently seen nearly 25 percent organic revenue and SMB client growth, on a year-over-year basis.
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 http://www.trinet.com.
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.