Thursday 30 December 2021

US-based human resources solutions provider TriNet has entered into a definitive agreement to acquire cloud HR platform Zenefits, from investment firm Francisco Partners, the company said.

Details of the stock and cash transaction were not disclosed.

Zenefits is a cloud HR platform which provides innovative and intuitive HR, benefits, payroll and employee engagement software purpose-built for small and medium-size businesses.

Through the acquisition of Zenefits, TriNet diversifies its product offering to include an Administrative Services Organization, enabling TriNet to dynamically service SMBs throughout their lifecycle.

Upon completion of the deal, the addition of Zenefits will expand TriNet's ecosystem to serve more than 24,000 SMBs and approximately 600,000 employees.

Upon deal close, Zenefits will become a wholly owned subsidiary of TriNet and Francisco Partners will become a TriNet stockholder.

TriNet is also expected to become a preferred supplier of PEO and HRIS services to Francisco Partners portfolio companies across the country after closing.

The acquisition is expected to close in the coming months, subject to customary closing conditions, including the receipt of regulatory approvals.

TriNet (NYSE: TNET) provides small and medium-size businesses with full-service HR solutions tailored by industry.