TriNet to Expand Human Resources Cloud Software Business with Acquisition of Zenefits

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“The timing is perfect for this acquisition given the recent small business boom and the increase in the number of new entrepreneurs who can benefit from our service offering,” said Burton Goldfield, Managing Director of TriNet, in a statement. “TriNet’s commitment to driving the success of small and medium-sized businesses will be extended to include a product offering, leveraging Zenefits’ state-of-the-art cloud HR platform. Dublin, Calif., Small and medium-sized HR cloud software provider said acquisition of Zenefits would expand TriNet’s lineup
TNET,
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Reach to serve more than 24,000 small and medium-sized businesses and approximately 600,000 employees. Zenefits was once valued at $ 4.5 billion in 2015 during its last round of venture capital funding.

Trinet said he expects the deal to be done “within the next few months.” TriNet shares rose 2% after-hours, after rising 0.6% to close the regular session at $ 94.57.

Zenefits, however, has had a somewhat checkered past. In 2015, he had to cut his spending because he failed to meet ambitious income targets. Then, in 2016, he was fined $ 7 million by regulators for license violation and had to crack down on what was considered a culture of brotherhood.

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