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Fourth-largest PEO preps for IPO

December 23 2013

TriNet set the stage for an initial public offering by filing a registration statement last month with the U.S. Securities and Exchange Commission. The San Leandro, Calif.-based professional employer organization ranks No. 4 on Staffing Industry Analysts’ list of largest PEOs based on 2012 revenue. And it grew larger this year by acquiring Ambrose Employer Group, the fifth-largest PEO, in July.

TriNet reported revenue of $1.02 billion in 2012 and net income of $31.8 million, according to the filing. It also reported revenue of $1.15 billion in the first nine months of 2013.

The company had more than 8,000 clients as of Sept. 30 and operated in 47 states and Canada.

Announcement of the IPO comes after a string of acquisitions. In addition to Ambrose Employer group in July, TriNet also acquired:

  • SOI Holdings Inc., a South Carolina-based PEO, in October 2012.
  • App7 Inc., a technology company that operates under the “ExpenseCloud” brand in May 2012.
  • 210 Park Avenue Holding Inc. in April 2012. The Oklahoma-based PEO operates as Accord.
  • Gevity HR Inc., a Flordia-based PEO, in June 2009.

The number of shares to be offered in the IPO and the price range had not yet been determined.

Most of the company’s clients operate in the technology, life sciences, property management, professional services, banking and financial services, retail, manufacturing and hospitality services industries.

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