First-quarter total revenue rose 22.9% at professional employer organization TriNet Group Inc. (NYSE: TNET) to $625.6 million.

The San Leandro, Calif.-based firm also reports revenue on a “net service revenue” basis which represents professional service revenue and net insurance revenue (insurance service revenue minus insurance costs such as premiums). Net service revenue rose 11% year over year in the first quarter to $142.4 million.

Total work site employees increased 19% in the past 12 months to approximately 289,000 at the end of March.

Quote

“During the first quarter we continued to experience robust demand for our unique HR solutions,” said President and CEO Burton Goldfield. “We are executing our differentiated vertical strategy by leveraging our bundled products and a sales force organized around target vertical markets. For example, we recently launched TriNet Life Sciences, a cloud-based bundled HR solution tailored to the specific HR needs of the life sciences market. With our vertical strategy in place, we believe we are well positioned to drive growth within this large addressable market.”

Share price and market cap

Shares in TriNet fell 15.34% to $29.15 in early afternoon trading today and TriNet has a market cap of approximately $2.04 billion, according to Yahoo!