TriNet Group Inc., a San Leandro CA-based professional employer organization, struck a deal to acquire Gevity HR Inc. (NASD: GVHR), a Bradenton FL-based professional employer organization. TriNet said it will pay $4 per share in cash for all outstanding Gevity shares, valuing the deal at $98 million.

TriNet already owns 9.5% of Gevity stock. The transaction is expected to close in the second quarter. ValueAct Capital Management LP, Gevity's largest shareholder, has agreed to vote in favor of the merger.

Gevity would become a privately held company in the deal and would operate under the leadership of TriNet President and CEO Burton Goldfield.

The deal will give TriNet more than 8,000 customers who employ more than 130,000 people nationwide.

TriNet announced that customers would undergo no changes to their current service delivery under the deal.

TriNet's largest shareholder is private equity firm General Atlantic LLC.