HR services provider TriNet files for $250M IPO

|By:, SA News Editor

TriNet, a provider of HR outsourcing services for SMBs, has filed for a $250M IPO. JPMorgan, Morgan Stanley, Deutsche, Jefferies, Stifel, and William Blair are the underwriters. No symbol has been provided yet. (S-1)

TriNet provides services such as payroll processing, benefits management, and retirement plans, and makes them accessible through a cloud-based platform. As of Sep. 30, it provided services for 218K employees via 8K+ clients.

The company had revenue of $1.15B (+65% Y/Y) over the first nine months of 2013, and net income of $7.1M. Excluding insurance costs of $859M, revenue totaled $296M.