TriNet completed its acquisition of SaaS human capital management provider Zenefits from Francisco Partners, making Zenefits a wholly owned subsidiary rebranded TriNet Zenefits. The deal broadens TriNet’s HR technology for small and mid-size businesses.
TriNet agrees to acquire Zenefits, a People Operations platform purpose-built for SMBs, from Francisco Partners. After the deal closes, Zenefits will become a wholly owned TriNet subsidiary, and Francisco Partners will become a TriNet stockholder.
Zenefits launches its Z2 HR app platform with 17 integrated partner apps and a developer platform for third-party apps. The release is one of the first strategic wide releases under new CEO David Sacks.
Zenefits cofounder Parker Conrad resigns as CEO and director amid questions about the company’s compliance with insurance-licensing laws. The company’s COO, David Sacks, formerly of PayPal, steps into the CEO role.