TriNet, which is majority owned by General Atlantic, has acquired ExpenseCloud. Financial terms weren’t announced. Los Angeles-based ExpenseCloud is an expense management services provider.
TriNet, a trusted on demand HR partner to small businesses and entrepreneurs, announced today that it has acquired ExpenseCloud, a leading expense management solution. TriNet will incorporate ExpenseCloud’s offering into its client service platform later in 2012, including adding additional features in job costing, travel management and employee reimbursements.
Los Angeles-based ExpenseCloud will operate as a business unit of TriNet, with its name and brand remaining intact. The ExpenseCloud senior management team, including co-founder and CEO, Eric Sikola, and co-founder and CTO, Dan Fritcher, will remain in leadership positions in the new business unit and will continue focusing on expanding their customer base via the company’s existing business development activities.
“We’re enthusiastic about the acquisition of ExpenseCloud because their industry-leading expense management technology will enable us to provide new valuable services to our clients,” said Burton M. Goldfield, CEO of TriNet. “Small to mid-sized businesses in the TriNet family will soon have access to a powerful tool for efficiently managing their expenses. We’re also thrilled about the unique user acquisition model ExpenseCloud has built, which will create new channels of revenue for TriNet and drive awareness of our best-in-class on demand HR Services.”
ExpenseCloud provides everything companies need to manage the entire expense reporting process online or from a mobile device. The three-year-old, cloud based solution allows users to create, submit, and approve expense reports online and then either reimburse employees or invoice clients via integration with leading SaaS accounting solutions. The system seamlessly connects with many popular online solutions specifically tailored for small to medium size businesses such as FreshBooks, NetSuite, Intacct, and Intuit QuickBooks. ExpenseCloud can also import expenses from thousands of credit cards and bank providers as well as receipt scanning and capture directly from iPhone, iPad, Android and Blackberry devices.
“We’re excited to join the TriNet family because of their strong reputation for being an invaluable resource to its clients, who will soon gain the ability to manage their expense reporting process online through TriNet’s HR platform,” said Eric Sikola, founder and CEO of ExpenseCloud. “We’re also thrilled about the resources TriNet will bring to bear in order to fuel our growth and accelerate our product roadmap to both existing TriNet customers and companies utilizing other HR platforms.”
“TriNet’s acquisition of ExpenseCloud helps us meet an important business need for the companies we work with,” said Jimmy Franzone, vice president of corporate development of TriNet. “TriNet continues to lead the PEO (professional employer organization) industry in finding innovative ways to provide value to clients. We are dedicated to constantly enhance our service offering as the leading provider of HR outsourcing solutions.”
TriNet is a trusted partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet’s solutions help contain costs, minimize employer-related risks and relieve administrative burden to keep an entrepreneur’s focus on core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet’s PEO expertise is integrated with every facet of a client’s business. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com.