Trinet, a provider of human resources outsourcing services, has appointed James Franzone as vice president of corporate development. Franzone was a vice president at General Atlantic LLC where he led TriNet’s efforts last year to acquire Gevity, and raised $80 million of debt and took Gevity private before merging with TriNet.
TriNet, the country’s largest private provider of human resources outsourcing solutions to small businesses, today announced the appointment of James Franzone as vice president of corporate development. The company created the position as part of a growth strategy to transform and lead the Professional Employer Organization (PEO) industry by building the best suite of products and services for the dynamic small business market. Franzone is tasked with facilitating the identification, execution and integration of accretive product and services acquisitions and will be responsible for a significant portion of TriNet’s top- and bottom-line growth in the coming years.
“Jimmy’s addition to our team is all about the company’s focus on delivering added value to our current and future client base,” said Burton M. Goldfield, TriNet’s president and CEO. “I believe his efforts are going to have such a quick and dramatic impact, they will be felt industry wide.”
“It’s apparent across TriNet’s entire management team that the people here are passionate about their vision to make this company a true partner to small businesses,” said Franzone. “For me, that makes this an opportunity that is too exciting to just be a part of from the investor side, as I have been for the past five years. I couldn’t be more eager to jump in.”
Franzone began his new role yesterday, and is based at the company’s San Leandro headquarters, reporting directly to Goldfield. He was most recently focused on investing in attractive business services companies as a vice president at General Atlantic LLC, a leading global growth equity firm that manages $15 billion in capital investments, including TriNet. As a private equity investor, Franzone has invested more than $300 million of capital into growing and profitable businesses with strong recurring revenue characteristics. TriNet is well known to Franzone as he led TriNet’s efforts last year to acquire Gevity, raising $80 million of debt and taking Gevity private before merging with TriNet.
He previously served as senior associate for Technology Crossover Ventures, a VC firm where Franzone sourced, diligenced and monitored growth equity and PIPE investments for consumer Internet companies such as Netflix and Expedia. He began his career as a business analyst at McKinsey & Company, a management consulting firm, where he drove growth initiatives through organic and acquisitive means in partnership with senior management teams.
“TriNet has cracked the code when it comes to selling to the notoriously difficult small business market, and that opens the door for additional opportunities,” he added. “Our market is still fairly immature so there’s tremendous potential to expand. Two near-term priorities are to redouble our efforts to find additional products and services that continue to deliver increasing value to our loyal client base, and to take advantage of the significant investment that we’ve made in our highly scalable platform to acquire attractive PEOs with strong regional and/or vertical expertise. TriNet’s acquisitions have historically occurred on a successful but largely ad-hoc basis, but the level of professionalism and expertise inside TriNet has risen to a level where the company needs to quickly become more systematic in its acquisition strategy, as opposed to opportunistic.”
Franzone has a bachelor’s degree in economics from Dartmouth College and an MBA from Stanford University. He is an avid outdoorsman in his spare time.