TriNet Announces Acquisition of Clarus R+D Solutions LLC
TriNet (NYSE: TNET) has announced the acquisition of Clarus R+D Solutions LLC, enhancing its offerings for small and medium-sized businesses (SMBs) by streamlining the R&D tax credit application process. While the financial terms of the deal remain undisclosed, Clarus R+D's advanced cloud-based platform automates compliance and maximizes credits available to SMBs. This acquisition positions TriNet to better serve its customers, potentially unlocking significant financial benefits for them.
- Acquisition of Clarus R+D enhances TriNet's service offerings for SMB customers.
- Clarus R+D's platform automates R&D tax credit qualification, saving time and maximizing tax credits for clients.
- The acquisition aligns with TriNet's strategy to empower SMBs by unlocking additional financial resources.
- None.
Addition of Fintech Solutions Company Expands Solution Offering and Provides SMB Customers a Simplified R&D Tax Credit Process
DUBLIN, Calif., Sept. 6, 2022 /PRNewswire/ -- TriNet, (NYSE: TNET), a leading provider of comprehensive human resources solutions for small and medium-size businesses (SMBs) today announced that it has acquired Clarus R+D Solutions LLC, an industry-leading, service and expertise driven, fintech solutions company that simplifies the R&D tax credit process for SMBs. Terms of the deal were not disclosed.
Clarus R+D helps SMBs take advantage of the research and development tax credit, one of the largest tax incentives available to US businesses. Clarus R+D's cutting-edge, cloud-based software platform, coupled with the deep expertise of its professional services team, delivers access, compliance, and clarity for federal and state R&D tax credits. The Clarus R+D platform has automated much of the R&D credit qualification and application process to ensure that the final incentives are optimized for each client. Businesses save valuable time as a result of the automated calculation process, while maximizing their R&D tax credit.
"With our acquisition of Clarus R+D, TriNet takes another important step towards powering the success of small and medium-sized businesses," said Burton M. Goldfield TriNet's President and Chief Executive Officer. "Many of our PEO and HCM customers qualify for R&D tax credits and do not have the time or expertise to successfully apply for them. With the addition of Clarus R+D, TriNet expands its offering to better serve these customers. I look forward to leveraging Clarus R+D to put money back in the hands of our hard-working SMB clients."
"Having worked closely with the Clarus R+D team through the acquisition process, I believe the Clarus R+D team is a great fit with TriNet," said Samantha Wellington TriNet's Executive Vice President, Business Affairs, Chief Legal Officer and Secretary. "Importantly, we both place SMBs at the center of everything we do. We also share the belief that most SMBs are unaware of their eligibility to claim these R&D tax credits. We are excited by this opportunity to unlock possibilities for our customers, and I am thrilled to welcome the Clarus R+D team to TriNet as we pursue this market opportunity."
"The Clarus team is very excited to join TriNet, a world-class organization with a very impressive leadership team. Our shared commitment to go above and beyond to support our teams, our customers, and the small business ecosystem aligns perfectly with our culture and the growth strategy of our company," said Chris Winslow, former Chief Executive Officer at Clarus, now leading TriNet's newly created Tax Credits Business Unit, reporting to Samantha Wellington. "We look forward to leveraging TriNet's scale to help us continue to accelerate our product roadmap in support of our customers and partners."
As part of the acquisition, Clarus R+D will become a wholly owned subsidiary of TriNet. In addition to Winslow, all other members of the Clarus leadership team will remain in their same (or similar) roles.
Ice Miller LLP represented Clarus R+D as legal counsel in the transaction and Freshfields Bruckhaus Deringer US LLP assisted TriNet.
About TriNet
TriNet (NYSE: TNET) provides small and medium-size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll, all enabled by industry leading technology capabilities. TriNet's suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people. TriNet, incredible starts here. For more information, visit TriNet.com or follow us on Twitter.
Contacts:
Renee Brotherton, VP Corporate Communications & Editorial, TriNet renee.brotherton@trinet.com 408-646-5103
Josh Gross, Executive Director, Communications, TriNet: josh.gross@ trinet.com
Alex Bauer VP, Investor Relations, TriNet: alex.bauer@trinet.com
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SOURCE TriNet Group, Inc.
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