SOI – Strategic Outsourcing Inc. Purchased by Trinet
SOI Sold – Trinet Continues PEO Acquisitions
Strategic Outsourcing Inc. known as SOI and one of the nations largest Professional Employer Organizations (PEO) has been purchased by Trinet. According to information from SOI, they process over $2.5 billion in payroll for over 62,000 worksite employees. SOI was founded by Steven Mariano the late 1990s and was later sold to Union Planters Bank which later became Regions Bank. Executives at SOI included CEO Carl Guidice, President Gil Aleman, Sales EVP Eldridge Bravo and COO Anthony Dannon. Mr. Danon was formerly the VP of finance at Staff Leasing, Inc. a publically traded PEO that later became Gevity and was later taken private when purchased by Trinet. SOI has headquarters in Charlotte, North Carolina. Trinet may now become the nation’s largest PEO at 104,000 worksite employees following the spring acquisition of Accord HR in Oklahoma City Oklahoma. According to information from Alphastaff, SOI had 2.9% of the PEO market in 2010 and Trinet had 1.9% of the PEO market.
Impacts for SOI Clients
No information has yet been released about the merge the SOI operations with Trinet or to leave SOI as in independently operating Professional Employer Organization. Financial terms of the acquisition were not disclosed; however initial information indicates that the sale of SOI will not be conducted as an asset sale, and that SOI will remain intact as an operating entity. SOI has been a participating PEO at StaffMarket since April of 2005 and has been one of the most aggressive PEOs in the Southeastern United States, particularly in Florida, Georgia and North and South Carolina.
SOI clients have accessed health insurance primarily through the SOI group plan with Aetna. Since Trinet also uses Aetna plans, there should be minimal impact to SOI clients if a merge with Trinet is contemplated. More information provided by Alphastaff and Crain Communication is available here.PEO Size and Market Share Rankings for 2010