TriNet, a provider of human resources technology for small and medium-size businesses, has acquired Clarus R+D Solutions LLC, a fintech company that automates the research and development tax credit process for SMBs, for an undisclosed sum.
As part of the deal, Clarus R+D will become a wholly owned subsidiary of TriNet and members of the Clarus leadership team will remain in the same (or similar) roles.
“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 former Clarus CEO Chris Winslow in a statement Tuesday. “We look forward to leveraging TriNet’s scale to help us continue to accelerate our product roadmap in support of our customers and partners.”
He will be leading TriNet’s newly created Tax Credits Business Unit, reporting to Samantha Wellington, TriNet’s executive vice president of business affairs, chief legal officer and secretary. The recently enacted Inflation Reduction Act included a provision potentially doubling the size of the R&D tax credit from $250,000 to $500,000 against payroll taxes for some businesses, and Winslow and his team have been advising customers on the changes (see story).
“With our acquisition of Clarus R+D, TriNet takes another important step toward powering the success of small and medium-sized businesses,” said TriNet president and CEO Burton M. Goldfield in a statement, “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.”