Good afternoon, everyone. My name is Emily Marzo. I'm a member of Bo f A's Business and Information Services Global Research team. I want to welcome you all to the TriNet presentation with Kelly Tuminelli, Executive Vice President and CFO. Thank you for joining us. With that, I'll hand it over to you.
Great. Well, thank you so much for hosting us and giving us the opportunity to introduce TriNet today. Bank of America is one of our core business partners. With the events over the last week, it's definitely underscored how much we value our partnership. My name is Kelly Tuminelli. I'm the Chief Financial Officer of TriNet Group, Inc. and have been with TriNet since 2020. The next two pages of our presentation are disclaimers. Please read and review those disclaimers. They're also posted on our website. For my presentation today, given the ongoing regional bank crisis, I think it's prudent to spend a few minutes providing an update on TriNet and our customers.
The speed of the crisis was startling, but I'm very proud of the actions TriNet team as we work to protect TriNet and support our PEO and HRIS customers. I'm going to provide an overview of TriNet, especially since this is our first time at this conference. I want to talk about our financial performance, and then I'll open up to the floor for any questions. I'm not going to hit on every page within the presentation, but it was posted this morning to our website, so it's available for all of you to see. The 2020 regional bank crisis. Phew. Hard to say this morning, it's just regional at this point in time. Last week has been a difficult time for many businesses. It's difficult for businesses, depositors, and investors all associated with these institutions.
TriNet's operating businesses have relationships with these institutions, and we are still working through several outstanding challenges at the intersection of our customers in these banks. Unfortunately or fortunately, many of us have been informed by our experience during the financial crisis of 2008 and 2009. Leaning on those experience, TriNet acted swiftly to protect our business and support our customers during this period of heightened uncertainty and complexity. I'm going to first talk about the actions that we took to protect ourselves, followed by the actions we took in support of our customers. Over the last week, we took a series of steps to protect TriNet and assist our customers through this difficult period. The first step was to trigger our crisis management team. This helped streamline and coordinate our communication and cooperation across functions and is part of our business continuity plan.
This crisis, in particular, impacts so many of our stakeholders and functions such as treasury and customer experience. The next major action we took was to draw down our credit facility. When facing uncertainty, maximizing liquidity is paramount. Whether we use those funds or not at this point is irrelevant. Having them available gave us, excuse me, gave us the comfort to focus on our customers. Finally, our TriNet Benefits business had used SVB for a portion of its operations, and last Friday, we shifted that business and consolidated our corporate banking exposure to another banking partner. When Silicon Valley Bank went into receivership, we did have a limited amount of funds in our PEO business, primarily sweep accounts used for investments. As of Monday, those funds have been released. While we were busy working to protect TriNet, we were also working in service of our customers.
We determined that approximately 8% of our customers across PEO and TriNet's benefits businesses banked with SVB. Our immediate efforts were to determine whether these customers had accounts at other banks where we could transfer payroll or whether we needed to assist those customers in opening new accounts, all in preparation for yesterday's payroll. TriNet Benefits used SVB as one of its operating banks. In support of TriNet Benefits, we quickly transitioned the business to another bank partner. TriNet's holding company provided very limited credit support with the knowledge that customers had deposits at SVB. Payroll was successfully run yesterday. At TriNet, you can never separate the worksite employee or the user from the business. We worked tirelessly to ensure that we contacted all worksite employees who had personal bank accounts at SVB to have their direct deposits changed, ensuring access to their paychecks.
If you are a small or medium-sized business, if you run a business in the knowledge economy, the events of last week demonstrate why you should do business with TriNet if you aren't already one of our customers. Given the prominence of SVB in the tech ecosystem and our longtime commitment to the technology vertical, providing transparency to our investors. The tech vertical right now represents approximately 28% of our clients, and worksite employees employed by smaller tech customers with fewer than 20 employees represent approximately 6% of our total WSEs. We remain as committed as ever to being a leader in providing HCM solutions to the technology sector. The lifetime value of a technology customer is among the highest in our portfolio. We've seen a slowdown in tech hiring since last June. The events of last week could prolong that slowdown.
Tech remains one of the most dynamic of industries with strong long-term growth prospects, and we truly believe the next great company is being built right now with TriNet and TriNet will be there to support them. Since this is my first time presenting at this conference, I do wanna share just a quick overview of TriNet for those of you that don't know us yet. TriNet is an innovative leader in the PEO space for a large addressable market. We serve the small and medium-sized business market with two products, our PEO and HRIS platforms, and we employ an intentional and targeted vertical strategy. We're focused on using scale in service of our customers, and we believe over time, we will continue to deliver operating leverage. Ultimately, we have historically driven profitable growth supported by strong cash generation.
In the SMB space, there are over 60 million people who work for companies with 500 or fewer employees. Not all work for companies who would use a PEO. Currently, only about 7% of this population are employed by PEOs. Most of the market is available for HRIS solutions. These SMBs are faced with three core challenges: compliance, complexity, and cost. These challenges have changed over time. For example, remote work's a huge new challenge. Compliance across states has become a bigger challenge as regulations multiply and states go their separate regulatory ways. The co-employment construct under PEO can simplify the back office for SMBs. TriNet now goes to market prepared to serve SMBs throughout their business life cycle. Through TriNet Zenefits, we offer a tiered cloud-based HRIS product purpose-built for SMBs.
Since becoming part of TriNet, we've invested in enriching the product offering, in particular, strengthening the payroll engine, which will eventually service all of TriNet. This product represents an introduction for SMBs to the whole suite of products and services that TriNet can provide, along with APIs for a customizable HR experience. Our acquisition and integration of Claris R&D further enriches our product offering. This product enables SMBs to access R&D tax credits, which often our SMB customers are unaware they are even eligible. TriNet's Integrated Open Market is an industry-leading PEO offering, combined with a brokered benefits solution, leveraging our BenAdmin and digital brokerage tool. One of the first products introduced melding the technology acquired in the Zenefits acquisition with a PEO offering, and we went live with it earlier this year.
Finally, we provide a full PEO experience for clients with greater complexity and the need for higher touch services, which is customized by our core verticals. Our technology platform enables our SMB customers to access robust service set, often only not available to SMBs. Efficient expense management using our cloud-based app is available. We have benefits enrollment, payroll, workforce analytics, and many other things. All of this is delivered through the web or through our industry-leading mobile app. You've heard me mention vertical strategy or verticals a few times. We go to market with our vertical strategy where we target six core verticals: technology, professional services, financial services, life science, nonprofit, and Main Street. The core of the vertical strategy is really two parts. We wanna make sure our customers understand we are the industry experts, and our product and services are great fits for them.
We designed our product to cater to the most valuable parts of the SMB market. For example, in our targeted verticals and sub-verticals, given the product fit, our customers have a lifetime value over 10 times that of broad SMBs. Let's take a few minutes to go through our financial model. Our model is predicated on driving revenue growth through volume growth across our products mix, as the growth in our core verticals, plus the adoption and use of our broader products and services drives revenue, and predictable price capture for increased value. We are focused on driving strong EPS growth over time by delivering scale and service for our customer. Our earnings are supported by strong operating corporate cash flow. We have a CapEx-like business model and very efficient working capital.
As such, we deliver strong cash generation, which supports our business and enables the execution of our capital allocation strategy. Our revenue model demonstrates consistent growth and the product fit within the SMB space. Our professional service revenues have grown at a 12% CAGR between 2018 and 2022, and have benefited from the expansion of products with the acquisition of Zenefits and Claris R&D. Our 9% CAGR in total revenues for the same period also includes insurance services revenues. This growth reflects the fact that our selected verticals have high benefit participation and value and are willing to pay for high quality benefits in order to attract and retain the right employment base. On page 25, it's evident that our model is resonating with our customers and meeting a critical need.
The product value and fit has led to our GAAP EPS CAGR of 21% and our adjusted EPS CAGR of 24% from 2018 to 2022. The last thing I wanna touch on today is really our capital priorities. On slide 26, you see the framework I've been talking about for capital allocation for some time. Our first priority is reinvesting in the business for growth. We're prioritizing this growth reinvestment over other things, given the need to maintain and grow our vibrant customer base, despite a challenging economic environment for many high-growth companies. In 2022, we invested a lot in our go-to-market processes and infrastructure, including sales operations and sales enablement, and need to see that investment pay off in 2023.
We will continue to grow our sales force as it takes meetings to get close business. We'll fund that through appropriate and prudent spending by both our back-office functions and ensuring every dollar in sales and marketing purposely contributes to closed ACV. Acquisitions were a big part of our story in 2022, where we deployed over $250 million to buy Zenefits and Claris R&D to evolve our addressable market and bring value-added services to our customer base. We will continue to scan potential acquisitions in 2023. Given TriNet's current lower relative valuation versus our profit and cash contribution, it's hard to find accretive acquisitions at this point in time. Given this current valuation reality, we are prioritizing share repurchase over acquisitions. If market conditions are appropriate, we will repurchase up to $500 million this year.
To wrap, I've hit on some highlights of TriNet. As a reminder, the presentation was posted to our website first thing this morning. It's great to be here with all of you. I'd love to entertain questions if there's any.
Great. Thanks, everyone.