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Bench to be Acquired, After Abrupt Shut Down
Bench, the VC-backed accounting startup that left thousands of customers locked out of their accounts after it suddenly shut down last week, will be acquired by Employer.com for an undisclosed price in a last-minute deal, TechCrunch has exclusively learned.
The San Francisco-based HR tech company Employer.com focuses on payroll and onboarding, unlike Bench, which specializes in accounting and tax services. Employer.com’s Chief Marketing Officer Matt Charney told TechCrunch that the company will revive the platform and provide instructions for customers to log back in and retrieve their data shortly.
Customers who use the acquired service will have the option to migrate their data or continue using the service under new ownership. Notably, Bench’s previous recommendation for customers to file for a six-month extension with the Internal Revenue Service (IRS) is no longer necessary if they decide to stay with Employer.com, according to an employer spokesperson.
Bench’s website remains offline at this time, but previously claimed to have over 35,000 “American small business owners” as customers. The platform’s shutdown notice still reads: “More information on how to continue your service will be available soon.”
The sudden shutdown caused chaos among the startup’s users, who found themselves unable to access their accounting and tax documents right when tax season was about to begin. Emails sent by TechCrunch to Bench employees bounced back due to the company’s unexpected shut down.
TechCrunch confirmed the acquisition with a Bench board member. Neither Bench nor Employer.com would comment on the acquisition price.
Employer.com, the acquiring company, is new and has been rapidly expanding its portfolio of HR and accounting-related businesses. Its CEO, Jesse Tinsley, announced his purchase of the domain name in November for approximately $450,000.
Source: techcrunch.com
