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Bench to Be Acquired, After Abrupt Shut Down
In a shocking turn of events, Bench, the VC-backed accounting startup that suddenly stopped operations last week, leaving thousands of small business owners without access to their critical financial data, will be acquired by Employer.com, a human resources tech company.
According to sources familiar with the matter, the acquisition was concluded just hours before TechCrunch broke the news about Bench’s shutdown. The exact terms of the deal remain undisclosed, but TechCrunch has learned that Employer.com will revive Bench’s platform and provide instructions for customers to log back in and retrieve their data shortly.
In a statement announcing the acquisition, Employer.com emphasized its commitment to maintaining continuity for Bench’s clients. “This acquisition ensures that Bench customers can continue relying on the same high-quality service they’ve always received,” said a spokesperson. “We are excited to welcome these businesses into our community and provide them with enhanced capabilities powered by our extensive resources.”
Bench employed over 600 people before its abrupt shutdown, and according to sources close to the company, some employees have already begun looking for new opportunities. However, in a surprise move, Employer.com has reportedly started recalling “a large number” of Bench’s former workers to ensure a seamless transition.
It remains unclear what implications this acquisition will have on Bench’s current workforce. Nonetheless, Employer.com has assured that it will provide instructions for customers to regain access to their accounts and obtain their data in the near future.
The sudden shutdown and subsequent acquisition have left many wondering how this unexpected turn of events may impact the accounting startup’s numerous small business clients.
Source: techcrunch.com
