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Bench to be Acquired, After Abrupt Shut Down
In a surprising turn of events, it has been revealed that Bench, the VC-backed accounting startup that abruptly shut down last week, will be acquired by Employer.com. The acquisition comes as a relief to thousands of customers who were left locked out of their accounts and unable to access crucial tax and financial documents.
According to sources, the acquisition price remains undisclosed at this time. TechCrunch has learned that the deal was finalized in the eleventh hour, effectively rescuing Bench’s operations and preserving the livelihoods of its over 600 employees.
Bench’s shutdown on Friday sent shockwaves through the tech community, with many customers left scrambling to find alternative accounting services. The sudden loss of access to their financial records caused chaos, particularly given the looming deadline for tax season.
In an exclusive statement, Employer.com confirmed that they will revive Bench’s platform and provide instructions for customers to login and obtain their data imminently. Additionally, customers will be granted the choice to port their data or continue using the service under new ownership.
It remains unclear whether any layoffs are imminent within the company, as some employees have taken to LinkedIn to express concerns about their employment status. However, a statement from Bench’s Chief People Officer Jennifer Bouyoukos revealed that a “large number” of employees will be called back to work in order to ensure continuity of service.
The acquisition marks a significant turn of events for both parties involved, as Employer.com, an HR tech company focused on payroll and onboarding, is acquiring an accounting startup.
Source: techcrunch.com
