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Bench to Be Acquired by Employer.com After Abrupt Shutdown
In a stunning turn of events, Bench, the accounting startup that abruptly shut down last week, leaving thousands of customers without access to their financial records, has been acquired by HR tech company Employer.com. The unexpected move comes as a relief to those affected by the sudden closure.
According to sources familiar with the matter, Employer.com will revive Bench’s platform and provide instructions for customers to login and obtain their data imminently. This development may come as a welcome surprise to the 35,000+ American small business owners who were previously forced to navigate the shutdown without access to essential financial information, including tax documents.
The acquisition is expected to allow Bench customers to continue working with their familiar bookkeepers while also gaining access to Employer.com’s extensive resources and capabilities. Despite initial reports of layoffs among Bench employees, it appears that a significant number will be rehired by the acquiring company to ensure continuity in service.
In a statement announcing the deal, Employer.com emphasized the importance of preserving the high-quality service that Bench customers have come to rely on. The new ownership is expected to bring enhancements and future capabilities, leveraging Employer.com’s expertise and resources.
Employer.com has confirmed that customers will be given the option to port their data or continue using the service under the new ownership. This move may help alleviate concerns about data protection and continuity of service for Bench clients.
The news comes as a relief to those affected by the shutdown, which occurred just as tax season was set to begin. The acquisition is expected to resolve issues surrounding customer access to financial information, allowing them to navigate this critical period without further disruption.
TechCrunch has confirmed the acquisition with a Bench board member and received statements from both companies involved in the deal.
Source: techcrunch.com
