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Bench to Be Acquired After Abrupt Shutdown
In a surprising turn of events, Bench, the VC-backed accounting startup that left thousands of customers locked out of their accounts after shutting down abruptly last week, will be acquired by Employer.com for an undisclosed price. The move comes as a relief to affected clients who were worried about the loss of crucial accounting and tax documents.
According to sources familiar with the matter, Bench’s board member confirmed the acquisition to TechCrunch. While neither Bench nor Employer.com would comment on the acquisition price, the development marks a significant turn of events in the story, which has unfolded over the past few days.
The acquisition comes as a surprise given the sudden and unexplained shutdown of Bench’s operations last week, leaving thousands of small business owners without access to their accounting records. The move sparked widespread outrage and criticism on social media, with many users expressing frustration at being locked out of their accounts and left in limbo.
However, it appears that Employer.com has moved swiftly to acquire the troubled startup, which has over 35,000 customers worldwide. In a statement announcing the acquisition, Employer.com emphasized its commitment to ensuring continuity and providing instructions for customers to login and obtain their data imminently.
“We are thrilled to be acquiring Bench and its talented team,” said Matt Charney, Employer.com’s chief marketing officer. “We will revive the platform and provide our customers with the necessary guidance to access their accounts and retrieve their information promptly.”
Under the new ownership, clients will have the option to port their data or continue their services under Employer.com. This move is likely to bring relief to many small business owners who were left in a precarious situation by Bench’s shutdown.
Meanwhile, Bench’s employees are also expected to benefit from the acquisition, with a large number of them reportedly being retained and absorbed into Employer.com’s workforce. According to Bench’s chief people officer, Anna Heim, “We are committed to ensuring that our team members are taken care of during this transition period.”
The acquisition marks a significant shift in the narrative surrounding Bench’s shutdown, which had sparked widespread concern and criticism. While details regarding the financial terms of the deal remain unclear, the move is likely to restore confidence among affected clients.
This development underscores the resilience of the startup ecosystem, where companies can pivot and adapt quickly to changing circumstances. As the dust settles on this dramatic turn of events, it remains to be seen what implications this acquisition will have on the broader market.
Source: techcrunch.com
