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Bench to Be Acquired, After Abrupt Shut Down
TechCrunch has learned that Bench, the VC-backed accounting startup that abruptly shut down last week, will be acquired by Employer.com, a self-funded HR tech company. The acquisition comes just days after Bench’s sudden shutdown left thousands of customers locked out of their accounts.
According to sources familiar with the matter, Employer.com will revive Bench’s platform and allow customers to regain access to their accounts. Customers will have the option to port their data or continue using the service under new ownership.
The news provides a welcome reprieve for Bench’s customers, who were initially left without access to their accounting and tax documents just as tax season was set to begin. In a statement announcing the acquisition, Employer.com assured that customers can “continue working with the same expert in-house bookkeepers they know and trust.”
However, it remains unclear what will happen to the over 600 employees who were laid off following Bench’s shutdown. According to LinkedIn posts from former employees, many are now actively seeking new employment.
In a surprising twist, Employer.com is not a venture capital-backed company, instead relying on self-funding for its operations. This marks a notable departure from the typical startup acquisition model.
The sudden closure of Bench has sparked widespread criticism and outrage among its customers, with many taking to social media to express their frustration and disappointment.
Source: techcrunch.com
