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Bench to be Acquired, After Abrupt Shut Down
TechCrunch has exclusively learned that Bench, the VC-backed accounting startup that left thousands of customers locked out of their accounts after a sudden shutdown last week, will be acquired by Employer.com for an undisclosed price.
The acquisition comes just days after Bench’s abrupt shutdown on December 27, which caused widespread disruption and panic among its customer base. According to sources familiar with the matter, the deal is expected to revive Bench’s platform and ensure continuity of service for its clients.
As part of the agreement, Employer.com will restore access to customers’ accounts and provide instructions for them to regain control over their data. Customers will have the option to either transfer their data or continue using the service under new ownership.
Notably, Bench’s recommendation to file for a six-month extension with the Internal Revenue Service (IRS) is no longer necessary if customers choose to stay on with Employer.com.
The development follows a chaotic week that saw thousands of small business owners and accountants scrambling to recover from the sudden shutdown. TechCrunch had previously reported that Bench employed over 600 people, some of whom took to LinkedIn after the shutdown notice to express their uncertainty about their employment status.
However, according to a statement by Jennifer Bouyoukos, Bench’s Chief People Officer, the company has started recalling “a large number of employees” to ensure continuity and maintain service.
Source: techcrunch.com
