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Bench to be Acquired, After Abrupt Shut Down
In a shocking turn of events, it has been revealed that Bench, the VC-backed accounting startup that abruptly shut down last week, leaving thousands of customers without access to their accounting and tax documents, is to be acquired by Employer.com. The news comes after the company’s sudden shutdown caused chaos among its client base.
According to sources close to the matter, Employer.com has agreed to acquire Bench for an undisclosed amount. The acquisition will reportedly revive Bench’s platform, allowing customers to regain access to their accounts and data. Customers will also be given the option to transfer their data or continue using the service under new ownership.
In a statement announcing the acquisition, Employer.com emphasized that it aims to ensure continuity of service for Bench customers, stating that they can “continue working with the same expert in-house bookkeepers they know and trust.” However, some experts have expressed concerns about the viability of this plan, citing the fact that over 600 employees were laid off as a result of the shutdown.
Employer.com, which specializes in HR and payroll services, appears to be expanding its offerings into accounting and tax preparation. This move may raise eyebrows among competitors and industry observers alike. The company’s CEO, Jesse Tinsley, announced his acquisition of the domain name Employer.com just last month for approximately $450,000.
The acquisition comes as a relief to thousands of businesses that were left without access to their critical financial documents, just as tax season is set to begin.
Source: techcrunch.com
