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Bench to be Acquired, After Abrupt Shut Down
In a dramatic turn of events, it has been exclusively confirmed by TechCrunch that Bench, the accounting startup that abruptly shut down last week, will be acquired by Employer.com. The unexpected development comes as a relief to thousands of customers who were left locked out of their accounts and unable to access their financial information.
According to sources familiar with the matter, Employer.com has agreed to acquire Bench for an undisclosed sum, just days after the latter’s sudden shutdown. This acquisition will see Employer.com revive Bench’s platform and allow customers to regain access to their accounts and data.
Bench had previously recommended that its users file for a six-month extension with the Internal Revenue Service (IRS) as it searched for a buyer or new ownership. However, following this unexpected turn of events, customers will now be given the choice to port their data or continue using Bench’s services under the new ownership.
Employer.com has confirmed that it will maintain Bench’s expert bookkeepers and ensure continuity in its operations. In a statement announcing the acquisition, Employer.com assured clients that they can continue relying on the same high-quality service they have always received, while also gaining access to future enhancements and capabilities powered by Employer.com’s resources.
In related news, reports suggest that over 600 employees were left without jobs following the shutdown. However, it is understood that a large number of these workers are being called back to work to ensure continuity in Bench’s operations under its new ownership.
It remains unclear what steps will be taken with regards to Bench’s employees, but sources close to the matter have indicated that Employer.com may look to retain some or all of them.
Source: techcrunch.com
