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Bench to be acquired, after abrupt shut down
In a dramatic turn of events, accounting startup Bench has announced it will be acquired by Employer.com, just one week after its sudden shutdown. The acquisition comes as a relief to the thousands of customers who were left locked out of their accounts and without access to critical financial documents.
The acquisition was confirmed by TechCrunch exclusively, with a source revealing that the deal is currently in the works. However, no further details have been disclosed regarding the price or terms of the transaction.
According to reports, Employer.com will revive Bench’s platform and provide instructions for customers to log back into their accounts shortly. Additionally, customers will be given the option to port their data or continue using the service under new ownership.
The shutdown of Bench has caused widespread disruption, particularly as tax season approaches. In its original statement announcing the shutdown, the company recommended that customers file for a six-month extension with the Internal Revenue Service (IRS) in order to find an alternative accounting solution. However, it seems that this recommendation is now moot, given the acquisition.
Bench employed over 600 people prior to its shutdown, some of whom took to LinkedIn to express their shock and disappointment at the sudden closure. According to Jennifer Bouyoukos, Bench’s chief people officer, the company is starting to bring a “large number” of employees back to work in order to ensure continuity of service.
The acquisition by Employer.com marks a significant shift in strategy for both companies. While Bench focused on accounting and tax services, Employer.com specializes in payroll and onboarding solutions. However, it seems that the two companies are now aligning their strengths to provide customers with a more comprehensive suite of financial management tools.
For its part, Employer.com has promised to keep the same expert bookkeepers that Bench employees have come to rely upon. This commitment is likely to be welcomed by the startup’s loyal customer base, many of whom were left in a state of uncertainty following the shutdown.
The acquisition is expected to close shortly, with further details and instructions forthcoming from both companies in the coming days.
Source: techcrunch.com
