After shocking customers with a sudden shutdown, Vancouver-based startup Bench Accounting has been acquired by Employer.com, a San Francisco-based company specializing in workforce management software. The announcement was made on their websites with reassurances that services will continue seamlessly under new ownership. Customers of Bench will have the option to port their data or continue using their services. Employer.com had recently acquired the domain and is consolidating its portfolio of brands under this new umbrella organization.
Bench Accounting, which was described as North America’s largest bookkeeping service for small businesses, had raised over $100 million in funding since its launch in 2012. The sudden closure of the company left customers scrambling as they wondered about the status of their payments and services. This included entrepreneurs like Raman Morris and Matt Palackdharry, who had just signed up with Bench and were left feeling betrayed by the abrupt shutdown. In response to the situation, Bench suggested that customers consider moving to Kick, another accounting software provider, to handle their ongoing needs.
The sudden shutdown of Bench resulted in layoffs for its employees, who expressed their frustrations on social media platforms like LinkedIn. The company is now reportedly calling its employees back to work to ensure continuity for its customers. Jean-Philippe Durrios, who was named CEO of Bench in 2022, has since stepped down from the company, adding to the uncertainty surrounding the future of Bench. The company’s co-founder, Ian Crosby, who left in December 2021, revealed in a LinkedIn post that he disagreed with the board over strategy, shedding some light on internal disagreements.
The acquisition of Bench by Employer.com marks a significant shift for both companies, with Employer.com expanding its services to include accounting and bookkeeping. This move adds another dimension to the company’s workforce management software offerings and positions them as a more comprehensive solution for small businesses. The reaction from customers and employees to the news has been mixed, with some feeling betrayed by Bench’s sudden closure while others are cautiously optimistic about the future under new ownership. The acquisition also raises questions about the future of Bench’s technology and services under the Employer.com umbrella.
As the dust settles on the unexpected acquisition of Bench by Employer.com, customers are left wondering about the future of the bookkeeping service and how it will fit into Employer.com’s existing offerings. The turmoil caused by Bench’s sudden closure has highlighted the challenges faced by startups in the tech industry and the impact it can have on their customers and employees. It remains to be seen how Employer.com will integrate Bench into its operations and whether they will be able to rebuild customer trust after the events of the past few weeks. The acquisition represents a new chapter for both companies and will be closely watched by the tech and startup communities as they navigate the aftermath of this unexpected development.
