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HR tech firm steps in to ensure seamless transition for Bench Accounting’s employees and clients.
California-based HR tech company Employer.com said it has acquired Vancouver-based Bench Accounting, which shut down unexpectedly at the end of 2024. The shutdown—leaving more than 600 employees out of work—raises concerns about the company's ability to care for its workforce and, similarly, its client base; however, Employer.com customers, who have been briefed behind the scenes, say it's "business as usual.".
One such firm was Bench Accounting, which was a bookkeeping service running since 2013 in Vancouver. The startup was quite promising with huge support: $113 million in funding from investors. Though it was so promising, it still closed up shop on December 27, 2024, much to the surprise of its small business customers as they try to wrap up their books at year's end.
The HR tech platform, Employer.com, intends to amalgamate Bench's tools into its existing offerings. About this combination of capabilities, the company's CEO Jesse Tinsley states, "We are excited to combine Bench capabilities with our own services, to enhance value for existing customers while expanding Employer.com's market access." As part of the acquisition, Employer.com has assured Bench's former clients that their data will remain secure and that they will continue to work with the same in-house bookkeepers.
The Chief People Officer of Bench, Jennifer Bouyoukos, said that she is glad to see this acquisition because it helps both employees and customers affected by the closure. On the other hand, former CEO Ian Crosby was removed from the company three years ago and commented on social media about his regrets over the failure of the company. He warned venture capitalists about replacing founders in business leadership.
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