After unexpectedly shutting down, Vancouver-based startup Bench Accounting has been acquired by Employer.com, a company based in San Francisco that offers workforce management software. The announcement was made by both companies on Monday, reassuring Bench’s customers that their service will continue seamlessly under new ownership. TechCrunch reported that customers will have the option to port their data or stay with the service under Employer.com.
Jesse Tinsley, an entrepreneur from the Bay Area with a focus on HR tech, recently acquired the Employer.com domain and also runs Recruiter.com and BountyJobs. The acquisition of Bench marks a new direction for Employer.com, which did not previously offer accounting services. Bench, which was once considered North America’s largest bookkeeping service for small businesses, raised over $100 million since its launch in 2012 and employed more than 650 people. The shutdown came as a surprise to many customers and sparked backlash, with some questioning the handling of their payments and services.
The abrupt closure left customers like Raman Morris and Matt Palackdharry feeling frustrated and concerned about the fate of their businesses. Morris, who had recently signed up for Bench and made advance payments through 2025 for her new preschool business, expressed worry about the company running off with their money. In response to the shutdown, Bench suggested that customers switch to Kick, another accounting software provider, which offered an exclusive offer to handle their ongoing needs. Some Bench employees were laid off, but TechCrunch reported that the company is now calling them back to work to ensure continuity.
Bench’s former CEO, Jean-Philippe Durrios, who took on the role in 2022, stepped down from the company in November. The company, which employed a combination of technology and bookkeepers to provide bookkeeping services, collected data and simplified manual tasks for businesses. Co-founder and former longtime CEO Ian Crosby, who left in December 2021, revealed in a LinkedIn post that he disagreed with the board over strategy, shedding some light on the internal dynamics that may have contributed to the company’s closure.
The acquisition of Bench by Employer.com marks a new chapter for both companies, with Employer.com expanding its services to include accounting and bookkeeping. The sudden shutdown of Bench left customers frustrated and uncertain about the future of their businesses, with some expressing concerns over their payments and services. This acquisition highlights the volatility of the startup industry and the importance of effective leadership and strategic decision-making in navigating challenges and opportunities. The involvement of key figures like Jesse Tinsley and Ian Crosby, along with the potential impact on Bench’s employees and customers, adds complexity to the story and raises questions about the dynamics of the startup ecosystem and the broader business landscape.
