Bench to be acquired after abruptly shutting down
Bench, a VC-backed accounting startup that abruptly shut down, will be acquired by HR tech company Employer.com in a last-minute deal.
MAIN POINTS
- Bench, an accounting startup, unexpectedly shut down, locking out thousands of customers.
- Employer.com, a San Francisco-based HR tech company, will acquire Bench.
- The acquisition details, including the price, remain undisclosed.
- Employer.com specializes in payroll and onboarding services, differing from Bench's accounting focus.
TAKEAWAYS
- Bench's sudden closure affected many customers who lost access to their accounts.
- The acquisition by Employer.com was a last-minute decision.
- Employer.com's acquisition strategy includes diversifying beyond its core HR services.
- The deal highlights the volatile nature of startup operations and acquisitions.