The article reports on the acquisition of Bench, an accounting company, by Employer.com. Here’s a summary:
Bench’s Troubled Past
- Bench was acquired by Bain Capital Ventures in 2021, but its management was let go shortly after.
- The company was subsequently rebranded and relaunched with new leadership.
- However, on December 27, Benchmark (not to be confused with the venture capital firm) shut down suddenly, leaving customers and employees in limbo.
Employer.com’s Acquisition
- Employer.com, a HR-related platform, acquired Bench for an undisclosed sum over a holiday weekend.
- The acquisition was shrouded in secrecy, and many questions remain about its sustainability.
- Employer.com promises to revive Bench’s service, honor customer contracts, and rehire former staff.
Uncertainties and Concerns
- Acquisitions typically take months and require extensive due diligence, which is impossible to conduct over a holiday weekend.
- Employer.com has no direct experience in accounting, having focused on payroll, recruiting, and other HR-related fields.
- Some former Bench employees are being offered 30-day contracts, raising concerns about continuity of service.
Reactions from Involved Parties
- Benchmark’s Chief People Officer Jennifer Bouyoukos reassured customers that their accounts would be serviced as usual.
- Employer.com’s Chief Marketing Officer Matt Charney expressed confidence in the acquisition and its ability to bring accounting expertise quickly.
- Some former Bench employees expressed skepticism about the future of the company.
The article raises several concerns about the sustainability of the acquisition and the potential impact on customers and employees.
