Vancouver-based Bench Accounting has been acquired by a US company after announcing it would be suspending operations last week.
The fintech company posted a “Notice of Service Closure” on its website on December 27.
“We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible,” Bench wrote in its service closure notice. “We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition.
“From the entire team at Bench, it has been an absolute privilege to serve small businesses for the last 13 years. Thank you for being part of our journey.”
The news shocked clients and employees, and many expressed their concerns online.
Several former employees stated on LinkedIn that they and their fellow “Benchmates” were looking for new roles.
Some clients said they were left scrambling to find another bookkeeping service.
as a customer I’m pretty pissed. Recently joined bench, paid for catch up book keeping to migrate from QB, and now all that just gone
— Ben Kraus (@kraustifer) December 27, 2024
Wtf. Bench charged our credit card 5k literally days ago and now it’s impossible to login and view our financial statements.
Looking for a new accounting provider https://t.co/3BqXXHFpBb
— sari azout (@sariazout) December 27, 2024
Days later, San Francisco-based HR tech company Employer.com announced it acquired the bookkeeping company for an undisclosed amount.
“This acquisition reflects Employer.com’s commitment to expanding its portfolio of services and enhancing the value delivered to small business owners,” reads a December 30 statement posted on Bench’s website.
“Despite recent headlines concerning Bench’s decision to suspend operations on December 28, we are pleased to reassure Bench customers that Employer.com has been working diligently behind the scenes to ensure a seamless transition.”
The announcement added that customers will be able to keep working with “the same expert in-house bookkeepers they know and trust” and will still have access to the Bench online platform.
It added that all customer data remained “intact, secure, and protected, with no disruption to historical records or ongoing service.”
Jesse Tinsley, CEO of Employer.com, said the acquisition was “more than a transaction,” serving as a “partnership with the Bench community.”
“We’re excited to bring together the best of both worlds to create a powerful, integrated solution that redefines how businesses manage their workforce and finances,” stated Tinsley.
Bench had scaled to over 650 employees as of 2021 and achieved a total funding of over $100 million by the same year, according to a previous news release. Investors in Bench included Sage, Altos Ventures, iNovia Capital, Shopify, and BMO T&I.
Daily Hive has reached out to Bench for further comment.
With files from Daniel Chai