This article discusses the acquisition of Bench, an accounting and bookkeeping service, by Employer.com. Here are the key points:
Bench’s Downfall: Bench was acquired by Employer.com after it shut down unexpectedly on December 27, leaving hundreds of employees without jobs and thousands of customers in a lurch.
Background: Bench had been struggling with issues related to AI and its inability to automate certain tasks. The company also faced difficulties in retaining talent due to the high burn rate and lack of profitability.
Employer.com Acquisition: Employer.com acquired Bench for an undisclosed amount, saving hundreds of jobs and thousands of customers from being left without service.
Uncertainties Remain: Despite the acquisition, there are uncertainties surrounding Bench’s sustainability. The acquisition process was rushed, and Employer.com had no prior experience in accounting until the deal. Additionally, some employees are being offered 30-day contracts, which may raise concerns about continuity of service.
Future Plans: Employer.com has promised to honor customer contracts and fully service their accounts. They also plan to re-extend job offers to a large number of former Bench staff.
Overall, the acquisition of Bench by Employer.com raises questions about the long-term viability of the company and its ability to provide quality services to customers.
