Employer.com acquires failed tech unicorn Bench Accounting in surprise takeover
VANCOUVER, CANADA — Vancouver-based Bench Accounting, which abruptly ceased operations last week, will be acquired by Employer.com in a move that promises to restore services to thousands of affected small business customers.
The acquisition amount remains undisclosed, but the deal represents a consolidation in the financial technology sector, bringing together Bench’s specialized bookkeeping capabilities with Employer.com’s comprehensive workforce management solutions.
Service integration and market impact
Bench Accounting, which generated $54.9 million in revenue and employed 613 people, primarily served small businesses with bookkeeping and financial management services across the United States and Canada.
The company had raised over $109.4 million in venture funding before its unexpected shutdown. Employer.com, specializing in workforce management and business solutions, plans to integrate Bench’s accounting expertise with its existing global employer of record (EOR) services.
“At Bench, our customers and team have always been at the heart of everything we do. We’re so pleased to have found a great home for many of them with Employer.com—a partner we trust to deliver the care and continuity our customers deserve,” said Jennifer Bouyoukos, Chief People Officer at Bench Accounting.
“This transition reflects our unwavering focus on creating the best possible outcomes for everyone involved.”
Small business impact: Service continuity after Bench takeover
The acquisition ensures continuity for Bench’s client base, with customers receiving the option to maintain their services under the new ownership. Bench’s proprietary software and bookkeeping services will complement Employer.com’s existing portfolio, which includes payroll processing, tax filings, and comprehensive HR functions across multiple countries.
Employer.com has reassured that Bench customers will continue to receive the high-quality service they are accustomed to. The company stated, “This acquisition ensures that Bench customers can continue relying on the same high-quality service they’ve always received, while also opening the door to future enhancements and capabilities powered by Employer.com’s extensive resources.”
The combined entity will leverage Bench’s established presence in North America, where it has served thousands of small business owners, alongside Employer.com’s global reach. This strategic alignment positions the company to offer enhanced financial and HR services to businesses seeking international expansion opportunities.
Prior to the shutdown, Bench had demonstrated significant growth, with an 81.93% year-over-year revenue increase.
