The article reports on the acquisition of Bench, an accounting and bookkeeping service company, by Employer.com. Here’s a summary:
Background: Bench was acquired by Employer.com after it suddenly shut down its services on December 27, leaving hundreds of employees without jobs and thousands of customers in limbo.
Acquisition Details: The acquisition took place over a holiday weekend, which is unusual for such deals. Employer.com had no prior experience in accounting, but the company is promising to revamp Bench’s services and hire back many of its former staff.
Concerns: There are concerns about whether Employer.com can successfully integrate Bench’s operations, particularly given its lack of expertise in accounting. Additionally, some former employees have reported being offered 30-day contracts, which has raised questions about the long-term stability of the company.
Employer.com’s Response: The company’s chief marketing officer, Matt Charney, expressed confidence in Bench’s reputation and track record, stating that Employer.com is "very very comfortable" with the acquisition. However, the company declined to comment on the 30-day contracts specifically.
Uncertainty: Despite Employer.com’s promises, there are still many uncertainties surrounding Benchmark’s sustainability, particularly given its last-minute fire sale. The acquisition may ultimately lead to changes in Bench’s services and customer experience.
Some of the key points from the article include:
- Employer.com had no prior experience in accounting before acquiring Bench.
- Some former employees have reported being offered 30-day contracts, which has raised questions about long-term stability.
- There are concerns about whether Employer.com can successfully integrate Benchmark’s operations.
- The acquisition may lead to changes in Benchmark’s services and customer experience.
Overall, the article highlights the complexities and challenges of integrating a company like Benchmark into another business with different expertise and experience.