This article reports on the story of Bench, an accounting firm that was acquired by Employer.com in December 2022. Here’s a summary:
Background
Bench was founded in 2013 and had grown to become one of Canada’s largest bookkeeping firms. However, in December 2022, it was acquired by Employer.com, a company that specializes in payroll, recruiting, and other HR-related fields.
The Acquisition
The acquisition was made just before Christmas, and many of Bench’s employees were laid off without notice. The article states that hundreds of jobs were saved, but there are still concerns about the sustainability of Bench as an accounting firm.
Uncertainties Remain
Despite Employer.com’s claims to be committed to reviving Bench, there are still uncertainties around its ability to sustain the business. Some concerns include:
- Acquisitions typically take months and require extensive due diligence, which would be impossible to conduct over a holiday weekend.
- Employer.com has no direct experience in accounting until the Bench acquisition.
- Customers may not have access to the same quality of service given the sudden firing of all of Bench’s staff on December 27.
Response from Employer.com
Employer.com’s chief marketing officer, Matt Charney, responded to these concerns by stating that while the deal happened quickly, it involved multiple legal firms and Employer.com feels "very very comfortable" with Bench’s reputation and track record. He also stated that Bench was acquired for its people, experience, and customers, who can help Employer.com acquire accounting expertise.
Update
After publication, Bench Chief People Officer Jennifer Bouyoukos clarified that the 30-day contracts offered to some former employees are a temporary measure to ensure continuity while necessary infrastructure is set up in Canada.
