Days after closing down, Vancouver-based bookkeeping fintech Bench has been acquired by human resources tech startup Employer.com.
On 27 December, Bench posted a notice on its site informing its 12000 small business clients that it had shut down its platform.
The firm, which has raised more than $100 million in funding and has several hundred employees, did not explain the move but tech news site The Information says that a bank called in a venture debt loan.
However, three days later Employer.com, a new firm specialising in workforce management and business support technology, announced it has acquired Bench.
Says a statement: "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."
According to TechCrunch, Employer.com is the brainchild of CEO Jesse Tinsley, the man behind several HR, onboarding, and recruiting businesses, including Recruiter.com and BountyJobs.
In November he revealed that he had bought the Employer.com domain for $450,000 and has made clear he is looking to acquire HR-related companies.
The Bench acquisition adds accounting and tax offerings to Employer.com's payroll and onboarding solutions.
Says Tinsley: “While the challenges Bench recently faced were unexpected, we recognized an extraordinary opportunity to integrate their capabilities into our own suite of solutions.
"By combining forces, we can create even more value for Bench’s loyal customers while extending the reach and impact of Employer.com’s offerings.”