Recruit Holdings invests in Bench Accounting, Inc., a provider of online accounting services for small businesses and independent contractors
May. 18, 2016
Recruit Holdings Co., Ltd.
Recruit Holdings Co., Ltd. (Recruit; Headquarters: Chiyoda-ku, Tokyo; President and CEO: Masumi Minegishi) has invested in Bench (Bench; Head office: Vancouver, Canada ; CEO: Ian Crosby) that provides online bookkeeping services for small businesses and independent contractors, through its investment subsidiary RSP Fund No. 6 LLC, operated by Recruit Strategic Partners Co., Ltd.
1. Purpose and background
There has been a growing need among small and medium businesses to outsource accounting work. Furthermore, the trend to use accounting systems is also expanding in small and medium businesses as a result of advances in information technology and the drastic system costs reductions. Through this investment, Recruit plans to work with Bench in order to expand their services, which are spreading throughout the USA. With this financing, Bench plans to accelerate the development of new services as well as a broadening their client base.
2. Overview of Bench Accounting, Inc.
The company has developed an online bookkeeping service for small businesses and independent contractors in the USA. In general, once small and medium businesses have done their bookkeeping by using accounting software, they typically outsource the preparation of financial statements and tax returns to accounting firms, the annual accounting fees of which costs several thousand dollars totally. Under these circumstances, Bench provides a full, affordable online bookkeeping service through the automation of software, combining with the expertise and business support services afforded by a dedicated bookkeeping staff. As a result, small businesses and independent contractors are released from the burden of complicated bookkeeping tasks and able to focus on the core operations of their business.
|(1)||Company name||Bench Accounting, Inc.|
|(3)||Headquarters||200 - 717 West Pender St, Vancouver, BC, Canada|
|(4)||Established||March 8, 2012|
|(5)||Main business||Through software and service, the company organizes the financials for small businesses.|
3．Overview of RSP Fund No. 6, LLC
|(1)||Company name||RSP Fund No. 6, LLC|
|(3)||Headquarters||8-4-17 Ginza, Chuo-ku, Tokyo|
|(4)||Established||November 12, 2014|
|(5)||Main business||Investment development and venture capital|
|(6)||Operating Company||Recruit Strategic Partners
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