Credit card giant American Express has agreed to acquire Tock, a restaurant reservation and event management platform, from Squarespace.
The all-cash deal is valued at $400m.
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The completion of this transaction is subject to customary closing conditions and regulatory approval.
Tock was established in Chicago, US in 2014 and bought by Squarespace in 2021.
It offers tools for reservations, table management and event ticketing to 7,000 wineries, restaurants and other venues
The acquisition of Tock will strengthen American Express’ dining platform by enhancing access to memorable experiences and sought-after reservations.
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By GlobalDataThe deal also includes a partnership with Squarespace to deliver additional value to small businesses through the Amex Offers programme and other card member benefits.
American Express has also agreed to acquire Rooam, a mobile payment and ordering technology company.
Rooam’s technology will complement the capabilities of Resy, a restaurant reservation platform acquired by American Express in 2019.
Resy offers American Express cardholders special restaurant access, including exclusive reservations and cashback on bookings.
Rooam’s dashboard will enable restaurants to personalise marketing, foster loyalty and increase turnover rates.
American Express will leverage Rooam’s proprietary products such as Rooam Order, Rooam Pay and Rooam Tab, to improve its existing mobile ordering and payment capabilities.
American Express US consumer services president Howard Grosfield stated: “Restaurants are one of our largest card member spending categories within travel and entertainment, with $100bn in volume in 2023.”
“We have been offering unique dining benefits, exclusive access and special experiences to our card members for years through Resy and Global Dining Access by Resy.
“Now, we can connect even more premium customers with the most exciting restaurants, while providing merchants and restaurants more technology to help their businesses thrive.”
