American Express: acquisition of Tock from Squarespace
(CercleFinance.com) - American Express announced on Friday that it had reached an agreement to acquire Tock, a restaurant reservation software owned by Squarespace, for $400 million in cash.
In a press release, AmEx explains that the transaction will enable it to strengthen its offering for restaurateurs, a focus of development since the acquisition of Resy in 2019.
"Restaurants appreciate being able to access our high-powered 'premium' member base, as well as Resy's technology to help them manage their business," explains the credit card issuer.
In just over four years, the number of reservations has tripled, while the number of partner restaurateurs has increased by a factor of 5.4.
Tock is a reservation system that manages not only reservations, notably via prepayment, but also takeaway sales and deliveries.
The platform also enables art galleries, wine cellars and concert halls to manage and organize their events.
American Express also announced on Friday the acquisition of Rooam, an application that integrates mobile payments and order-taking with point-of-sale terminals and loyalty cards for restaurants and entertainment venues.
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