American Express Buying Reservation Company Tock for $400 Million in Cash
By Chris Wack
American Express said it is buying Tock, a reservation, table, and event management technology provider, from Squarespace for $400 million in cash.
As part of the deal, Squarespace and American Express will also partner to deliver additional value for small businesses that use American Express Cards through the Amex Offers program and Card Member benefits.
American Express said restaurants are one of its largest card member spending categories within travel and entertainment, with $100 billion in volume in 2023. The company plans to use these deals to connect more of its premium customers with more restaurants, while providing merchants and restaurants more technology to help their businesses succeed.
Tock launched in Chicago in 2014, and was acquired by Squarespace in 2021. It provides reservation, table management and event ticketing tools to 7,000 restaurants, wineries, and other bookable venues.
American Express also said it was buying Rooam for and undisclosed amount. Rooam is a technology company used by restaurants and entertainment venues which use it to process mobile payments, ordering and integrations with point of sale, marketing and loyalty systems.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 21, 2024 09:35 ET (13:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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