American Express (NYSE: AXP) today announced an agreement to
acquire Tock, a reservation, table, and event management technology
provider, from Squarespace (NYSE: SQSP), the design-driven platform
helping entrepreneurs build brands and businesses online. The
Company also announced an agreement to acquire Rooam, a technology
company that powers mobile payments, ordering and integrations with
point of sale, marketing and loyalty systems used by restaurants
and entertainment venues. The acquisitions build on American
Express’ previous investments in dining, travel, and entertainment,
expanding the company’s suite of digital tools for restaurants and
merchants to better serve their customers, the number of
restaurants offered through American Express channels, and the ways
Card Members access experiences.
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the full release here:
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Restaurants are one of American Express’
largest Card Member spending categories within Travel and
Entertainment. (Photo: Business Wire)
“Restaurants are one of our largest Card Member spending
categories within Travel and Entertainment, with $100 billion in
volume in 2023,” said Howard Grosfield, President, U.S. Consumer
Services, American Express. “We’ve 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. We will be able to
offer restaurants the tools to deliver more personalized
hospitality, facilitate pre-paid experiences like tasting menus,
and provide more convenient ways for customers to pay the
bill.”
“From our acquisition of Resy in July 2019 through year-end
2023, we’ve increased the number of engaged diners by 3x, increased
the number of restaurants by 5.4x and driven solid growth in diners
seated1. Restaurants value access to our premium, high-spending
customer base and to Resy’s technology to help run their
businesses,” said Pablo Rivero, Vice President, American Express
Global Dining, CEO Resy. “These acquisitions will enhance our
dining platform and help us continue to support the industry’s
growth.”
Tock, launched in Chicago in 2014 and acquired by Squarespace in
2021, provides reservation, table management and event ticketing
tools to approximately 7,000 restaurants, wineries, and other
bookable venues. Adding Tock’s network of restaurants and
innovative suite of products will enhance American Express’ dining
platform, delivering even more unforgettable experiences for diners
and access to highly sought-after reservations in one destination.
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 (digital
card-linked offers) and Card Member benefits.
“American Express has demonstrated its commitment to the
hospitality industry, and we believe that as part of American
Express, Tock will deliver enhanced value to our customers through
access to a broad network of diners,” said Matthew Tucker, Head of
Tock. “We appreciate American Express’ recognition of Tock’s
exceptional products, experienced team, and our first-rate customer
base. We look forward to working together to broaden American
Express’ world class dining program and are excited by the
tremendous opportunity to continue to innovate on behalf of our
customers as part of American Express. We are also deeply
appreciative of Squarespace’s support of Tock’s vision and its
commitment to the business over the past three years.”
“Since adding Tock as a Squarespace company in 2021, we have
been honored to partner together to serve the hospitality
industry,” said Anthony Casalena, Founder and CEO of Squarespace.
“We are thankful for Matt’s leadership and the team’s emphasis on
innovative products and world class customer care. Our shared
commitment to help small businesses grow has been core to our
partnership and we believe the Tock business will continue to
thrive in its exciting next chapter with American Express.”
Rooam, founded in 2015, has become a key technology partner for
customers ranging from restaurants and bars to stadiums and arenas.
The company’s integrations will add new capabilities to the Resy
dashboard that help restaurants personalize marketing, drive
loyalty, and turn tables faster. Adding Rooam’s proprietary
products – Rooam Pay, Rooam Tab, and Rooam Order – will enhance
Amex’s mobile ordering and payment capabilities as American Express
continues to deepen its sports, music, and entertainment
partnerships.
“We built Rooam to make it easy for restaurants and
entertainment venues to use major point of sale providers with
other key technology systems crucial to hospitality operations.
Combining our capabilities with American Express and Resy will
power payments, marketing, and loyalty programs for hospitality
providers, bringing together the digital tools they need in one
platform,” said Junaid Shams, co-founder and CEO of Rooam.
The transactions are subject to customary closing conditions,
including regulatory approval for the Tock acquisition. American
Express will acquire Tock for $400M in cash, subject to customary
adjustments. Financial details of the Rooam acquisition are not
being disclosed.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, X.com/americanexpress, and
youtube.com/americanexpress.
Key links to products, services and corporate sustainability
information: personal cards, business cards and services, travel
services, gift cards, prepaid cards, merchant services, Business
Blueprint, Resy, corporate card, business travel, diversity and
inclusion, corporate sustainability and Environmental, Social, and
Governance reports.
ABOUT RESY
Resy is a digital dining platform that powers restaurants around
the world and provides reservation booking for passionate diners.
With the powerful backing of American Express, Resy has created
best-in-class software that elevates dining experiences and
connects restaurants to a vast network of highly engaged diners.
Resy is a destination for restaurant discovery, exclusive access,
original content, and chef-driven culinary events. The amazing
world of restaurants is just a few taps away in the Resy app and at
Resy.com.
ABOUT TOCK
Tock offers an all-in-one solution that enables hospitality
businesses to adapt and thrive in an ever-changing landscape. With
robust reservation, waitlist, and table management capabilities,
Tock’s platform offers hospitality businesses everything they need
to drive revenue, increase covers, and keep guests coming back. To
learn more, visit exploretock.com/join.
ABOUT SQUARESPACE
Squarespace (NYSE: SQSP) is a design-driven platform helping
entrepreneurs build brands and businesses online. We empower
millions in more than 200 countries and territories with all the
tools they need to create an online presence, build an audience,
monetize, and scale their business. Our suite of products range
from websites, domains, ecommerce, and marketing tools, as well as
tools for scheduling with Acuity, creating and managing social
media presence with Bio Sites and Unfold, and hospitality business
management via Tock. For more information, visit
www.squarespace.com.
ABOUT ROOAM
Rooam is a leading contactless payment platform that powers
restaurants, bars, music venues, and arenas nationwide. Rooam
offers a PCI-compliant solution that easily and securely integrates
with every major point-of-sale provider without adding additional
hardware. Rooam helps venues improve the speed of service, increase
revenue, and deliver an efficient and modern guest experience.
Rooam is trusted by the top brands and consumer platforms in
hospitality, featuring Resy, Tock, Blackbird, Live Nation, and TAO
Group. Learn more at www.rooam.co.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
which are subject to risks and uncertainties. The forward-looking
statements, which include current expectations regarding the
transactions and future operations, among other matters, contain
words such as “believe,” “expect,” “intend,” “plan,” “aim,” “will,”
“may,” “should,” “could,” “would,” “continue” and similar
expressions. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
on which they are made. The company undertakes no obligation to
update or revise any forward-looking statements. Factors that could
cause actual results to differ materially from these
forward-looking statements, include, but are not limited to: the
parties’ ability to satisfy the closing conditions, including
receipt of regulatory approvals, and consummate the transactions;
the underlying assumptions related to the transactions proving to
be inaccurate or unrealized; and American Express’ ability to
integrate Tock and Rooam and benefit from and expand the platforms,
tools and capabilities, which will depend in part on management’s
decisions regarding future operations, strategies and business
initiatives. A further description of these and other risks and
uncertainties can be found in American Express’ Annual Report on
Form 10-K for the year ended December 31, 2023 and its other
reports filed with the SEC.
Source: American Express Company Location:
Global
____________________________ 1Engaged Diner means a
registered user who books a reservation or sets a notify through a
digital channel within the past 6 months from July 2019 and
December 2023; the number of restaurants reflects the total of all
restaurant partners who are either subscribed to ResyOS, part of
Resy's Global Restaurant Network, or part of Pocket Concierge
(Japan).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240621180849/en/
Lauren Young, Lauren.Young1@resy.com Aziza Johnson,
Aziza.Johnson@aexp.com
American Express (NYSE:AXP)
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