American Express and Squarespace announced an agreement to sell Tock, the reservation, table, and event management technology provider to American Express for $400 million. And American Express also revealed it is buying Rooam (more details below).
In connection with 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. This deal is subject to customary closing conditions, including regulatory approval.
Tock provides an all-in-one solution that enables hospitality businesses to adapt and thrive in an ever-changing landscape. With reservation, waitlist, and table management capabilities, Tock’s platform offers hospitality businesses everything needed to drive revenue, increase covers, and keep guests coming back. Tock now services over 7,000 customers.
American Express also announced a deal to buy 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. These 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.
Tock originally launched in Chicago in 2014 and was acquired by Squarespace in 2021. Adding Tock’s network of restaurants and innovative suite of products will enhance American Express’ dining platform and delivers more unforgettable experiences for diners and access to highly sought-after reservations in one destination.
Rooam launched in 2015 and it has become a key technology partner for customers ranging from restaurants and bars to stadiums and arenas. And the company’s integrations will add new capabilities to the Resy dashboard that help restaurants personalize marketing, drive loyalty, and turn tables faster. Integrating Rooam’s 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.
KEY QUOTES:
“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. 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.”
– Matthew Tucker, Head of Tock
“Since adding Tock as a Squarespace company in 2021, we have been honored to partner together to serve the hospitality industry. 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.”
– Anthony Casalena, Founder and CEO of Squarespace
“Restaurants are one of our largest Card Member spending categories within Travel and Entertainment, with $100 billion in volume in 2023. 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.”
– Howard Grosfield, President, U.S. Consumer Services, American Express
“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. These acquisitions will enhance our dining platform and help us continue to support the industry’s growth.”
– Pablo Rivero, Vice President, American Express Global Dining, CEO Resy
“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.”
– Junaid Shams, co-founder and CEO of Rooam
