USA | American Express to focus on improving dining experience.
American Express has announced an agreement to acquire Tock, a reservation, table, and event management technology provider, from Squarespace, 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.
“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 of 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 personalised hospitality, facilitate pre-paid experiences like tasting menus, and provide more convenient ways for customers to pay the bill.”
Pablo Rivero, Vice President of American Express Global Dining and CEO of Resy, said that through these acquisitions, the company has increased the number of engaged diners by more than three times the amount, increased the number of restaurants by five times the amount, and driven solid growth in diners seated.
Restaurants value access to our premium, high-spending customer base and to Resy’s technology to help run their businesses,” said Rivero.
“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 more experiences for diners and access to highly sought-after reservations in one destination.
“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 the recognition of Tock’s exceptional products, experienced team, and our first-rate customer base. We look forward to working together to broaden this 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.”
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