AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

NEW YORK — American Express will pay $400 million for Squarespace’s Tock meal reservation and event management software.

AmEx began making dining and event purchases five years ago with the purchase of Resy, which provided cardmembers with access to difficult-to-find restaurants and locations.

AmEx | AP News Image

AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

Other credit card difficulties have done the same thing. JPMorgan bought The Infatuation as a lifestyle brand in 2021.

Tock, founded in Chicago in 2014 and owned by Squarespace since 2021, offers reservation and table management services to about 7,000 restaurants and other venues.

AmEx | Yahoo Image

AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

Tock has signed on restaurants such as Aquavit, a high-end Nordic restaurant in New York, and Chez Noir, a buzzy new restaurant in California.

Squarespace and Tock confirmed the acquisition on Friday.

AmEx’s purchase of Resy five years ago raised many heads in the credit card and dining industries. Since then, it’s become an important component of how the corporation secures high-end merchants to be AmEx-exclusive or to provide AmEx cardmembers with special treatment.

AmEx | Eat App Image

AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

The number of eateries on the platform has increased fivefold.

AmEx also announced Friday that it will acquire Rooam, a contactless payment technology widely used in stadiums and other entertainment events. AmEx did not disclose the amount it paid for Rooam.

SOURCE – (AP)