American Express has announced its acquisition of Tock, a popular dining reservation and event management platform. The deal, valued at $400 million in cash, will see American Express taking over ownership from Squarespace who acquired Tock in 2021.
Tock has been providing top-notch reservation and table management services to over 7,000 restaurants and venues since its launch in Chicago back in 2014. In addition to this acquisition, AmEx is also set to purchase Rooam – a technology company that specializes in mobile payments and integrates with restaurant point-of-sale systems for seamless ordering experiences.
This move follows AmEx’s previous purchase of Resy five years ago which gave their cardmembers access to exclusive dining options. According to Howard Grosfield, President of U.S Consumer Services at American Express,”Restaurants are one of our largest spending categories within Travel & Entertainment with an estimated volume of $100 billion by the year 2023.” He further adds that through this new partnership with Tock and Rooam, they aim to provide even more premium customers with exciting dining options while equipping merchants and restaurants with advanced technology for business growth.
The article “AmEx Set To Acquire Chicago-Born Startup Tock For $400M” was originally published on Connect CRE.
