American Express has announced agreements to acquire Tock, a leading provider of reservation, table management, and event technology, from Squarespace (NYSE: SQSP), and Rooam, a technology company specializing in mobile payments and integrations with point-of-sale systems for restaurants and entertainment venues. These acquisitions are part of American Express’ strategy to bolster its digital tools for restaurants and merchants, expanding its offerings in dining, travel, and entertainment sectors.
Howard Grosfield, President of U.S. Consumer Services at American Express, highlighted the significance of restaurants as a major spending category for Card Members, amounting to $100 billion in volume in 2023. The acquisitions aim to enhance American Express’ ability to connect premium customers with top-tier dining experiences, while empowering merchants with advanced technology to optimize their operations and customer interactions.
Pablo Rivero, Vice President of American Express Global Dining and CEO of Resy, noted the company’s successful track record following the acquisition of Resy in 2019, which significantly grew engagement metrics and expanded restaurant partnerships. The addition of Tock and Rooam is expected to further enrich American Express’ dining platform, supporting continued growth in the industry.
Tock, established in Chicago in 2014 and acquired by Squarespace in 2021, serves approximately 7,000 restaurants, wineries, and venues with its robust suite of reservation and event management tools. The integration of Tock’s network and products into American Express’ offerings aims to streamline dining experiences and provide access to coveted reservations.
Matthew Tucker, Head of Tock, expressed enthusiasm about joining American Express and enhancing value for customers through expanded diner networks. He also acknowledged Squarespace’s support in advancing Tock’s vision over the past three years.
Anthony Casalena, Founder and CEO of Squarespace, highlighted the fruitful partnership with Tock and expressed confidence in Tock’s continued success under American Express’ stewardship.
Rooam, founded in 2015, has established itself as a critical technology partner for hospitality venues, offering solutions like mobile payments and ordering. The acquisition of Rooam will augment American Express’ capabilities in mobile transactions, marketing personalization, and loyalty programs, strengthening its foothold in sports, music, and entertainment partnerships.
Junaid Shams, co-founder and CEO of Rooam, emphasized the synergies between Rooam’s technology and American Express’ platforms, underscoring their shared commitment to enhancing hospitality operations through integrated digital solutions.
The transactions are pending customary closing conditions, including regulatory approval for the Tock acquisition, with American Express acquiring Tock for $400 million in cash, subject to adjustments. Financial details of the Rooam acquisition were not disclosed.
