Business

American Express to Acquire Tock from Squarespace for $400M, Also Rooam

Jun 21, 2024 1 min read

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American Express (NYSE: AXP) has announced its acquisition of Tock, a reservation, table, and event management technology provider, from Squarespace (NYSE: SQSP) for $400 million. The deal aims to expand American Express's suite of digital tools for restaurants and merchants, enhancing its dining platform by adding approximately 7,000 restaurants, wineries, and other hospitality businesses to its network. This acquisition builds on American Express’s 2019 purchase of Resy, further consolidating its presence in the dining industry, a significant spending category for its cardholders.

In addition to Tock, American Express is also acquiring Rooam, a technology company that specializes in mobile payments, ordering, and integration with point of sale, marketing, and loyalty systems used by restaurants and entertainment venues. These acquisitions are intended to provide greater value to American Express cardholders and small businesses through the Amex Offers program and other Card Member benefits. The transaction is subject to customary closing conditions.

#finance #travel #markets

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