HomeInvestmentsAmerican Express Acquires Restaurant Booking Platform Tock in a $400 Million Deal

American Express Acquires Restaurant Booking Platform Tock in a $400 Million Deal

Credit card company American Express (AmEx) continues to increase its reach in the restaurant industry. AmEx announced on Friday that it has an agreement in place to acquire restaurant booking platform Tock for $400 million in an all-cash deal.

Tock, previously owned by website building and hosting company Squarespace, is a platform on which users can make reservations, order takeout, and book “unique culinary experiences.” With restaurants and dining establishments being among the largest spending categories for AmEx users, the company now looks to expand its networks thanks to more than 7,000 restaurants, wineries, and other businesses that are featured on Tock’s platform.   

In a different transaction, AmEx also acquired Rooam, a tech company that powers mobile payments at restaurants, hospitality businesses, and entertainment venues.

 “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,” Howard Grosfield, President, U.S. Consumer Services, American Express, said in a press release. “We will be able to offer restaurants the tools to deliver more personalized hospitality, facilitate pre-paid experiences like tasting menus, and provide more convenient ways for customers to pay the bill.”

AmEx previously acquired an online restaurant reservation service, Resy, which allowed the company to provide its cardholders with special perks, including exclusive reservations and cashback. The expectation is that Tock will be used in a similar manner.

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