American Express to buy restaurant booking platform Tock for US$400 million

AMERICAN Express is buying Squarespace-owned restaurant booking platform Tock for US$400 million to expand its foothold in the dining industry, one of the biggest spending categories on its cards.

The all-cash deal, unveiled on Friday (Jun 21), will build upon the credit card giant’s acquisition of online restaurant reservation platform Resy in 2019.

Resy helps AmEx cardholders get special access to some restaurants, including exclusive reservations, early notifications or cashback on certain bookings made through the platform.

The buyout of Tock will add another 7,000 restaurants, wineries and other hospitality businesses to AmEx’s network. It will also allow restaurants to better target AmEx’s premium customers, who are typically prolific spenders.

AmEx is also buying Rooam, a contactless payments platform used by restaurants, bars, music venues and other businesses, for an undisclosed sum.

Squarespace, which allows customers to design websites, has agreed to be taken private by Permira in a nearly US$6.9 billion deal. REUTERS