American Express Co. (AXP) announced on Friday a significant acquisition of Tock, a reservation, table, and event management technology provider, from Squarespace Inc. (SQSP) for $400 million in cash.
In addition, American Express has also agreed to acquire Rooam, a payment platform, for an undisclosed sum.
“These acquisitions further American Express' ongoing investments in dining, travel, and entertainment. They expand the company's suite of digital tools for restaurants and merchants, enhance the number of restaurants available through American Express channels, and offer new ways for Card Members to access exclusive experiences,” the company stated.
Tock, which was launched in 2014 and acquired by Squarespace in 2021, offers reservation, table management, and event ticketing tools for approximately 7,000 restaurants, wineries, and other bookable venues.
Founded in 2015, Rooam serves as a technology partner for a variety of venues including restaurants, bars, stadiums, and arenas. Beyond the acquisitions, Squarespace and American Express will collaborate to deliver additional value to small businesses using American Express Cards through the Amex Offers program and Card Member benefits.
