American Express (AmEx) is acquiring the restaurant booking platform Tock from Squarespace for $400 million. This strategic acquisition aims to enhance AmEx’s presence in the dining industry, where card spending reached $100 billion last year. Following its 2019 acquisition of Resy, AmEx continues to strengthen its offering for affluent cardholders who benefit from exclusive dining experiences and perks. The deal will add around 7,000 new businesses, including restaurants and wineries, to AmEx’s network. Moreover, AmEx is also acquiring Rooam, a contactless payment platform, to bolster its presence in the small and medium enterprise market. This move follows a period of significant growth for AmEx, with its shares rising 23% this year, outpacing the S&P 500 index. The deal further means Squarespace, which bought Tock for a similar amount in 2021, will streamline operations ahead of its expected privatization by Permira in a transaction valued at nearly $6.9 billion.

Financial Services, Hospitality, Technology,United States, Global

https://www.zawya.com/en/business/hospitality/amex-to-buy-restaurant-booking-platform-tock-for-400mln-qoey418k