Search our blog for articles and insights right here, just type your interest and dive into a world of knowledge.
Popular articles
American Express Acquires Tock for $400 Million
American Express Co. has announced a $400 million acquisition of Tock, a reservation service, from Squarespace Inc. This strategic move aims to enhance Amex's capabilities in securing dining and exclusive venue bookings for its clientele.
Tock, serving approximately 7,000 restaurants and entertainment venues, is known for its sophisticated reservation, table management, and event ticketing services. This acquisition is set to complement Amex's Resy business, acquired in 2019, further bolstering Amex's presence in the high-end dining sector. Tock's clientele includes prestigious venues like New York City's Per Se and Jean-Georges, as well as notable events such as a farm-to-table dinner on Governors Island.
Dining is a significant expenditure category for American Express customers, with spending surpassing $100 billion last year. Howard Grosfield, President of US Consumer Services at Amex, emphasizes that the purchase of Tock, along with Rooam—a mobile payments company also acquired recently—will provide enriched experiences and opportunities for Amex's affluent customers. These acquisitions target enhancing customer engagement and loyalty, driving more traffic to partner restaurants and venues.
"It provides restaurants and merchants with unique tools to manage their business efficiently and connect with premium diners," Grosfield explained. The acquisitions align with Amex's strategy of attracting high-spending consumers while aiming to appeal more to millennials and Gen Z customers through a lifestyle-centric approach.
Rooam: Enhancing Technological Integration
Founded in 2015, Rooam specializes in mobile payments, ordering, and integration with point-of-sale and marketing systems utilized by restaurants and venues. Although the terms of the Rooam deal were not disclosed, the acquisition seeks to streamline restaurant operations by connecting various technological services, making business management more cohesive.
"Rooam integrates a multitude of services, simplifying restaurant operations and enhancing their efficiency," noted Grosfield.
These acquisitions mark a significant step in American Express's evolving strategy to cater to the evolving demands of their customer base, providing seamless, high-quality dining experiences and fostering stronger relationships with premium dining establishments.
