American Express has acquired the high-end reservation platform Tock for $400 million. The credit-card company also owns Resy.
The credit-card company already owns the reservation platform Resy. Now it’s getting into the high-end restaurant game by acquiringrestaurants to manage reservations and decrease the number of no-show diners. It was eventually bought by Squarespace, and now it’s used by some 7,000 dining establishments and entertainment outlets.
Along with Tock, AmEx bought the company Rooam, which was founded in 2015. The platform carries out multiple functions for restaurants and other venues, including running mobile payments and marketing and loyalty systems, Bloomberg noted. The specifics of that deal were not shared publicly.The push into restaurant companies proves just how important the culinary world is to AmEx and its customers.
At the same time, restaurants are important partners for AmEx, Bloomberg noted. With the addition of Tock, the company will be able to push more customers in that direction. That’ll be valuable for American Express and for diners—especially at a time whenAmEx has been making moves to appeal to more high-net-worth individuals in recent years. The acquisition of Tock is a step further in that direction.
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