To Enhance Dining Platform, American Express Enters Agreement to Acquire Tock from Squarespace; Also Agrees to Acquire Rooam

NEW YORK--(BUSINESS WIRE)--Jun 21, 2024--

American Express (NYSE: AXP) today announced an agreement to acquire Tock, a reservation, table, and event management technology provider, from Squarespace (NYSE: SQSP), the design-driven platform helping entrepreneurs build brands and businesses online. The Company also announced an agreement to acquire Rooam, a technology company that powers mobile payments, ordering and integrations with point of sale, marketing and loyalty systems used by restaurants and entertainment venues. The acquisitions build on American Express’ previous investments in dining, travel, and entertainment, expanding the company’s suite of digital tools for restaurants and merchants to better serve their customers, the number of restaurants offered through American Express channels, and the ways Card Members access experiences.

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“Restaurants are one of our largest Card Member spending categories within Travel and Entertainment, with $100 billion in volume in 2023,” said Howard Grosfield, President, U.S. Consumer Services, American Express. “We’ve been offering unique dining benefits, exclusive access, and special experiences to our Card Members for years through Resy and Global Dining Access by Resy. Now, we can connect even more premium customers with the most exciting restaurants, while providing merchants and restaurants more technology to help their businesses thrive. We will be able to offer restaurants the tools to deliver more personalized hospitality, facilitate pre-paid experiences like tasting menus, and provide more convenient ways for customers to pay the bill.”

“From our acquisition of Resy in July 2019 through year-end 2023, we’ve increased the number of engaged diners by 3x, increased the number of restaurants by 5.4x and driven solid growth in diners seated 1. Restaurants value access to our premium, high-spending customer base and to Resy’s technology to help run their businesses,” said Pablo Rivero, Vice President, American Express Global Dining, CEO Resy. “These acquisitions will enhance our dining platform and help us continue to support the industry’s growth.”

Tock, launched in Chicago in 2014 and acquired by Squarespace in 2021, provides reservation, table management and event ticketing tools to approximately 7,000 restaurants, wineries, and other bookable venues. Adding Tock’s network of restaurants and innovative suite of products will enhance American Express’ dining platform, delivering even more unforgettable experiences for diners and access to highly sought-after reservations in one destination. As part of the deal, Squarespace and American Express will also partner to deliver additional value for small businesses that use American Express Cards through the Amex Offers program (digital card-linked offers) and Card Member benefits.

“American Express has demonstrated its commitment to the hospitality industry, and we believe that as part of American Express, Tock will deliver enhanced value to our customers through access to a broad network of diners,” said Matthew Tucker, Head of Tock. “We appreciate American Express’ recognition of Tock’s exceptional products, experienced team, and our first-rate customer base. We look forward to working together to broaden American Express’ world class dining program and are excited by the tremendous opportunity to continue to innovate on behalf of our customers as part of American Express. We are also deeply appreciative of Squarespace’s support of Tock’s vision and its commitment to the business over the past three years.”

“Since adding Tock as a Squarespace company in 2021, we have been honored to partner together to serve the hospitality industry,” said Anthony Casalena, Founder and CEO of Squarespace. “We are thankful for Matt’s leadership and the team’s emphasis on innovative products and world class customer care. Our shared commitment to help small businesses grow has been core to our partnership and we believe the Tock business will continue to thrive in its exciting next chapter with American Express.”

Rooam, founded in 2015, has become a key technology partner for customers ranging from restaurants and bars to stadiums and arenas. The company’s integrations will add new capabilities to the Resy dashboard that help restaurants personalize marketing, drive loyalty, and turn tables faster. Adding Rooam’s proprietary products – Rooam Pay, Rooam Tab, and Rooam Order – will enhance Amex’s mobile ordering and payment capabilities as American Express continues to deepen its sports, music, and entertainment partnerships.

“We built Rooam to make it easy for restaurants and entertainment venues to use major point of sale providers with other key technology systems crucial to hospitality operations. Combining our capabilities with American Express and Resy will power payments, marketing, and loyalty programs for hospitality providers, bringing together the digital tools they need in one platform,” said Junaid Shams, co-founder and CEO of Rooam.

The transactions are subject to customary closing conditions, including regulatory approval for the Tock acquisition. American Express will acquire Tock for $400M in cash, subject to customary adjustments. Financial details of the Rooam acquisition are not being disclosed.

ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, X.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports.

ABOUT RESY

Resy is a digital dining platform that powers restaurants around the world and provides reservation booking for passionate diners. With the powerful backing of American Express, Resy has created best-in-class software that elevates dining experiences and connects restaurants to a vast network of highly engaged diners. Resy is a destination for restaurant discovery, exclusive access, original content, and chef-driven culinary events. The amazing world of restaurants is just a few taps away in the Resy app and at Resy.com.

ABOUT TOCK

Tock offers an all-in-one solution that enables hospitality businesses to adapt and thrive in an ever-changing landscape. With robust reservation, waitlist, and table management capabilities, Tock’s platform offers hospitality businesses everything they need to drive revenue, increase covers, and keep guests coming back. To learn more, visit exploretock.com/join.

ABOUT SQUARESPACE

Squarespace (NYSE: SQSP) is a design-driven platform helping entrepreneurs build brands and businesses online. We empower millions in more than 200 countries and territories with all the tools they need to create an online presence, build an audience, monetize, and scale their business. Our suite of products range from websites, domains, ecommerce, and marketing tools, as well as tools for scheduling with Acuity, creating and managing social media presence with Bio Sites and Unfold, and hospitality business management via Tock. For more information, visit www.squarespace.com.

ABOUT ROOAM

Rooam is a leading contactless payment platform that powers restaurants, bars, music venues, and arenas nationwide. Rooam offers a PCI-compliant solution that easily and securely integrates with every major point-of-sale provider without adding additional hardware. Rooam helps venues improve the speed of service, increase revenue, and deliver an efficient and modern guest experience. Rooam is trusted by the top brands and consumer platforms in hospitality, featuring Resy, Tock, Blackbird, Live Nation, and TAO Group. Learn more at www.rooam.co.

Cautionary Note Regarding Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which include current expectations regarding the transactions and future operations, among other matters, contain words such as “believe,” “expect,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “continue” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to: the parties’ ability to satisfy the closing conditions, including receipt of regulatory approvals, and consummate the transactions; the underlying assumptions related to the transactions proving to be inaccurate or unrealized; and American Express’ ability to integrate Tock and Rooam and benefit from and expand the platforms, tools and capabilities, which will depend in part on management’s decisions regarding future operations, strategies and business initiatives. A further description of these and other risks and uncertainties can be found in American Express’ Annual Report on Form 10-K for the year ended December 31, 2023 and its other reports filed with the SEC.

Source: American Express Company
Location: Global

Global Dining Access by Resy provides Platinum Card® Members insider access to some of the world’s most sought-after restaurants. (Photo: Business Wire)

Restaurants value access to American Express’ premium, high-spending customer base and to Resy’s technology to help run their businesses. (Photo: Business Wire)

American Express can connect even more premium customers with the most exciting restaurants, while providing merchants and restaurants more technology to help their businesses thrive. (Photo: Business Wire)

Restaurants are one of American Express’ largest Card Member spending categories within Travel and Entertainment. (Photo: Business Wire)

DUBAI, United Arab Emirates (AP) — Iranians were voting Friday in a snap election to replace the late President Ebrahim Raisi, killed in a helicopter crash last month, as public apathy has become pervasive in the Islamic Republic after years of economic woes, mass protests and tensions in the Middle East.

Voters face a choice between hard-line candidates and a little-known politician who belongs to Iran's reformist movement that seeks to change its Shiite theocracy from within. As has been the case since the 1979 Islamic Revolution, women and those calling for radical change have been barred from the ballot while the vote itself will have no oversight from internationally recognized monitors.

The voting comes as wider tensions have gripped the Middle East over the Israel-Hamas war in the Gaza Strip. In April, Iran launched its first-ever direct attack on Israel over the war in Gaza, while militia groups that Tehran arms in the region — such as the Lebanese Hezbollah and Yemen's Houthi rebels — are engaged in the fighting and have escalated their attacks.

Meanwhile, Iran continues to enrich uranium at near weapons-grade levels and maintains a stockpile large enough to build — should it choose to do so — several nuclear weapons.

While Iran's 85-year-old Supreme Leader Ayatollah Ali Khamenei has the final say on all matters of state, presidents can bend the country's policies toward confrontation or negotiation with the West.

However, given the record-low turnout in recent elections, it remains unclear just how many Iranians will take part in Friday's poll.

Interior Minister Ahmad Vahidi, who is in charge of overseeing the election, announced all the polls had opened just at 8 a.m. local time. Khamenei cast one of the election's first votes, urging the public to turn out.

“People’s turnout with enthusiasm, and higher number of voters — this is a definite need for the Islamic Republic,” Khamenei said.

State television later broadcast images of polling places across the country with modest lines.

Analysts broadly describe the race as a three-way contest. There are two hard-liners, former nuclear negotiator Saeed Jalili and the parliament speaker, Mohammad Bagher Qalibaf. A Shiite cleric, Mostafa Pourmohammadi, also has remained in the race despite polling poorly.

Then there’s the reformist candidate Masoud Pezeshkian, who has aligned himself with figures such as former President Hassan Rouhani under whose administration Tehran struck the landmark 2015 nuclear deal with world powers.

The nuclear deal eventually collapsed and hard-liners were back firmly at the helm.

A higher turnout could boost the chances of Pezeshkian, a 69-year-old heart surgeon who seeks a return to the atomic accord and better relations with the West.

But it remains unclear if Pezeshkian could gain the momentum needed to draw voters to the ballot. There have been calls for a boycott, including from imprisoned Nobel Peace Prize laureate Narges Mohammadi. Meanwhile, Khamenei already issued a thinly veiled warning to Pezeshkian and his allies over their desire to reach out to America.

The voting began just after President Joe Biden and former President Donald Trump concluded their first televised debate for the U.S. presidential election, during which Iran came up.

Trump described Iran as “broke” under his administration and highlighted his decision to launch a 2020 drone strike that killed Revolutionary Guard Gen. Qassem Soleimani. That attack was part of a spiral of escalating tensions between America and Iran since Trump unilaterally withdrew the U.S. in 2018 from Tehran's nuclear deal with world powers.

More than 61 million Iranians over the age of 18 are eligible to vote, with about 18 million of them between 18 to 30.

Iranian law requires that a winner gets more than 50% of all votes cast. If that doesn't happen, the race's top two candidates will advance to a runoff a week later. There's been only one runoff presidential election in Iran's history, in 2005, when hard-liner Mahmoud Ahmadinejad bested former President Akbar Hashemi Rafsanjani.

The 63-year-old Raisi died in the May 19 helicopter crash that also killed the country's foreign minister and others. He was seen as a protégé of Khamenei and a potential successor as supreme leader. Still, many knew him for his involvement in the mass executions that Iran conducted in 1988, and for his role in the bloody crackdowns on dissent that followed protests over the 2022 death of Mahsa Amini, a young woman detained by police over allegedly improperly wearing the mandatory headscarf, or hijab.

Karimi reported from Tehran, Iran.

Iranian Supreme Leader Ayatollah Ali Khamenei leaves after casting his vote during the presidential election, in Tehran, Iran, Friday, June 28, 2024. Iranians were voting Friday in a snap election to replace the late President Ebrahim Raisi, killed in a helicopter crash last month, as public apathy has become pervasive in the Islamic Republic after years of economic woes, mass protests and tensions in the Middle East. (AP Photo/Vahid Salemi)

Supporters of reformist candidate for Iran's presidential election Masoud Pezeshkian attend his campaign meeting in Tehran, Iran, Sunday, June 23, 2024. (AP Photo/Vahid Salemi)

A supporter of Saeed Jalili, a candidate for the presidential election, holds up his poster during a campaign gathering in Tehran, Iran, Wednesday, June 26, 2024. (AP Photo/Vahid Salemi)

A supporter of Iran's parliament speaker Mohammad Bagher Qalibaf, the most prominent hard-line candidate for the presidential election, holds up his poster in a campaign gathering in Tehran, Iran, Wednesday, June 26, 2024. (AP Photo/Vahid Salemi)

In this photo released by the official website of the office of the Iranian supreme leader, Supreme Leader Ayatollah Ali Khamenei sits in a ceremony to mark the Shiite holiday of Eid al-Ghadir, in Tehran, Iran, Tuesday, June 25, 2024. Iran's supreme leader issued a thinly veiled warning Tuesday to the sole reformist candidate in the country's upcoming presidential election, saying anyone who believes "all ways to progress" come from the United States shouldn't be supported. (Office of the Iranian Supreme Leader via AP)

Supporters of Iran's parliament speaker Mohammad Bagher Qalibaf, the most prominent hard-line candidate for the June 28 presidential election, attend his campaign gathering in Tehran, Iran, Wednesday, June 26, 2024. Qalibaf along with five other candidates is competing in the election to replace the late President Ebrahim Raisi who died in a helicopter crash with seven other officials in May. (AP Photo/Vahid Salemi)

Iranian Supreme Leader Ayatollah Ali Khamenei walks towards the ballot box to cast his vote during the presidential election, in Tehran, Iran, Friday, June 28, 2024. Iranians were voting Friday in a snap election to replace the late President Ebrahim Raisi, killed in a helicopter crash last month, as public apathy has become pervasive in the Islamic Republic after years of economic woes, mass protests and tensions in the Middle East. (AP Photo/Vahid Salemi)

Iranian Supreme Leader Ayatollah Ali Khamenei speaks after casting his vote during the presidential election in Tehran, Iran, Friday, June 28, 2024. Iranians were voting Friday in a snap election to replace the late President Ebrahim Raisi, killed in a helicopter crash last month, as public apathy has become pervasive in the Islamic Republic after years of economic woes, mass protests and tensions in the Middle East. (AP Photo/Vahid Salemi)

Iranian Supreme Leader Ayatollah Ali Khamenei casts his ballot during the presidential election, in Tehran, Iran, Friday, June 28, 2024. Iranians were voting Friday in a snap election to replace the late President Ebrahim Raisi, killed in a helicopter crash last month, as public apathy has become pervasive in the Islamic Republic after years of economic woes, mass protests and tensions in the Middle East. (AP Photo/Vahid Salemi)