(Finance) – American Expressthe US payments giant, has announced a agreement to acquire Tockprovider of technologies for managing reservations, tables and events, from Squarespace, the platform that helps entrepreneurs build brands and businesses online. The company also announced a agreement for the acquisition of Rooama technology company that supports mobile payments, ordering and integrations with point-of-sale, marketing and loyalty systems used by restaurants and entertainment venues.
Acquisitions are based on previous investments of American Express in catering, travel and entertainment sectorsexpanding 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 how cardholders can access them, it said in a statement.
The transactions are subject to customary closing conditions, including regulatory approval for the acquisition of Tock. American Express will acquire Tock for $400 million in cash, subject to usual adjustments. Financial details of the Rooam acquisition are not disclosed.
“THE restaurants I am one of our largest cardholder spending categories in travel and entertainment, with volume of $100 billion in 2023 – said Howard Grosfield, President, US Consumer Services, American Express – We have been offering unique dining benefits, exclusive access and special experiences to our members for years of the card through Resy and Global Dining Access by Resy. Now we can connect even more premium customers with the hottest restaurants, while providing merchants and restaurants with more technology to help their businesses thrive.”
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