American Express to acquire Tock from Squarespace for $400m

American Express (NYSE: AXP) has reached an agreement to acquire Tock, a leading technology provider for reservation, table, and event management, from Squarespace (NYSE: SQSP) for $400 million. This acquisition underscores American Express‘s commitment to expanding its footprint in the hospitality industry.

Matthew Tucker, Head of Tock, expressed confidence in the transaction, stating, “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.” He highlighted the synergies expected from the integration of Tock into American Express’s world-class dining program and the opportunities for continued innovation.

Anthony Casalena, Founder and CEO of Squarespace, reflected on the partnership’s journey, noting the shared commitment to supporting small businesses. “Since adding Tock as a Squarespace company in 2021, we have been honored to partner together to serve the hospitality industry,” said Casalena. He expressed gratitude towards Matthew Tucker’s leadership and the Tock team’s focus on innovation and customer care.

As part of the agreement, Squarespace and American Express will collaborate to deliver additional value to small businesses that use American Express Cards. This will include enhancements to the Amex Offers program and other Card Member benefits, leveraging the combined strengths of both companies to support small business growth.

The transaction is subject to customary closing conditions, including regulatory approval. This acquisition is poised to enhance American Express’s service offerings and strengthen its position in the hospitality sector.

This acquisition not only extends American Express’s capabilities in the hospitality industry but also aligns with its strategy to provide comprehensive solutions and services to its customers. The inclusion of Tock’s advanced technology and the collaborative efforts with Squarespace could set a new standard for customer service and business growth in the sector.