JPMorgan Chase to acquire restaurant discovery platform The Infatuation
JPMorgan Chase has agreed to acquire The Infatuation, a New York-based restaurant recommendation website and messaging service, for an undisclosed price.
The Infatuation is a restaurant discovery platform, which is designed to provide recommendations to users about where to eat.
Established in 2009, The Infatuation is an editorial platform where real people share real opinions to help in finding the best restaurant for any situation.
It is currently among the most influential sources for restaurant recommendations on the internet, helping hungry consumers in getting honest and trusted reviews and situationally specific dining guides.
Apart from its domestic presence in 50 cities in the US and overseas, The Infatuation connects with consumers through its mobile app, live dining events, experiences, and a marquee bi-coastal food festival.
The Infatuation also has a membership program called EEEEEATSCON that provides perks and discounts.
JPMorgan Chase said that the acquisition aims to expedite its investment in dining. It is also said to demonstrate the Investment banking company’s commitment to meet customers where they are with exceptional benefits, useful content, and one-of-a-kind experiences, at scale.
JPMorgan Chase said that it will acquire the entire business of The Infatuation, which includes Zagat Survey, a restaurant company that collects and correlates the ratings of restaurants by diners.
Marianne Lake — co-CEO of JPMorgan Chase said: “We’ve long admired The Infatuation’s fresh approach to reaching people with relatable content that inspires new ways to experience life through food and drink, whether it’s down the street or across the globe.
“We look forward to building on our complementary missions of connecting people to experiences around a shared passion for dining.”
As per the terms of the deal, The Infatuation will keep its independent point of view and operate as a distinct brand under JPMorgan Chase. It will be continued to be led by Chris Stang, the company’s CEO and co-founder.
Chris Stang said: “This partnership with JPMorgan Chase provides an incredible opportunity for us to engage with more people around the world and continue on The Infatuation’s mission of delivering the most useful and trustworthy recommendations in dining and travel.
“JPMorgan Chase has proven to understand the value that high quality content and experiences can have in building strong relationships with consumers who are passionate about these pursuits, and we’re excited about the enormous potential that will be unlocked by combining our resources.”