AmEx to buy restaurant booking platform Tock for $400 million

amex to buy restaurant booking platform tock for $400 million

FILE PHOTO: Credit card is seen in front of displayed American Express logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -American Express is buying Squarespace-owned restaurant booking platform Tock for $400 million to expand its foothold in the dining industry, one of the biggest spending categories on its cards.

The all-cash deal, unveiled on Friday, will build upon the credit card giant's acquisition of online restaurant reservation platform Resy in 2019.

Resy helps AmEx cardholders get special access to some restaurants, including exclusive reservations, early notifications or cashback on certain bookings made through the platform.

The buyout of Tock will add another 7,000 restaurants, wineries and other hospitality businesses to AmEx's network. It will also allow restaurants to better target AmEx's premium customers, who are typically prolific spenders.

AmEx is also buying Rooam, a contactless payments platform used by restaurants, bars, music venues and other businesses, for an undisclosed sum.

Squarespace, which allows customers to design websites, has agreed to be taken private by Permira in a nearly $6.9 billion deal.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

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