American Express announced it has signed agreements to acquire two technology providers, Tock and Rooam, to expand its suite of digital tools for restaurants and retailers.
American Express said in a press release on Friday (June 21) that both transactions are subject to customary closing conditions, and that the Tok acquisition also requires regulatory approval.
Howard Grossfield, president of U.S. Consumer Services at American Express, said in a statement that the acquisition will further enhance the dining rewards, exclusive access and special experiences the company offers cardmembers through its digital dining platforms, Resy and Global Dining Access by Resy.
“Now we'll be able to connect more premium customers with the restaurants they love most, while providing retailers and restaurants with more technology to help their business thrive,” Grossfield said. “We'll be able to give restaurants the tools to deliver more personalized hospitality, facilitate pay-ahead experiences like tasting menus, and provide more convenient payment methods for customers.”
Tock, a reservation, table and event management technology provider, was founded in 2014 and acquired by Squarespace in 2021. The company's tools are currently used by 7,000 restaurants, wineries, and other bookable venues, according to a press release.
With the acquisition of Tok, American Express will add the restaurant network and suite of products to its food and beverage platform, according to the announcement.
Founded in 2015, Rooam provides technology that powers integration with mobile payment, ordering, point-of-sale, marketing and loyalty systems used in restaurants, bars, stadiums and arenas, according to the release.
The addition of Rooam's unique product will enhance American Express' mobile ordering and payment capabilities and deepen its partnerships in sports, music and entertainment, according to the release.
“These acquisitions strengthen our dining platform and position us to continue to support the growth of the industry,” Pablo Rivero, American Express vice president, Global Dining and CEO, Regis, said in the release.
PYMNTS Intelligence found that e-commerce is a top priority for many companies in the hospitality industry.
According to a joint PYMNTS Intelligence and Enigma study, “Main Street Health Q3 2023: Large Payment Processors Meet SMB Demands, but Less Popular Providers Vulnerable,” two-thirds of companies in the food, entertainment and hospitality industry believe it is very important for their payment processor to offer e-commerce integration.
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