American Express has announced agreements to acquire two technology providers — Tock and Rooam — to expand its suite of digital tools for restaurants and merchants.
Both transactions are subject to customary closing conditions, and the Tock acquisition also requires regulatory approval, American Express said in a Friday (June 21) press release.
The acquisitions will build upon the dining benefits, exclusive access and special experiences the company offers its cardholders through its digital dining platforms, Resy and Global Dining Access by Resy, Howard Grosfield, president, U.S. consumer services at American Express, said in the release.
“Now, we can connect even more premium customers with the most exciting restaurants, while providing merchants and restaurants more technology to help their businesses thrive,” Grosfield said. “We will be able to offer restaurants the tools to deliver more personalized hospitality, facilitate pre-paid experiences like tasting menus, and provide more convenient ways for customers to pay the bill.”
Tock, a reservation, table and event management technology provider, was launched in 2014 and acquired by Squarespace in 2021, according to the release. Its tools are now used by 7,000 restaurants, wineries and other bookable venues.
By acquiring Tock, American Express will add this network of restaurants and suite of products to its own dining platform, the release said.
Rooam, founded in 2015, offers technology that powers mobile payments, ordering and integrations with point of sale, marketing and loyalty systems used by restaurants, bars, stadiums and arenas, per the release.
Adding Rooam’s proprietary products will enhance American Express’ mobile ordering and payment capabilities and deepen its partnerships in the fields of sports, music and entertainment, the release said.
“These acquisitions will enhance our dining platform and help us continue to support the industry’s growth,” Pablo Rivero, vice president, American Express Global Dining, CEO Resy, said in the release.
PYMNTS Intelligence has found that eCommerce is top of mind for many companies in the hospitality industry.
Two-thirds of companies in the food, entertainment and accommodations sector said that they believe it is highly important for payment processors to offer eCommerce integration, according to “Main Street Health Q3 2023: Leading Payment Processors Satisfy SMBs, but Less Popular Providers Are Vulnerable,” a PYMNTS Intelligence and Enigma collaboration.
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