Squarespace has sold the restaurant reservation system Tock to American Express for $400 million

Squarespace has agreed to sell its restaurant reservation service, Tock, to American Express for $400 million, the same amount it paid to acquire Tock three years ago. This transaction is part of Squarespace’s strategic adjustments ahead of its pending acquisition by private equity firm Permira for $6.9 billion, expected to close in Q4 2024.

Founded in 2014, Tock specializes in hospitality industry tools, offering reservation and event management solutions tailored for restaurants. It enables businesses to manage tables, bookings, and even sell tickets for events like wine tastings. Squarespace’s acquisition of Tock in 2021, just before its IPO on the NYSE, aimed to enhance its suite of services by integrating restaurant-specific functionalities with its core website building platform.

The sale of Tock to American Express indicates a strategic shift for Squarespace as it refines its focus following the impending buyout. Additionally, American Express will also acquire Rooam, a mobile payments and ordering platform integrated with point-of-sale systems, further expanding its offerings in the hospitality sector.