Squarespace has acquired reservations platform Tock for more than $400 million in cash and stock, the ecommerce company said Wednesday.
New York City-based Squarespace said the acquisition of the system, developed by the Alinea Group co-founder and co-owner Nick Kokonas, would allow its customers to integrate Tock’s “best-in-class” system for managing reservations and tables and taking orders for takeout and events.
Kokonas will remain Tock's CEO, he said in a Tweet.
"Ecommerce within the restaurant and hospitality industries is a large and growing market opportunity," Squarespace Founder & CEO Anthony Casalena said in a release announcing the purchase. "I've long admired Tock's vision to reimagine how reservation-based businesses connect with their customers. We believe that together we will continue building on their success, bringing Tock's capabilities to our all-in-one product suite in service of our customers in the hospitality industry and beyond."
Chicago-based Kokonas said Squarespace and Tock “have a shared mission of elevating and enabling our customers' success and passion.”
"Combining Tock's unified platform and years of hospitality industry expertise with Squarespace's reach, resources, and design-forward products, in our view, creates an opportunity to deliver a best-in-class solution to millions of entrepreneurs and small businesses around the world," he added.
Kokonas launched Tock in 2014, initially allowing his super-fine-dining restaurant Alinea to sell reservations in advance. Since then it has expanded its capabilities to include dynamic pricing — such as charging extra for prime-time reservations — takeout and delivery and event planning. In response to the pandemic it launched Tock to Go to allow restaurateurs to schedule their own takeout orders instead of relying on third-party delivery services.
The release said Tock is now being used by more than 7,000 operators, including neighborhood and destination restaurants, wineries and pop-ups, in 200 cities in 30 countries. It has processed more than $1 billion in pre-paid experiences as well as millions of standard reservations.
Other recent Squarespace acquisitions include appointment scheduling platform Acuity Scheduling and Unfold, an app that helps create better social media stories.
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