Squarespace Agrees to Sell Tock Platform to American Express for $400 Million

Rhea-AI Summary

Squarespace (NYSE: SQSP) has announced an agreement to sell its Tock platform to American Express (NYSE: AXP) for $400 million. Tock, a provider of reservation, table, and event management technology, will enhance American Express' dining program and expand its network of diners. The deal signifies American Express' continued commitment to the hospitality industry. Both companies will collaborate to offer additional value to small businesses using American Express Cards via the Amex Offers program. The transaction is pending customary closing conditions, including regulatory approval.

Positive

• Squarespace (SQSP) will receive $400 million from the sale of Tock.
• Collaboration with American Express to offer additional value to small businesses using Amex Offers.

Negative

• The sale is subject to customary closing conditions, including regulatory approval, which introduces a level of uncertainty.

NEW YORK, June 21, 2024 /PRNewswire/ -- Squarespace (NYSE: SQSP), the design-driven platform helping entrepreneurs build brands and businesses online, today announced an agreement to sell Tock, the reservation, table, and event management technology provider, to American Express (NYSE: AXP) for $400 million.

"American Express has demonstrated its commitment to the hospitality industry, and we believe that as part of American Express, Tock will deliver enhanced value to our customers through access to a broad network of diners," said Matthew Tucker, Head of Tock. "We appreciate American Express' recognition of Tock's exceptional products, experienced team, and our first-rate customer base. We look forward to working together to broaden American Express' world class dining program and are excited by the tremendous opportunity to continue to innovate on behalf of our customers as part of American Express. We are also deeply appreciative of Squarespace's support of Tock's vision and its commitment to the business over the past three years."

"Since adding Tock as a Squarespace company in 2021, we have been honored to partner together to serve the hospitality industry," said Anthony Casalena, Founder and CEO of Squarespace.  "We are thankful for Matt's leadership and the team's emphasis on innovative products and world class customer care. Our shared commitment to help small businesses grow has been core to our partnership and we believe the Tock business will continue to thrive in its exciting next chapter with American Express."  

As part of the deal, Squarespace and American Express will also partner to deliver additional value for small businesses that use American Express Cards through the Amex Offers program (digital card-linked offers) and Card Member benefits.

The transaction is subject to customary closing conditions, including regulatory approval.

ABOUT SQUARESPACE

Squarespace (NYSE: SQSP) is a design-driven platform helping entrepreneurs build brands and businesses online. We empower millions in more than 200 countries and territories with all the tools they need to create an online presence, build an audience, monetize, and scale their business. Our suite of products range from websites, domains, ecommerce, and marketing tools, as well as tools for scheduling with Acuity, creating and managing social media presence with Bio Sites and Unfold, and hospitality business management via Tock. For more information, visit www.squarespace.com. 

ABOUT TOCK

Tock offers an all-in-one solution that enables hospitality businesses to adapt and thrive in an ever-changing landscape. With robust reservation, waitlist, and table management capabilities, Tock's platform offers hospitality businesses everything they need to drive revenue, increase covers, and keep guests coming back. Tock services over 7,000 customers today. To learn more, visit exploretock.com/join.

ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, X.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports.

Contacts:

Liz DiTrapano, ICR
Tock@icrinc.com 

Media
press@squarespace.com 

Investors
investors@squarespace.com 

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SOURCE Squarespace, Inc.

FAQ

What is the value of the Tock platform sale to American Express?

The Tock platform was sold to American Express for $400 million.

How will the sale of Tock impact Squarespace's business?

Squarespace will receive $400 million and will collaborate with American Express to provide additional value to small businesses using Amex Offers.

What is the significance of the Tock acquisition for American Express?

The acquisition will enhance American Express' dining program and expand its network of diners.

When is the Tock sale expected to close?

The transaction is subject to customary closing conditions, including regulatory approval.

What are the terms of the collaboration between Squarespace and American Express post-sale?

Both companies will partner to deliver additional value for small businesses through Amex Offers and Card Member benefits.