Squarespace Scoops Chicago-based Restaurant Booking Start-up Tock for $400 Million

Squarespace, an e-commerce and all-in-one website building platform announced that it has acquired Tock for $ 400 million via a mix of cash and stock.

The acquisition of Tock. Inc comes shortly after Squarespace raised $ 300 million in its latest funding round and filed to go public. 

How will this acquisition help Squarespace?

The acquisition will enable Squarespace to diversify and expand its hospitality portfolio to boost sales, offer marketing integrations, and directly connect with customers. 

The acquisition will have a major influence on Squarespace’s product suite and enable users around the world to build a brand, transact with customers and have a robust online presence. 

Squarespace is set to combine Tock’s expertise with its website-building capabilities to provide an all-in-one platform for the hospitality industry. 

Prior to acquiring Tock, Squarespace acquired Acuity Scheduling, an appointment scheduling service, and Unfold. 

SEE ALSO:  GreenDropShip Launches New e-commerce App for Shopify Sellers to Add Grocery Items

E-commerce for hospitality and restaurants

The advent of e-commerce has taken international markets by storm. The increasing use of AI-chatbots and automation have opened the floodgates for new growth opportunities for restaurants. 

According to Anthony Casalena, CEO and Founder of Squarespace said that e-commerce within the hospitality and restaurant industries is a growing market opportunity. He also said, “I’ve long admired Tock’s vision to reimagine how reservation-based businesses connect with their customers.” 

Tock’s journey

Tock was established in 2014 by Nick Kokonas who is also the co-owner and co-founder of The Alinea Group. Since its inception, Tock has successfully raised over $ 27 million from investors and currently deals with more than 7,000 hospitality and restaurant businesses. 

Since the onset of the COVID-19 pandemic in 2020, Tock has shifted its focus to its takeout platform, Tock to Go. 

More about Squarespace

Squarespace is an American-based website hosting and building company that was established in 2004. It offers software as a service (SaaS) for website hosting and building. 

Squarespace’s product range enables users to manage their businesses and projects.

Squarespace has a solid presence across the United States with offices in Portland, Los Angeles, and New York City. 

Image Source: Squarespace

 

Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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