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.
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 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