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Website hosting service Squarespace Inc., a $ 10 billion company that confidentially filed an initial public offering, buys restaurant service provider Tock for over $ 400 million.
Squarespace paid a mix of cash and stocks for the Chicago-based company, which provides technology for online reservations, take-out and other services, according to a statement obtained Wednesday by Bloomberg News.
“E-commerce in the restaurant and hospitality industries is a significant and growing market opportunity,” said Anthony Casalena, CEO of Squarespace, in a statement. “I have long admired Tock’s vision of reinventing the way reservation-based businesses connect with their customers.”
The acquisition helps Squarespace, which is known for helping consumers build websites, step into the hospitality tech space.
Squarespace, who said it confidentially filed for an IPO in January, announced this month that it has raised $ 300 million for a valuation of $ 10 billion.
Anthony Casalena, CEO and Founder of Squarespace
Tock was started in 2014 by its CEO, Nick Kokonas, and is backed by investment firms such as Valor Siren Ventures and Origin Ventures, according to a statement last year. The startup raised $ 10 million in 2020 and has 140 employees.
“Combining Tock’s unified platform and years of hospitality industry expertise with the cutting-edge reach, resources and products of Squarespace, in our opinion, creates an opportunity to deliver a premier solution. order to millions of entrepreneurs and small businesses, ”Kokonas said in a report.
Squarespace said Tock serves 7,000 hotel operators, ranging from neighborhood pizzerias to Michelin-starred restaurants and wineries in 30 countries. He also helps his hospitality customers communicate with customers and set prices dynamically to increase sales.
(Add CEO statement in penultimate paragraph)
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