Squarespace, a company that helps businesses build websites, is acquiring restaurant tech platform Tock for more than $400 million in cash and stock, the companies announced Wednesday.
The deal will allow Squarespace users to integrate Tock's services, which include reservations, table management and takeout software, into their websites.
Tock was founded in 2014 by Nick Kokonas, co-owner and co-founder of the Chicago-based Alinea restaurant group, and Brian Fitzpatrick, a former engineer for Google. The company now works with more than 7,000 restaurants, wineries and other hospitality operations in 30 countries. It offers a host of cloud-based services that allow restaurants to do things like manage reservations and ticketing for events, accept pickup and delivery orders and communicate with guests. It also offers tools for leveraging customer and sales data.
Early in the pandemic, it quickly launched a takeout platform, Tock to Go, for the many full-service restaurants that were turning to off-premise service for the first time.
The deal reflects the broader industry shift toward digital channels that was accelerated by the pandemic.
"E-commerce within the restaurant and hospitality industries is a large and growing market opportunity," said Anthony Casalena, founder and CEO of Squarespace, in a statement. "I've long admired Tock's vision to reimagine how reservation-based businesses connect with their customers."
He said Squarespace will help bring Tock's technology to its hospitality customers and beyond.
"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," Kokonas said in a statement.
Squarespace in January announced plans to go public.