Squarespace Moves Into Hospitality, Acquires ResTech Tock

Squarespace has acquired Tock, a unified system servicing the hospitality industry, according to a company blog post. Terms of the deal were not disclosed.

Tock is used to help with online reservations, table management, takeout and events, the post stated.

“eCommerce within the restaurant and hospitality industries is a large and growing market opportunity,” said Squarespace Founder and CEO Anthony Casalena in the post. “I’ve long admired Tock’s vision to reimagine how reservation-based businesses connect with their customers. We believe that together we will continue building on their success, bringing Tock’s capabilities to our all-in-one product suite in service of our customers in the hospitality industry and beyond.”

Tock Founder and CEO Nick Kokonas said in the post that the acquisition “creates an opportunity to deliver a best-in-class solution to millions of entrepreneurs and small businesses around the world.”

Kokonas launched Tock in 2014, the post stated. The company works with a large network of hospitality operators, including neighborhood pizzerias, pop-ups, Michelin-starred restaurants and wineries.

Tock, according to the post, has processed over $1 billion in prepaid experiences along with millions of standard reservations. Tock also rolled out Tock To Go last year in response to the needs of the pandemic. The feature lets restaurants schedule takeout orders themselves instead of being connected to delivery services.

Earlier this month, Squarespace raised $300 million in a funding round at a valuation of $10 billion, PYMNTS reported. The company plans to use the money to continue its growth and mission to allow people to build brands and better online presence.

Squarespace is also planning an initial public offering (IPO), after it was reported that the company was seeking a $400 million credit line in  2019. The company wanted to get that money before this year when the IPO was slated to happen. As of earlier this month, the company was cash-flow positive.