Amex is making it easier to snag exclusive restaurant reservations

American Express is acquiring Tock restaurant booking platform in a $400 million deal.

Jul 1, 2024 - 19:30

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Amex is making it easier to snag exclusive restaurant reservations

Transcript:

CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Stocks are coming off a solid quarter as Wall Street kicks off the second half of the trading year. Investors are gearing up for a shortened trading week with the July 4th holiday on Thursday, with the all important June jobs report on Friday. This report will give investors a clearer picture of the state of the labor market.

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In other news - If you’re having trouble making a reservation for your Saturday night out, it might be because you don’t have an American Express card. AMEX announced it’s buying Tock, a booking app that’s host to roughly 7,000 restaurants, bars, and other bookable venues.

American Express already owned rival app Resy before its new $400 million Tock deal. The move now gives customers even more access to hard-to-find reservations - but that special access can come with a hefty price tag. For example, the American Express Platinum card has an annual fee of $695, while the Delta SkyMiles Reserve card costs $650 a year.

Of the acquisition, American Express’ President of U.S. Consumer Service said “Now, we can connect even more premium customers with the most exciting restaurants, while providing merchants and restaurants more technology to help their businesses thrive.”

In addition to Tock, American Express also announced it is acquiring Rooam (ROME) - a technology company that powers mobile payments, ordering and integrations with point of sale, marketing and loyalty systems.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.