American Express (NYSE: AXP) today announced it has
signed an agreement to acquire Resy, the digital restaurant
reservation booking and management platform. The acquisition will
build on the growing suite of digital-first benefits and services
from American Express that extend beyond traditional rewards and
points, to provide Card Members with access and experiences across
travel and lodging, airport lounges, exclusive events, and
dining.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190515005129/en/
Founded in 2014, Resy offers a table management, CRM and booking
technology suite for restaurants, with a consumer-facing restaurant
reservation app and website to elevate and enhance dining
experiences worldwide. Resy currently works with approximately
4,000 restaurants in 154 U.S. cities and 10 countries, seating more
than 2.6 million diners a week. The acquisition is expected to be
completed in summer 2019 and builds on a number of recent
acquisitions made by American Express in the dining, travel and
lifestyle space that are part of the company’s strategy to become
an essential part of Card Members’ and merchants’ digital
lives.
“Resy was created to both connect people who love dining out
with new, notable and hard to get into restaurants across the
globe, as well as help restaurants’ businesses grow and thrive.
Similarly, American Express has strong relationships with premium
dining partners and restaurants across the globe, and provides our
Card Members with access to incredible dining experiences through
our exclusive benefits and programs,” said Chris Cracchiolo, Senior
Vice President, Global Loyalty and Benefits, American Express. “We
look forward to working with the Resy team to continue to grow the
Resy digital platform, and develop new ways to further connect our
Card Members and restaurant partners through unique access and
experiences.”
Resy has built important relationships across the restaurant
industry, with the mission of powering the world’s best restaurants
using technology to imagine the future of hospitality. Focused
primarily in the U.S. but with locations in the UK, Europe, Canada
and Australia, Resy offers restaurants sophisticated reservation
management solutions at affordable pricing that are designed to
help restaurants optimize tables and increase revenue, while at the
same time providing consumers with a seamless booking experience
with the top restaurants across the globe.
“American Express is a brand that we have admired and sought to
partner with from our inception. There are myriad points of synergy
between Resy and American Express that we look forward to pursuing
together in the name of creating an end-to-end global dining
platform that thrills both diners and restaurants alike. As it does
today, Resy will continue to focus on delivering world-class
hospitality software to our amazing restaurant partners, connecting
diners to insider experiences, and reimagining the future of
dining,” said Resy’s co-founder and CEO, Ben Leventhal.
In line with this news, American Express is working with
recently acquired companies—personal travel assistant app Mezi, UK
dining reservation platform Cake Technologies, airport lounge
discovery and booking platform LoungeBuddy, and Japanese premium
restaurant reservation platform Pocket Concierge, to develop a
suite of new digital capabilities that will provide unique digital
services, experiences, and access for American Express
customers.
After the acquisition, the Resy brand and digital platform will
continue to be led and operated by its co-founder and CEO, Ben
Leventhal. Resy’s co-founder and CTO, Michael Montero, will also
remain in place. Additionally, existing Resy reservation booking
and management services and capabilities will continue to be
offered.
Information Related to Forward-Looking Statements
This release includes forward-looking statements that reflect
management’s expectations about future events, including
expectations regarding the transaction. These forward-looking
statements are subject to risks and uncertainties. The words
“expect,” “aim,” “plan,” “will,” “may,” “should,” “could,” “would,”
and similar expressions are intended to identify forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
on which they are made. American Express undertakes no obligation
to update or revise any forward-looking statements. Factors that
could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the
parties’ ability to satisfy the closing conditions, the underlying
assumptions related to the transaction proving to be inaccurate or
unrealized, and the company’s ability to integrate Resy and
leverage its platform. A further description of these and other
risks and uncertainties can be found in American Express’ Annual
Report on Form 10-K for the year ended December 31, 2018 and its
other reports filed with the SEC.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, travel
services, gift cards, prepaid cards, merchant services, Accertify,
InAuth, corporate card, business travel, and corporate
responsibility.
ABOUT RESY
Resy is a hospitality technology company, built for and
powered by restaurant lovers. We connect the world’s most
sought-after restaurants with the best guests around the globe.
Resy offers superior reservation management software and a
consumer-facing restaurant reservation app to elevate and enhance
dining experiences worldwide. Resy works with approximately 4,000
restaurants in 154 U.S. cities and 10 countries, seating over 2.6
million diners a week. Resy boasts an industry-low, global no-show
rate of approximately 2%.
Consumers can book and manage reservations on Resy.com and on
the app from a carefully curated selection of the world’s most
distinguished restaurants, including n/naka in Los Angeles and
Lilia in New York City. Users now have even better access to
restaurants thanks to an enhanced Notify waitlist system, which
sends alerts when hard-to- get reservations become available. The
app is free and available for download on both iOS and Android.
Resy was co-founded by Ben Leventhal, cofounder of Eater and
restaurant industry entrepreneur; Gary Vaynerchuk, an entrepreneur,
investor, author; and Michael Montero, founder of CrowdTwist and
Fotolog and noted CTO. Resy’s investors and partners include
Airbnb, RSE Ventures, First Data, Lerer Hippeau Ventures, Slow
Ventures, TOMS Capital and Union Square Hospitality Group.
Learn more about Resy at resy.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190515005129/en/
AMERICAN EXPRESSHeather
Norton212-640-0496Heather.A.Norton@aexp.comRESYVanessa
Leitman917-929-3304Vanessa@resy.com
American Express (NYSE:AXP)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Express (NYSE:AXP)
Historical Stock Chart
From Apr 2023 to Apr 2024