Nick Kokonas’ “Tock” restaurant platform has been credited by industry professionals as the software who saved the restaurant industry amidst the pandemic. Now, the Greek American founder and CEO of Tock has announced the sale of his company to Squarespace for a cool $400,000.000.
The executive relayed the news through his twitter account where he also mentioned that he will remain as CEO of the platform.
Amazing news… Tock has been acquired by Squarespace! I remain CEO of Tock & our entire team will join with SQSP to support our clients in digitally connecting with the world – elegantly and with the same spirit of innovation we've fervently embracedhttps://t.co/sse97ByNi5
— nick kokonas (@nickkokonas) March 31, 2021
This new acquisition represents a great opportunity to combine Squarespce’s resources and years of experience in the hotel market with the Tock platform.
Founder and CEO Anthony Casela looks forward to bringing Tock’s capabilities to its suite of products, unifying and serving clients in the hospitality industry sector. It is noteworthy, Casela’s admiration for the vision of Tock, reinventing how reservation-based companies connect with customers by offering new proposals.
“Squarespace and Tock have a shared mission of elevating and enabling our customers’ success and passion,” said Kokonas, Tock Founder & CEO. “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.”
Nick Kokonas a successful Greek American executive
Kokonas is an executive with more than 20 years of experience in the industry. The businessman is a co-owner of the Alinea Group, by which he co-founded a total of five restaurants.
In 2014 he launched Tock, a platform for restaurants that allows to control the handling of operations, provides the necessary tools for the optimization of processes such as reservations and payments, from small restaurants to Michelin star destinations.
Tock allows users to manage and control reservations, deliveries and events, all in one place, increasing coverage through strategic integrations with Google, Facebook, Instagram, Chase and WineDirect positioning themselves in front of millions of potential customers.
In a statement it was mentioned the platform has processed more than a billion dollars in prepaid experiences, in addition to millions of standard reservations. The platform is also used by more than 7,000 hotel operators in 200 cities and in 30 countries around the world.
Kokonas launched “Tock to Go” in 2020, an innovative proposal for restaurants that schedules their products to be picked up and delivered, allowing their operation while most of the restaurants were closed.
This adaptation gave him great recognition, earning praised for his performance in the face of the Covid-19 pandemic. Kokonas’ software allowed restaurants to offer their products despite the policies and restrictions due to the coronavirus.
The new merger does not present changes in the operating processes of the platform as its old clients will receive their services without any interruptions.