Tock

About Tock

Tock LLC operates a comprehensive online reservation and guest management system for the hospitality industry. The company was established in Chicago in 2014 by Nick Kokonas and Brian Fitzpatrick. Kokonas, a former derivatives trader and co-owner of the acclaimed Alinea Group of restaurants, conceptualized Tock out of frustration with existing reservation systems. His background in finance and experience running high-end restaurants like Alinea and Next provided a unique perspective on managing inefficiencies, leading to the creation of a proprietary ticketing system that evolved into Tock. This system was initially tested in his own establishments to solve problems like customer no-shows and to optimize revenue.

The platform serves a diverse client base, including restaurants, wineries, bars, pop-ups, and event organizers across numerous countries. Tock's business model is centered on providing a unified platform for managing not just reservations, but also table management, takeout and delivery services, and event ticketing. Revenue is generated through a combination of monthly subscription fees and transaction fees on prepaid bookings and other services. A key feature that differentiated Tock early on was its system for prepaid reservations and dynamic pricing, which helps businesses secure revenue and reduce the financial impact of no-shows.

During the COVID-19 pandemic, the company adapted by launching 'Tock to Go', a feature that enabled restaurants to manage their own takeout and delivery orders, providing a crucial lifeline during a challenging period. This expansion of services highlighted the platform's flexibility. In March 2021, Squarespace, a website building and e-commerce platform, acquired Tock for over $400 million, aiming to integrate Tock's hospitality features into its broader suite of services for businesses. Following the acquisition, Kokonas remained as CEO until late 2022. Subsequently, in June 2024, American Express announced it was acquiring Tock from Squarespace, signaling another chapter in the company's evolution.