OpenTable to Acquire Restaurant Finding App
OpenTable, Inc, provider of online restaurant reservations, has announced that it has entered into a definitive agreement to acquire Foodspotting, an app for finding and sharing great dishes at restaurants, for approximately $10 million in cash pursuant to a stock purchase agreement. The completion of the acquisition is subject to the satisfaction of customary closing conditions.
By enabling OpenTable to deliver a richer visual and social experience for diners and provide its restaurant customers with new opportunities to showcase their offerings, the acquisition supports the Company's focus on continuing to enhance the ways it helps diners discover and book the perfect restaurant table. OpenTable recently added dish photos through a collaboration with Foodspotting, giving diners a small taste of the kind of enhancements that will be coming once the Foodspotting team is on board. In addition to welcoming the Foodspotting team to OpenTable, the Company plans to maintain the Foodspotting site and mobile apps on a standalone basis.