February 8, 2014
OpenTable provides a restaurant management system for restaurateurs called the Electronic Reservation Book (ERB). On 7th February 2014, OpenTable announced that it had acquired Ness – makers of the personalized restaurant recommendations app Ness. The deal is valued at $17.3 Million according to the company.
Opentable has great ambitions in the restaurants space. Afterall they work with 25,000 of them or so. There is no reason why they would not want to provide the discovery, reservation, ordering, payments and loyalty under their one single umbrella. But Opentable is trying to do a lot of things and it would be good to observe how they prioritise things. In our recent discussions with large investors and payments/commerce focused funds, investors, they are observing carefully how things shape up in this space.
OpenTable was founded in July 1998 and is based in San Francisco, USA. The company has received a total funding of $48 Mn through investors Draper Richards, Venture Frogs, Benchmark, Impact Venture Partners, American Express, Zagat, Comdisco Ventures, Integral Capital Partners, Upstart Capital and France Telecom.
This gives you an overview of OpenTable:
Ness App service will be shutdown following the acquisition according to OpenTable. Previously, Ness had raised $20 Mn through investors such as Khosla Ventures and American Express among others. The Ness team will work at OpenTable’s headquarters in SanFrancisco.
The Ness team and I are incredibly excited to take the technology and insights we’ve developed over the last four years and incorporate them into the OpenTable product offering, said Corey Reese, CEO of Ness. As the world’s leading provider of real-time restaurant reservations, OpenTable will provide us the opportunity to introduce people to new and memorable dining experiences on a much broader scale.
OpenTable has made total acquisitions worth $108 Mn since 2009. The company acquired – Quickcue in 2013 for $11.5 Mn, JustChalo in 2013 for 11Mn, Foodspotting in 2013 for $10Mn, Treatful in 2010, Toptable for a whopping $55 Mn in 2010 and GuestBridge for $3 Mn in 2009.