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OpenTable

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OpenTable, Inc.
Screenshot
Type of site
Subsidiary
FoundedJuly 2, 1998; 26 years ago (1998-07-02)
Headquarters
San Francisco, California
,
United States
No. of locations10 (2016)[1]
Area servedWorldwide
Founder(s)
Key people
IndustryInternet
ServicesTable reservation
RevenueIncrease US$190.05M (2013)[2]
Operating incomeIncrease US$46.429M (2013)[2]
ProfitIncrease US$33.385M (2013)[2]
Total assetsIncrease US$310.971M (2013)[2]
Total equityIncrease US$230.262M (2013)[2]
Employees1450 (2019)[2]
ParentBooking Holdings
URLopentable.com
Current statusActive

OpenTable is an online restaurant-reservation service company founded by Sid Gorham, Eric Moe and Chuck Templeton[3] on 2 July 1998 and is based in San Francisco, California.

In 1998, operations began with a limited selection of restaurants in San Francisco. Restaurants used the company's back-end software to process the reservations made on the website, resulting in a real-time reservation system for both diners and restaurants.[4] The service has since expanded to cover more than 30,000[5] restaurants in most U.S. states as well as in several major international cities in Australia, Canada, France, Germany, Japan, Mexico, and the United Kingdom.

Reservations are free to end users; the company charges restaurants flat monthly and per-reservation fees for their use of the system.[6] According to the company, it provides online reservations for more than 60,000 restaurants around the world and seats over 1 billion diners per year.[7]

On June 13, 2014 the company announced it had agreed to terms with the Priceline Group (now Booking Holdings, Inc.) to be acquired in an all-cash deal for $2.6 billion.[7]

History

OpenTable was founded by Chuck Templeton on 2 July 1998, and initially incorporated in California as easyeats.com, Inc.[8]

On 21 May 2009, the company held its initial public offering (IPO), on the NASDAQ stock exchange under the ticker symbol Nasdaq: OPEN. The underwriters of the IPO were Merrill Lynch, Allen & Company, Stifel Nicolaus, and ThinkEquity.[9]

On 1 October 2010, the company acquired Toptable, a restaurant reservation site in the UK.[10]

On 29 January 2013, the company announced that it had entered a definitive agreement to acquire Foodspotting.[11]

On 13 June 2014 the company agreed to a takeover offer by the Priceline Group of $103 a share, a 46% premium on the previous day's closing stock price. The offer valued the company at $2.6 billion. Both companies said OpenTable would continue to operate as a separate business under the same management.[12]

In August 2020, OpenTable named Debby Soo as its new CEO.[13]

Information

For users

Users search for restaurants and reservations based on such parameters as dates, times, cuisine, and price range. Users who have registered their email address with the system will then receive a confirmation email.[14] Users can also receive 100 or 1,000 points after dining that can be redeemed for discounts at member restaurants.[15]

The company also has a mobile application that allows users to find and book dinner reservations.[16][17]

For restaurants

Restaurant owners use an Electronic Reservation Book which computerizes restaurant host-stand operations and replaces existing paper reservation systems. The system handles reservation management, table management, guest recognition, and email marketing.[18]

See also

References

  1. ^ "About Us". OpenTable. Retrieved 6 October 2016.
  2. ^ a b c d e f "OpenTable, Inc., Annual Report on Form 10-K". SEC. February 21, 2014.
  3. ^ "Meal reservations online better than holding phone". OpenTable.com. August 25, 1999.
  4. ^ Davis, Robin (August 18, 1999). "What's New: Snag a Table From Cyberspace". San Francisco Chronicle.
  5. ^ "OpenTable". OpenTable.com. Retrieved January 13, 2014.
  6. ^ Leson, Nancy (August 17, 2005). "Risks and Rewards of Booking Your Table Online". The Seattle Times. Retrieved July 22, 2012.
  7. ^ a b "Priceline books OpenTable for $2.6bn". New York Telegraph. Retrieved 13 June 2014.
  8. ^ Hafner, Katie (June 18, 2007). "Restaurant Reservations Go Online". The New York Times.
  9. ^ "Investor FAQs". OpenTable. Retrieved 2014-06-13.
  10. ^ Parr, Ben (September 16, 2010). "OpenTable Acquires European Competitor TopTable for $55 Million". Mashable. Retrieved July 7, 2015.
  11. ^ "OpenTable Press Release". OpenTable. 29 January 2013.
  12. ^ "Priceline books OpenTable for $2.6bn". New York Telegraph. Retrieved 13 June 2014.
  13. ^ Aug. 13, Joe Guszkowski on; 2020. "OpenTable names new CEO". Restaurant Business. Retrieved 2020-08-14. {{cite web}}: |last2= has numeric name (help)CS1 maint: numeric names: authors list (link)
  14. ^ Joseph, Scott (September 8, 2006). "Table for 2 Is a Click Away". Orlando Sentinel. p. E3.
  15. ^ Lubinger, Bill (February 21, 2007). "Need a Corner Table? Reservation at 7? Opentable Online Gets It for You Fast". The Plain Dealer. Cleveland. Archived from the original on December 12, 2007. Retrieved April 25, 2020.
  16. ^ "Open Table's Free iPhone App Finds Nearby Dining Reservations". Silicon Valley Business Journal. November 17, 2008.
  17. ^ Kumparak, Greg (September 14, 2009). "OpenTable Launches on Android". The Washington Post. Retrieved May 20, 2010.
  18. ^ "Open Table Company Profile". Businessweek. Retrieved March 17, 2009.
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