OpenTable

Last updated

OpenTable, Inc.
OpenTable logo.svg
Screenshot
OpenTable screenshot.jpg
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
  • Debby Soo, CEO
Industry Internet
Services Table reservation
Revenue Increase2.svg US$190.05M (2013) [2]
Operating income Increase2.svg US$46.429M (2013) [2]
Profit Increase2.svg US$33.385M (2013) [2]
Total assets Increase2.svg US$310.971M (2013) [2]
Total equity Increase2.svg US$230.262M (2013) [2]
Employees1450 (2019) [2]
Parent Booking Holdings
URL opentable.com
Current statusActive

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

Contents

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 55,000 [5] restaurants in more than 80 countries as of 2024. [6] In June 2014, the company was acquired by Priceline Group for $2.6 billion.

Reservations are free to end users; the company charges restaurants flat monthly and per-reservation fees for their use of the system. [7] According to the company, it provides online reservations for more than 50,000 restaurants around the world and seats over 1 billion diners per year. [8]

History

OpenTable was founded by Chuck Templeton on July 2, 1998, and initially incorporated in California as easyeats.com, Inc. [9]

On May 21, 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. [10]

On October 1, 2010, the company acquired Toptable, a restaurant reservation site in the UK. [11]

On January 29, 2013, the company announced that it had entered a definitive agreement to acquire Foodspotting. [12]

On June 13, 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. [13]

In August 2020, OpenTable named Debby Soo as its new CEO. [14]

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. [15] Users can also receive 100 or 1,000 points after dining that can be redeemed for discounts at member restaurants. [16]

The company also has a mobile application that allows users to find and book dinner reservations. [17] [18]

In April 2024, the company announced a policy change under which anonymous reviews will no longer be allowed beginning May 22. All reviews will display the user's display photo and first name at a minimum, and all existing reviews will be retroactively deanonymized to meet this standard. [19] After receiving significant pushback, OpenTable quickly announced that it would not apply the new policy retroactively, leaving previous reviews anonymous. The start of the new policy was also pushed back to later in the year. [20]

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. [21]

See also

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References

  1. ↑ "About Us". OpenTable. Retrieved October 6, 2016.
  2. 1 2 3 4 5 6 "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. ↑ As American Express Acquires Tock, Who’s Winning the Reservation Wars?
  7. ↑ Leson, Nancy (August 17, 2005). "Risks and Rewards of Booking Your Table Online". The Seattle Times . Retrieved July 22, 2012.
  8. ↑ "OpenTable". OpenTable.com. Retrieved February 16, 2022.
  9. ↑ Hafner, Katie (June 18, 2007). "Restaurant Reservations Go Online". The New York Times .
  10. ↑ "Investor FAQs". OpenTable. Retrieved June 13, 2014.
  11. ↑ Parr, Ben (September 16, 2010). "OpenTable Acquires European Competitor TopTable for $55 Million". Mashable . Retrieved July 7, 2015.
  12. ↑ "OpenTable Press Release". OpenTable. January 29, 2013.
  13. ↑ "Priceline books OpenTable for $2.6bn". New York Telegraph. Archived from the original on July 14, 2014. Retrieved June 13, 2014.
  14. ↑ Guszkowski, Joe (August 13, 2020). "OpenTable names new CEO". Restaurant Business. Retrieved August 14, 2020.
  15. ↑ Joseph, Scott (September 8, 2006). "Table for 2 Is a Click Away". Orlando Sentinel . p. E3. Archived from the original on October 9, 2016. Retrieved April 12, 2007.
  16. ↑ 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.
  17. ↑ "Open Table's Free iPhone App Finds Nearby Dining Reservations". Silicon Valley Business Journal . November 17, 2008.
  18. ↑ Kumparak, Greg (September 14, 2009). "OpenTable Launches on Android". The Washington Post . Retrieved May 20, 2010.
  19. ↑ "Your anonymous OpenTable reviews will soon display your first name". Engadget. April 12, 2024. Retrieved April 12, 2024.
  20. ↑ Hindy, Joe (April 14, 2024). "OpenTable Backtracks, Won't Add Real Names to Old Reviews". PCMAG. Retrieved April 14, 2024.
  21. ↑ "Open Table Company Profile". Businessweek . Archived from the original on March 1, 2009. Retrieved March 17, 2009.
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