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OpenTable

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For the Christian eucharistic practice, see Open communion.
OpenTable, Inc.
Type of site
Subsidiary
FoundedJuly 2, 1998; 26 years ago (1998-07-02)
Headquarters
San Francisco, California
,
United States
Area servedWorldwide
Founder(s)Chuck Templeton
Key people
IndustryInternet
ServicesTable reservation
RevenueIncrease US$190.05M (2013)[1]
Operating incomeIncrease US$46.429M (2013)[1]
ProfitIncrease US$33.385M (2013)[1]
Total assetsIncrease US$310.971M (2013)[1]
Total equityIncrease US$230.262M (2013)[1]
Employees625 (2013)[1]
ParentThe Priceline Group
URLopentable.com
Current statusActive

OpenTable is an online restaurant-reservation service company founded by Chuck Templeton in 2 July 1998 and is based in San Francisco, California.

In 1999, the website began operations serving a limited selection of restaurants in San Francisco.[4] It has since expanded to cover more than 30,000[5] restaurants in most U.S. states as well as in several major international cities. Reservations can be made online through its website. On June 13, 2014 the company announced it had agreed to terms with The Priceline Group to be acquired in an all-cash deal for $2.6 billion.[6]

The company's home market consists of the United States, however, it has expanded in recent years to include markets including Canada, France, Germany, Japan, Mexico and the United Kingdom. Reservations are free to end users; the company charges restaurants monthly and per-reservation fees for their use of the system.[7] According to the company, it provides online reservations for about 31,000 restaurants around the world and seats about 15 million diners a month.[6]

History

The company was founded by Chuck Templeton on 2 July 1998.

OpenTable held its initial public offering (IPO) on 21 May 2009, 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.[8]

On 1 October 2010, the company acquired Toptable, a restaurant reservation site in the UK.[9] On 29 January 2013, the company announced that it entered a definitive agreement to acquire Foodspotting.[10]

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.[6]

Information

For users

The service allows users to search for restaurants and reservations based on parameters including times, dates, cuisine and price range. Users who have registered their email address with the system will then receive a confirmation email.[11] Users can also receive OpenTable rewards points after dining (100 or 1,000); these points can be redeemed for discounts at member restaurants.[12]

The company also has a mobile application available in Apple's App Store, Blackberry App World, Google Play, Windows Phone Store and Palm App Catalog that allows users to find and book dinner reservations.[13][14]

For restaurants

The service provides restaurant owners with comprehensive reservation management. Subscribing restaurants use an Electronic Reservation Book (ERB) to replace existing paper reservation systems. It provides the ERB as an integrated software and hardware solution that computerizes restaurant host-stand operations. The ERB handles reservation management, table management, guest recognition, and email marketing.[15]

Controversy

Incanto criticism

In 2010 San Francisco restaurateur Mark Pastore explained on his then restaurant Incanto's website why it was not listed with Open Table, citing high fees and the control it gave to Open Table of the customer information.[16] The explanation was cited in several publications, including The New York Times.[17]

See also

References

  1. ^ a b c d e f OpenTable, Inc., Annual Report on Form 10-K, February 21, 2014
  2. ^ "Opentable.com Traffic, Demographics and Competitors". Alexa Internet. Retrieved 6 October 2016.
  3. ^ "About Us". OpenTable. Retrieved 6 October 2016.
  4. ^ Davis, Robin (August 18, 1999), "What's New: Snag a Table From Cyberspace", San Francisco Chronicle
  5. ^ "OpenTable Web Site". Retrieved January 13, 2014.
  6. ^ a b c "Priceline books OpenTable for $2.6bn". New York Telegraph. Retrieved 13 June 2014.
  7. ^ Leson, Nancy (August 17, 2005). "Risks and Rewards of Booking Your Table Online". The Seattle Times. Retrieved July 22, 2012.
  8. ^ "Investor FAQs". OpenTable. Retrieved 2014-06-13.
  9. ^ Parr, Ben (September 16, 2010). "OpenTable Acquires European Competitor TopTable for $55 Million". Mashable. Retrieved July 7, 2015.
  10. ^ OpenTable Press Release
  11. ^ Joseph, Scott (September 8, 2006). "Table for 2 Is a Click Away". Orlando Sentinel. p. E3.
  12. ^ Lubinger, Bill (February 21, 2007). "Need a Corner Table? Reservation at 7? Opentable Online Gets It for You Fast". The Plain Dealer.
  13. ^ "Open Table's Free iPhone App Finds Nearby Dining Reservations". Silicon Valley Business Journal. November 17, 2008.
  14. ^ Kumparak, Greg (September 14, 2009). "OpenTable Launches on Android". The Washington Post. Retrieved May 20, 2010.
  15. ^ "Open Table Company Profile". Businessweek. Retrieved March 17, 2009.
  16. ^ http://incanto.biz/2010/10/22/is-opentable-worth-it/
  17. ^ http://www.nytimes.com/2010/12/12/business/12digi.html?_r=0
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