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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
Area servedWorldwide
Founder(s)Chuck Templeton
Key people
  • Christa Quarles CEO
  • Jeff McCombs CFO
  • Joseph Essas CTO
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, this has expanded in recent years to include 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.[7] According to the company, it provides online reservations for about 40,000 restaurants around the world and seats about 23 million diners per month.[6]

History

OpenTable was founded by Chuck Templeton on 2 July 1998.[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]

Information

For users

The service allows users to 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.[13] Users can also receive 100 or 1,000 OpenTable rewards points after dining; these points can be redeemed for discounts at member restaurants.[14]

The company also has a mobile application available in Apple's App Store, Blackberry App World, Palm App Catalog, and Windows Phone Store that allows users to find and book dinner reservations.[15][16]

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; ERB is an integrated software and hardware solution that computerizes restaurant host-stand operations. The ERB handles reservation management, table management, guest recognition, and email marketing.[17]

Controversy

Incanto criticism

In 2010, San Francisco restaurateur Mark Pastore explained on the website of his then restaurant, Incanto, why it was not listed with Open Table, citing high fees and the control it gave to Open Table of the customer information.[18] The explanation was cited in several publications, [19][20][21] including The New York Times.[22]

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 19 February 2017.
  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". OpenTable.com. Retrieved January 13, 2014.
  6. ^ a b "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. ^ 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. ^ Joseph, Scott (September 8, 2006). "Table for 2 Is a Click Away". Orlando Sentinel. p. E3.
  14. ^ Lubinger, Bill (February 21, 2007). "Need a Corner Table? Reservation at 7? Opentable Online Gets It for You Fast". The Plain Dealer. Cleveland.
  15. ^ "Open Table's Free iPhone App Finds Nearby Dining Reservations". Silicon Valley Business Journal. November 17, 2008.
  16. ^ Kumparak, Greg (September 14, 2009). "OpenTable Launches on Android". The Washington Post. Retrieved May 20, 2010.
  17. ^ "Open Table Company Profile". Businessweek. Retrieved March 17, 2009.
  18. ^ Pastore, Mark (October 22, 2010). "Is OpenTable Worth It?". Incanto.biz.
  19. ^ Rosoff, Matt (27 July 2011). "Why OpenTable Is A Lousy Deal For Some Restaurants". Business Insider. Retrieved 2017-08-07. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  20. ^ Cruz, Clarissa (18 November 2010). "Is OpenTable Bad for Restaurants?". Inc.com. Retrieved 2017-08-07. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
  21. ^ Lacy, Sarah (16 November 2010). "Can (and Should) OpenTable Be Disrupted? | TechCrunch". Retrieved 2017-08-07. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  22. ^ Stross, Randall (December 11, 2010). "The Online Reservations That Restaurants Love to Hate". The New York Times.

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