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Did you know that OpenTable belongs to Booking.com? The online travel service giant is another Vestact recommended stock in New York. It is owned by 172 clients, and the aggregate holding is worth $5,8 million.
OpenTable is the world's biggest online restaurant reservation service. It was started by Chuck Templeton in 1998 in San Francisco. It has expanded to 30 000 restaurants in most US states and several major international cities. Booking.com bought them in 2014 for $2.6 billion, in an all-cash deal.
OpenTable has an interesting business model. The service is free to diners, and the restaurants pay them $249 per month plus $1 per seated customer who booked through their app. According to the company, they seat 123 million customers each month. Not bad!
According to this Associated Press story, OpenTable is now partnering with three companies - Caviar, GrubHub and Uber Eats - to offer food delivery through 8 000 restaurants on its app. Food delivery is the fastest growing part of the restaurant business. People want good food, but can't tear themselves away from Netflix at home?
More here, from AP Dining reservation app OpenTable moves into delivery.