OpenTable Acquires Ness for $17.2M in Cash
OpenTable, Inc. (NASDAQ: OPEN), the world's leading provider of online restaurant reservations, today announced that it has acquired Ness Computing, Inc., a provider of mobile personalized restaurant recommendations, pursuant to an agreement and plan of merger for approximately $17.2 million in cash, or $11.3 million net of estimated Ness cash.
"We're thrilled to welcome Ness to the OpenTable family," said Joseph Essas, Chief Technology Officer of OpenTable. "The Ness team is as passionate about restaurants and helping people find the perfect table as we are, and we have tremendous respect for their talented team of data scientists, engineers and experience designers. We're looking forward to leveraging the Ness team's expertise to enrich the experience for diners and deepen the relationship between restaurants and their guests."
By helping OpenTable to deliver richer experiences for diners and provide greater insights to its restaurant customers, the acquisition supports the Company's focus on continuing to enhance the ways it helps diners discover and book the perfect table and powers more personalized hospitality for guests.
The eleven Ness team members joining the Company will be based out of the OpenTable headquarter offices in San Francisco. The Ness app and site will be discontinued as the team focuses on bringing the Ness technology to the OpenTable product and on other development efforts.
The acquisition will be recorded in the first quarter 2014 financial statements of OpenTable. The Company will provide financial guidance for the first quarter and full year 2014 financial outlook when it reports fourth quarter 2013 financial results on February 6th.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. These forward-looking statements include the quotations from management and statements regarding the Company's strategic and operational plans in this press release. The Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may contribute to such differences include, among others, the Company's ability to accurately forecast revenues and expenses; worldwide economic conditions; the Company's ability to maintain an adequate rate of growth; the Company's ability to effectively manage its growth; the Company's ability to attract new restaurant customers; the Company's ability to increase the number of visitors to its websites and mobile applications and convert those visitors into diners; the Company's ability to retain existing restaurant customers and diners or encourage repeat reservations; the effects of increased competition; the Company's ability to successfully enter new markets and manage its international expansion; the impact of the fluctuations in currency exchange rates; the Company's ability to successfully manage any acquisitions of businesses, solutions or technologies, including the Ness acquisition; interruptions in service and any related impact on the Company's reputation; costs associated with defending intellectual property infringement and other claims; and the impact of natural catastrophic events. More information about potential factors that could affect the Company's business and financial results is contained in the Company's annual report on Form 10-K for the year ended December 31, 2012 and the Company's other filings with the SEC. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
About OpenTable, Inc. OpenTable is the world's leading provider of online restaurant reservations, seating over 14 million diners per month via online bookings across more than 31,000 restaurants. The OpenTable network connects restaurants and diners, helping diners discover and book the perfect table and helping restaurants deliver personalized hospitality to keep guests coming back. The OpenTable service enables diners to see which restaurants have available tables, select a restaurant based on verified diner reviews, menus and other helpful information, and easily book a reservation. In addition to the Company's website and mobile apps, OpenTable powers online reservations for nearly 600 partners, including many of the Internet's most popular global and local brands. For restaurants, the OpenTable hospitality solutions enable them to manage their reservation book, streamline their operations and enhance their service levels. Since its inception in 1998, OpenTable has seated more than 575 million diners around the world. The Company is headquartered in San Francisco, California, and the OpenTable service is available throughout the United States, as well as in Canada, Germany, Japan, Mexico and the UK. OpenTable also owns and operates toptable, the leading consumer destination site for restaurant reservations in the UK. More information is available on http://www.opentable.com.
OpenTable, OpenTable.com, OpenTable logos, toptable and other service names are the trademarks of OpenTable, Inc. and/or its affiliates
SOURCE OpenTable, Inc.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.