How much do you think all those pictures you took of last evening's meatloaf are worth on the open market?
If you said about $10 million, you'd be correct.
Restaurant reservation and review site Open Table has entered into a definitive agreement to acquire the food photo sharing app for approximately $10 million -- in cash -- pursuant to a stock purchase agreement.
The completion of the acquisition is subject to he satisfaction of customary closing conditions, and a closing date has not yet been announced. OpenTable trades on the NASDAQ under OPEN.
Matt Roberts, chief executive officer of OpenTable, said that "by adding more visually compelling content to help people decide where to dine and discover dishes they'll love, we hope to make it even easier to find the perfect table for any occasion."
OpenTable recently added the capacity to add food photos through a collaboration with Foodspotting, giving users a "taste" of what's in store. The idea is that once you book a restaurant on OpenTable, you can then access the restaurant's menus (a current feature) and pictures of various dishes, provided by Foodspotting users.
Foodspotting is a small start-up company, and 10 of its employees will be hired on as part of OpenTable's staff, including Alexa Andrzejewski, who will serve as an interface designer.
OpenTable currently provides online reservation service for over 26,000 restaurants in the U.S., Canada, Germany, Japan, Japan, Mexico, and the United Kingdon. According to a company statement, it has seated more than 385 million diners.
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