According to local media in the Portuguese press, BestTables had few resources to stay afloat within the ever competitive field of online restaurant booking
In terms that have not been disclosed, and for reasons that suggest BestTables was in a poor bargaining position, it was reported with little fanfare on Friday that TripAdvisor acquired Portuguese restaurant booking site BestTables. According to local media in the Portuguese press, BestTables – which helps customers choose and book restaurants based on location, price, type of food, availability, and special offers, and partners with 1,200 locations in Portugal and Brazil – had few resources to stay afloat within the ever competitive field of online restaurant booking. Hugo Pereira, a partner at Shilling Capital Partners, one of BestTables’ first investors, told local press, “We thought it was a good time to get out of the market, which was about to consolidate. It is starting to be a giant fight and we had no resources to tackle them.”
A hot year for consolidating the restaurant reservation space
In the last year, travel booking sites such as TripAdvisor and Priceline have been quickly buying up dining reservation startups. TripAdvisor bought French Lafourchette.com for approximately $140 million, Spanish Eltenedor.com for undisclosed terms, and Dutch restaurant review site Iens.nl and dining reservation site SeatMe for likely $11.8 million, while Priceline completed an expensive acquisition of OpenTable for $2.6 billion in 2014.
TripAdvisor’s restaurant reservation related startups, including BestTables, are integrated into TripAdvisor’s TheFork, which, if you can read French, you can see is a direct translation of “La Fourchette,” and is indeed a continuation of the French business’s operations.
As Brazil’s economy grows, we can expect more acquisitions like this to come.
Featured Image Credit: BestTables