Uploaded byMitesh M Motwani
OpenTable Timeline Presentation by Mitesh M Motwani
The document details the journey of OpenTable from its inception in 1998 to its acquisition by Priceline in 2014 for $2.6 billion. It highlights key milestones, including its rapid growth in restaurant partnerships, revenue generation, challenges faced, and competitive landscape. OpenTable has seated 665 million diners and has a significant presence in various countries, with ongoing competition from firms like Eveve and Bookatable.
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OpenTable Timeline Presentation by Mitesh M Motwani
- 1. OpenTable As experienced byMitesh M Motwani BeingMCuBE.com | @BeingMCuBE
- 2. The Master Chef •Chuck Templeton • Engineer & serial entrepreneur • Inspired by his wife’s difficult experience in getting a reservation • Inception: June, 1998 By Mitesh M Motwani | www.BeingMCuBE.com
- 3. The Recipe By MiteshM Motwani | www.BeingMCuBE.com
- 4. The Dish $260 /month via OT site: $1 / Diner via Rest. site: $0.25 / Diner By Mitesh M Motwani | www.BeingMCuBE.com
- 5. Journey : Pre-IPO •June, 1998: Inception • 1998-2000: Raises $36 Million • May 2000: Jeff Edwards replaces Templeton as CEO • President of Micros Systems: leading POS for restaurants • Targets large hotel conglomerates (Starwood) + national restaurants (Cheesecake Factory) • Partners with Worldspan, reservation systems backbone for 21,000 travel agencies • Partners with Sabre & Galileo • Aug 2000: 800+ restaurants, 17 U.S. cities • June 2001: Spending $1.1 M/month, $100k revenue By Mitesh M Motwani | www.BeingMCuBE.com
- 6. Journey : Pre-IPO •Sept 2001: Thomas Layton (OT board member) -> CEO • Narrow focus from 50 cities to 4: SF, NY, Chicago, Washington D.C. • Network Effect • Oct 2004 : IAC invests $15 Million for 10% stake • 2005: Annual revenue $16 Million • 65 cities, 4,000 restaurants, 8 Million seated diners By Mitesh M Motwani | www.BeingMCuBE.com
- 7. Journey : Pre-IPO •June 2007 : Jeff Jordan -> CEO • President of PayPal, (ex-)Chef • Jordan focuses on OT’s Site • Dec 2007 : Revenue = $40 Million (30% YoY growth) • 80 cities, 7,300 restaurants, 24 Million seated diners By Mitesh M Motwani | www.BeingMCuBE.com
- 8. Journey : IPO •IPOs in May 2009 • Offers @ $20 • Closes @ $32, up 59% • Market Cap = $689 Million • Q Revenue = $16 Million • Net Profit = $366,000 (NPM @ 2.3%, due to expansion-related costs) By Mitesh M Motwani | www.BeingMCuBE.com
- 9. Journey : Post-IPO Reasonsfor 2011 crash • Jordan leaves in May 2011 to become VC • Over-valued • Saturation reached in core market like SF • Overall decrease in growth • Competition in Europe from Eveve & Livebookings (free + email marketing + analytics)
- 10. Journey : Post-IPO •June 2011: Matt Roberts -> CEO • Served as CFO for 6 years By Mitesh M Motwani | www.BeingMCuBE.com
- 11. Acquisitions Sept 2009 GuestBridge$3 M Guest management software Sept 2010 TopTable $55 M UK based restaurant reservation site Aug 2012 Treatful $4 M Online restaurant gift-card service Jan 2013 FoodSpotting $10 M App for finding & sharing food photos June 2013 JustChalo $11 M Mobile tech company focused on restaurants July 2013 Rezbook (formerly owned by UrbanSpoon) $12 M Reservation management system Dec 2013 Quickcue $11.5 M Mobile wait-list technology Feb 2014 Ness $17.3 M App for Personalized restaurant recommendations
- 12. Journey : Post-IPO •June 2014: Priceline acquires OpenTable • $2.6 Billion, all-cash • @$103, 46% premium to last closing price • Funda? “Travelers are diners. There's opportunity to cross-promote brands.” ~ Darren Huston, Priceline CEO By Mitesh M Motwani | www.BeingMCuBE.com
- 13. Stats • Diners seatedsince Inception: 665 Million • Spent at partner restaurants: $26 Billion • Diners / Month: 15 Million • Restaurants : 32,000 (global) • US, Canada, Germany, Japan, Mexico & UK • Has ~600 partners: Google, Bing, Facebook, TripAdvisor, Yahoo, Yelp By Mitesh M Motwani | www.BeingMCuBE.com
- 14. Stats : InstalledRestaurants & Seated Diners By Mitesh M Motwani | www.BeingMCuBE.com
- 15. Stats : Revenue ByMitesh M Motwani | www.BeingMCuBE.com
- 16. Stats : MarketShare By Mitesh M Motwani | www.BeingMCuBE.com
- 17. • Eveve • Scottishcompany • 2 Million diners / year • 2nd largest in USA (beats OpenTable in Minnesota) • 780 restaurants in 11 countries (biggest in NZ & Chile) • Differentiates via more customization + analytics • Bookatable (formerly Livebookings) • Largest in Europe • Over 200,000 diners / month • 9,000 restaurants worldwide • No reservation fees for diners Competition By Mitesh M Motwani | www.BeingMCuBE.com
- 18. References • OpenTable • Forbes •CNN • Business Insider • Priceline Group • Acquire Media • Google Finance • Ycharts • Yahoo Finance By Mitesh M Motwani | www.BeingMCuBE.com
- 19. Mitesh M Motwani LinkedIn:BeingMCuBE.com Twitter: @BeingMCuBE Dreamer Entrepreneur Digital Strategist Aspiring Venture Capitalist By Mitesh M Motwani | www.BeingMCuBE.com
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