OpenTable Timeline Presentation by Mitesh M Motwani

OpenTable
As experienced by Mitesh M Motwani
BeingMCuBE.com | @BeingMCuBE

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

The Recipe

The Dish
$260 / month
via OT site: $1 / Diner
via Rest. site: $0.25 / Diner

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

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

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

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)

Journey : Post-IPO
Reasons for 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)

Journey : Post-IPO
• June 2011: Matt Roberts -> CEO
• Served as CFO for 6 years

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

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

Stats
• Diners seated since 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

Stats : Installed Restaurants & Seated Diners

Stats : Revenue

Stats : Market Share

• Eveve
• Scottish company
• 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

References
• OpenTable
• Forbes
• CNN
• Business Insider
• Priceline Group
• Acquire Media
• Google Finance
• Ycharts
• Yahoo Finance

Mitesh M Motwani
LinkedIn: BeingMCuBE.com
Twitter: @BeingMCuBE
Dreamer
Entrepreneur
Digital Strategist
Aspiring Venture Capitalist

OpenTable Timeline Presentation by Mitesh M Motwani

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