Yelp has agreed to acquire SeatMe, a Web and iPad-app based reservation solution for restaurants. Under the terms of the acquisition agreement, Yelp will acquire SeatMe for approximately $2.2 million in cash, and up to approximately 263,000 shares of its Class A common stock, for a total purchase price of approximately $12.7 million (subject to customary working capital adjustments).
Jeremy Stoppelman (Co-founder and chief executive officer, Yelp): With approximately one million U.S. businesses listed on Yelp in the restaurant and nightlife categories, we believe SeatMe will add online reservation capabilities to a broader market while complementing our existing partnerships.
The transaction, which has been approved by the boards of directors of both companies, is subject to approval by the SeatMe stockholders and the satisfaction of customary closing conditions. The transaction is expected to close by the end of July.
“We are committed to providing an innovative, easy-to-use and affordable restaurant management system that can be accessed anytime, anywhere,” said Alexander Kvamme, SeatMe’s co-founder and chief executive officer.
Based in San Francisco, SeatMe was founded in 2011. The SeatMe team consists of approximately 15 employees who are expected to join Yelp at its new headquarters.
[Image courtesy: SeatMe]