Other unnamed insiders claim that Google and Square first broached the idea of a purchase back in 2012. The insiders could not say if the merger talks were ongoing. However, a spokesperson for Square denied the report, telling the Journal that, “We are not, nor have we ever been in acquisition talks with Google.”
Last year, Square’s annual loss increased compared to the prior year, hitting about $100 million. Square has raised $340 million in equity financing since 2009, but has spent more than half of that. Still, Square could be valued at billions of dollars. Almost one million merchants currently use Square credit card readers, which can be plugged into tablets or smartphones.
Last year, reports circulated that Square might be considering an initial public offering.
GOOG stock fell more than 1% in Monday afternoon trading.
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