Report: Is Square Mulling a Sale to Google?

But the payment startup denies any Google talks

   

Report: Is Square Mulling a Sale to Google?

Several unnamed insider sources tell the Wall Street Journal that mobile-payment processor Square held talks with Google (GOOG) about a possible sale of the company earlier this year.

square mobile banking 630 300x227 Report: Is Square Mulling a Sale to Google?
Source: squareup.com

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.”

subway185 Report: Is Square Mulling a Sale to Google?
Subway Test Mobile Ordering, Payment App

Square — a five-year-old startup — has also conducted informal talks with eBay (EBAY) and Apple (AAPL) about a possible sales, inside sources claim. A PayPal spokesperson also denied the report.

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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Article printed from InvestorPlace Media, http://investorplace.com/2014/04/report-square-mulling-sale-google/.

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