Square reportedly in acquisition discussions with rivals

April 21, 2014

Square reportedly is discussing the possibility of a sale with several rivals as the mobile point-of-sale provider continues to lose money and burn through the cash it has on hand, according to the Wall Street Journal.

The Journal reported Square spoke with Google earlier this month about a possible acquisition, but a Square spokesman denied those conversations took place. A PayPal representative also denied its interest in acquiring Square, according to the Journal.

Square reportedly recorded a loss of some $100 million in 2013, the Journal reported. The company, which was founded in 2009 by Twitter co-creator Jack Dorsey, also has burned through more than half of the $340 million it has raised through multiple rounds of equity financing.

Square had been readying an initial public offering for this year, but multiple media outlets reported that is now on hold.

Topics: Mobile Payments , Payments , POS , Technology

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