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Square Denies Rumours of Sale Discussions with Google, Apple and PayPal

The Wall Street Journal reported early this morning mobile payments company Squarewas mulling a possible sale with Google, and even had informal talks with Apple and PayPal to settle a deal:

Square also had informal discussions about a deal with Apple Inc. and eBay Inc. PayPal in the past, according to people familiar with those situations. Those conversations never developed into serious talks.

Square recorded a loss of roughly $100 million in 2013, broader than its loss in 2012, according to two people familiar with the matter.

Square was quick to squash the report, with a spokesman saying:

“We are not, nor have we ever been in acquisition talks with Google.”

”While we appreciate that Square may be an attractive target for some companies, we have never seriously considered selling to anyone or been in any talks to do so.”

Last year, Square processed over $20 billion in transactions from its nearly 1 million merchants and took in revenue of $550 million, according to sources. Should the company sell, such a deal would be in the billions.

The mobile payments company, backed by Twitter founder Jack Dorsey, made its way to Canada back in the fall of 2012 and processed more than $100 million in sales in its first year here. 

 

 

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.