Mikey Campbell
Following news that payments company Square recently gathered another $100 million in funding, a report on Friday claims the firm declined an offer to join Apple reportedly worth some $3 billion.
Citing sources familiar with the matter, TechCrunch reports Apple and Square were recently in acquisition talks, though negotiations failed, with the payments firm declining Cupertino's offer of "around $3 billion." According to the publication, Square was valued at 66 percent of the rumored $3 billion figure.
At the time, Apple reportedly showed off payments solutions that were in the same wheelhouse as Square's credit card-swiping system, which itself attaches to an iPhone's 3.5mm jack to communicate with a set of third-party apps.
While specifics regarding the secret devices were left unreported, it can be assumed that Apple was demoing Apple Pay, the recently-announced NFC-powered mobile payments system due out with the iPhone 6 and iPhone 6 Plus.
Today's rumor jibes with a report from January claiming both Apple and Google were mulling a takeover of Square, which would have considered an $8 billion valuation. At the time, it was said that Square CEO Jack Dorsey believes the company's aesthetic and values lined up with Apple more than Google.
Update: The well-connected Jim Dalrymple has poured cold water on rumors that Apple was interested in buying Square, responding to the reports with a patented "nope."
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49 Comments
"Following news that payments company Square recently gathered another $100 in funding..." A whole $100? These astronomical figures blow me away.
Decline $3 billion now, lose it all in 3 years when Apple has supplanted you.
Great going, guys.
It looks like Apple will do ok without them. Square do ok without Apple (but with Apple in their space)? Probably less so.
[quote name="Tallest Skil" url="/t/182267/square-reportedly-declined-3b-apple-acquisition-offer#post_2597421"]Decline $3 billion now, lose it all in 3 years when Apple has supplanted you. Great going, guys. [/quote] Truly a bonehead manuver.
Morons. Now expect to go bankrupt.