Mobile payments and financial services provider Square has confidentially filed the paperwork necessary to go public according to a person familiar with the matter as reported by The Wall Street Journal.
Under the Jumpstart Our Business Startups (JOBS) Act that was signed into law in 2012, a business with under $1 billion in annual revenue in their most recent fiscal year is allowed to file confidentially. It's the same method that other tech startups including Box, GoPro and Twitter utilized when filing for their respective IPOs.
Many in the financial and technology fields are curious to see how Square CEO Jack Dorsey handles the coming months.
As you may know, Dorsey is also the co-founder of Twitter. He served as the company's first CEO before moving on to other projects, Square being one of them. When Dick Costolo stepped down as Twitter CEO last month, Dorsey returned to serve as interim chief until a replacement can be found.
That means that as of writing, he's the CEO of two major tech companies. His name has reportedly been floated as a permanent CEO at Twitter although just a month ago, Dorsey said he had no intentions of leaving Square.
Those with a financial stake in the matter almost certainly wouldn't allow Dorsey to serve as CEO of the two companies simultaneously.
For what it's worth, Dorsey owns a 26 percent stake in Square and 3.6 percent of Twitter.
Neither Square nor Twitter have publically commented on the matter as of writing.
Image courtesy Khalid Mohammed, AP Photo