Benzinga | Jul 14, 2021 12:43PM EDT

Square Acquires Crew For Undisclosed Sum To Drive Workforce Management Tools

* Square Inc (NYSE:SQ) has acquired Crew, a frontline employee platform for consolidating and streamlining the day-to-day operations of hourly workforces.

* The financial terms of the transaction remain undisclosed.

* Square gained a robust workplace messaging platform. It will strengthen, complement, and scale its existing labor management tools offered through Team Management, better positioning the company to meet the needs of larger, more complex sellers.

* It will also bolster Square's existing ecosystem of business solutions and provide sellers with an integrated, one-stop-shop for messaging, scheduling, tracking, and paying their team members.

* Square held $3 billion in cash and equivalents as of Mar. 31, 2021.

* Price action: SQ shares traded higher by 0.28% at $242.10 on the last check Wednesday.