| June 26
June 26 DriveCam, a company that develops
technology aimed at curbing driver errors, has selected banks
for an initial public offering, according to three sources
familiar with the matter.
The San Diego, California-based company has tapped Morgan
Stanley, Barclays PLC and Credit Suisse AG
to lead the deal, which is expected to come later this
year, two of the sources said on Wednesday.
DriveCam had business orders worth more than $100 million in
2012, the company disclosed earlier this year.
"We always look at all of the options available to us, but
our focus is on building a great company over the long term,"
said DriveCam's senior vice president of corporate
communications, Julie Cunningham.
The banks all declined to comment.
More than 400,000 drivers use DriveCam's services, including
500 commercial fleets, like those of Sysco Corp and
Waste Management Inc.
DriveCam's vehicle-monitoring systems are aimed at reducing
collisions and fuel costs. They include a recording device that
captures driving behavior and provides real-time feedback such
as traffic information.
Companies providing such monitoring and traffic
data-collection systems are receiving increasing attention from
Traffic data company Inrix, based in Kirkland, Washington,
has raised $68 million in outside funding and is also eyeing an
IPO later this year, according to the two sources. Inrix
declined to comment.
Separately, shares of FleetMatics Group PLC, which
provides GPS fleet- and vehicle-tracking software, are up 30
percent so far this year.
In February, DriveCam received a strategic investment from
Volvo Group's venture capital arm. It has received additional
funding from private equity firm Welsh, Carson, Anderson & Stowe
and venture firms Insight Venture Partners, Integral Capital
Partners, JMI Equity, Menlo Ventures and Triangle Peak Partners.