Thursday, June 27, 2013
DriveCam Seeks IPO, Says Report
San Diego-based DriveCam is driving towards an IPO, and has hired a trio of investment banks to manage its IPO pricess, according to Reuters. Reuters reports that Morgan Stanley, Baclays PLC, and Credit Suisse AG have been hired to manage the company's IPO, citing three sources familiar with the move. The news is not surprising, given the firm's appointment of a board member with significant IPO experience yesterday--and the company's heavy hinting in that release of IPO ambitions. DriveCam develops driver management systems, used by driving fleets to monitor drivers for safety and improving driving habits. DriveCam reported in February that it had just reached $100M in revenues in 2012.