By Olivia Oran and Nadia Damouni
June 26 (Reuters) - DriveCam, a company that developstechnology aimed at curbing driver errors, has selected banksfor an initial public offering, according to three sourcesfamiliar with the matter.
The San Diego, California-based company has tapped MorganStanley, Barclays PLC and Credit Suisse AG to lead the deal, which is expected to come later thisyear, two of the sources said on Wednesday.
DriveCam had business orders worth more than $100 million in2012, the company disclosed earlier this year.
"We always look at all of the options available to us, butour focus is on building a great company over the long term,"said DriveCam's senior vice president of corporatecommunications, Julie Cunningham.
The banks all declined to comment.
More than 400,000 drivers use DriveCam's services, including500 commercial fleets, like those of Sysco Corp andWaste Management Inc.
DriveCam's vehicle-monitoring systems are aimed at reducing collisions and fuel costs. They include a recording device thatcaptures driving behavior and provides real-time feedback suchas traffic information.
Companies providing such monitoring and trafficdata-collection systems are receiving increasing attention frominvestors.
Traffic data company Inrix, based in Kirkland, Washington,has raised $68 million in outside funding and is also eyeing anIPO later this year, according to the two sources. Inrixdeclined to comment.
Separately, shares of FleetMatics Group PLC, whichprovides GPS fleet- and vehicle-tracking software, are up 30percent so far this year.
In February, DriveCam received a strategic investment fromVolvo Group's venture capital arm. It has received additionalfunding from private equity firm Welsh, Carson, Anderson & Stoweand venture firms Insight Venture Partners, Integral CapitalPartners, JMI Equity, Menlo Ventures and Triangle Peak Partners.