According to sources familiar with the repost, DriveCam, a firm that develops technology focused at curbing driver errors, selected banks to initiate its initial public offering (IPO).

DriveCam is a San Diego, California based company. The company has talked with Morgan Stanley, Barclays PLC and Credit Suisse AG to lead the offering. The IPO is expected to come later this year according to two sources that were familiar with the talks said on Wednesday.

The company disclosed earlier this year that it had received orders valued more than US$100 million in 2012. The company's Senior Vice President of Corporate Communications, Julie Cunningham said that DriveCam is directed to building a great company over the long term. That is why it has sought all available options to reach this goal.

The three banks declined to give statements regarding the report.

There are more than 400,000 drivers that use DriveCam's services. This included 500 commercial fleets similar to that of Sysco Corp and Waste Management Inc.