US contactless payment reader manufacturer ViVOtech is planning an initial public offering next year as it seeks to cash in on the mobile commerce boom.
The California-based firm's chief executive officer Mick Mullagh told Bloomberg an IPO is in the pipeline, predicting m-commerce will be bigger than e-commerce and an "absolutely huge" market.
Founded in 2001, ViVOtech has developed near field communications (NFC) payments software that is used by giant retailers such as McDonald's and Home Depot. It has raised $80 million from investors including Citi, Motorola, NCR and First Data.
The company now hopes to take advantage of the momentum growing behind mobile contactless payments, which is being pursued by banks, handset manufacturers and telcos. According to Bloomberg, ViVOtech has already landed a prestige contract, providing technology for Google's upcoming m-payments trials.
ViVOtech Plans IPO as Early as 2012 Amid Boom in Mobile-Payment Technology - Bloomberg