July 19 (Bloomberg) -- MobiTV Inc., the maker of software that lets smartphone users watch live television, hired JPMorgan Chase & Co. and Deutsche Bank AG to manage its initial public offering, said two people with knowledge of the situation.
The company is planning to go public by the end of 2011 and may raise about $100 million, said one of the people, who declined to be named because the company’s plans aren’t public.
MobiTV would follow technology companies LinkedIn Corp., HomeAway Inc. and Fusion-io Inc. in raising money from public markets amid a resurgence in IPOs. Companies have held 117 U.S. offerings in 2011, a 29 percent increase from a year earlier, and the most of any year at this point since 2007, according to data compiled by Bloomberg.
Tasha Pelio, a spokeswoman for JPMorgan, declined to comment, as did John Gallagher, a spokesman for Deutsche Bank. A spokesman for MobiTV, based in Emeryville, California, declined to comment.
Founded in 1999 by Paul Scanlan, Phillip Alvelda and Jeff Annison, MobiTV’s growth has accelerated in the past two years as consumers have flocked to Apple Inc.’s iPhone and Google Inc.’s Android devices. MobiTV has developed software that delivers sports, TV shows and news to more than 350 different kinds of devices.
MobiTV was approaching $100 million in annual revenue as of October 2010, a person familiar with the matter said at the time. In 2007, the company named media industry veteran Charlie Nooney as chief executive officer, replacing Alvelda.
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