Other Mandalay products analyze consumer behavior and help them search for apps.

“We’re highly confident that this is a real need, not a want, for the carriers,” Ellin told the Business Journal.

Joel Achramowicz, managing director at Merriman Capital in San Francisco who covers Mandalay, said listing on the Nasdaq will give the company a higher profile, which it needs to succeed.

“That’s important, especially for small companies,” Achramowicz said. “Companies and investors will be more disposed to look at the stock.”

Achramowicz, who has a “buy” rating on the stock, estimated revenue for Mandalay Digital’s 2014 fiscal year would reach $20 million. That would mark a huge increase from the $4.3 million in revenue it reported for the first three quarters of fiscal 2013. Mandalay Digital had an $11 million net loss in that period.

He agreed that the partnering with carriers on building customizable user interfaces is a major opportunity.

Mandalay Digital has remained relatively obscure in the United States, largely because it has yet to secure a major customer here. Achramowicz said that if executives land a carrier such as Verizon Communications Inc., the company would get more notice.

“It’s not very visible here because they haven’t had major marketing push domestically,” he said. “That would put them on the map if a major American operator talked about Mandalay.”

Major players such as Facebook Inc. are trying to figure out how to generate more sales through mobile devices. The company recently launched Facebook Home, an app that makes it easier for Facebook users to interact through the social network through their smartphones.

“Everything is morphing into the mobile industry, and if you’re not a player there, you’re really marginal,” Achramowicz said.

Mandalay Digital has spent the last year reaching deals with companies including Telefonica Digital in London, Sun Cellular in the Philippines and Cellcom Israel Ltd. in Israel.

It also acquired the music label assets of Skyrockit, a San Francisco music startup backed by Intel Capital, the investment arm of the Santa Clara chip maker.