SAN FRANCISCO Dec 3 LogLogic, a supplier of software used to audit computer data trails, on Monday named veteran software executive Patricia Sueltz as its new chief executive, effective Dec. 1.
Sueltz recently ended a two-year stint leading the turnaround of Surfcontrol Plc in October, when it was sold to rival Websense Inc WBSN.O for $401 million.
Previously she had held executive positions at Salesforce.com Inc (CRM.N), Sun Microsystems Inc JAVAD.O and International Business Machines Corp (IBM.N).
Dominique Levin, who has served as acting CEO for the past five months, will continue as executive vice president of marketing for products & business development, reporting to Sueltz.
LogLogic has created a fast-growing business by automating the management of event data generated across an organization's computers. "We are still doubling year on year," Levin said in a phone interview.
"We want to be a big player," Levin said. "We have a lot of reason to believe that our market will be very large."
LogLogic counts 350 of the Global 2000 companies as customers. The company has a little over 100 employees.
The hiring of Sueltz sets the stage for LogLogic to prepare for a potential initial public offering next year, but executives said they are in no rush to repeat the decline of rival Sourcefire Inc FIRE.O -- off nearly 50 percent since its IPO in April.
Nonetheless, Levin said: "We are at the run rate in 2008 where (an IPO) would be realistic." The privately held company does not disclose revenue.
The company is looking to turn its software products into a broader management platform that could be used by companies, government agencies and telecommunications carriers. It turned cash flow break-even in October, it says.
The company has raised $33 million in three rounds; the last was led by Invesco two years ago. Sequoia Capital partner Michael Goguen is chairman of LogLogic's board of directors. (Reporting by Eric Auchard, editing by Gerald E. McCormick)