In the wake of its acquisition of SecureWave SA, PatchLink Corp., an IT security management company, has changed its name to Lumension Security.

"The company has five or six standalone [security] technologies, one of which is patching," said Patrick Clawson, chairman and chief executive of Lumension.

The company is hoping that the new name will get some brand recognition by mid-2008, when the company is planning an initial public offering, Clawsonsaid. Although he declined to talk about the company's annual revenue, he said it should be in the neighborhood of $75 million by then and that the company is currently profitable.

Lumension has raised $38 million over two rounds from Bay Partners, Granite Global Ventures, Scale Venture Partners and Government of Singapore Investment Corp. Luxembourg-based SecureWave had raised $10 million (EUR 7.5 million) from Mangrove Capital Partners, Index Ventures and the Grand Duchy of Luxembourg, all of which are now shareholders in Lumension as a result of the acquisition.

The acquisition closed on July 12 and the combined company has 230 employees.