Radware announces largest ever contract

The multi-million dollar contract is with an unnamed foreign government agency.

Enterprise networking solutions provider Radware Ltd. (Nasdaq: RDWR; TASE: RDWR) has signed a customer contract worth several million dollars with a “foreign government agency” (i.e. not the US federal government). The deal is the largest to-date in the company's history.

The win indicates that Radware’s recent problems were on the performance side, not with its technology, and that it is heading in the right direction. Radware's share price rose 3% by mid-day on Wall Street and closed up 3.7% on the TASE. The company has a market cap of about $290 million.

Radware president and CEO Roy Zisapel said, "The sensitive nature of our customer's operations prevent us from disclosing their name publicly, however, we are pleased that they chose Radware as their preferred vendor after a comprehensive testing and review process involving several competitors in the space.

Radware CFO Meir Moshe added that the government agency had chosen the company’s products after tests in which some of the company’s competitors had participated. “There aren’t 100 such competitors, so it’s clear who was in the picture,” he said. Apparently, Radware beat companies like Cisco Systems Inc. (Nasdaq:CSCO) in the tender.

Last week, Radware said that director and largest shareholder Yehuda Zisapel had personally bought 144,600 shares for $1.9 million.

Published by Globes [online], Israel business news - www.globes.co.il - on September 17, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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