TEL AVIV ( TheStreet) -- Another day, another tech M&A rumor.

The Israeli technology Web site Globes reports that networking specialist Radware ( RDWR) is in on the block and said talks are already underway with IBM ( IBM) and Hewlett-Packard ( HPQ).

Citing unnamed sources, Globes said that the total value of the deal is expected to be $945 million, or $45 a share, representing a 60% premium.

Shares of Radware shot up on Tuesday as investors responded to the M&A chatter. Radware's stock closed up $10.72, or 38.46%, to reach $38.59.

IBM has not yet responded to TheStreet's request for comment on this story. A Radware spokeswoman said that the networking firm does not comment on "rumors and speculation" and an HP spokeswoman also declined to comment.

Radware makes application delivery and network security products, and is one of a number of firms touting technology for tackling potentially debilitating cyber attacks. Competitors include Cisco, Citrix ( CTXS) and F5 Networks ( FFIV).

The Israeli firm, with its U.S. headquarters in Mahwah, N.J., would certainly make a viable acquisition target, particularly for HP. The tech giant, which is locked in a battle with networking giant Cisco ( CSCO), is on an M&A tear and recently snapped up 3Par ( PARS) and ArcSight ( ARST) for a combined total of almost $4 billion.

IBM would make a less obvious suitor for Radware, although, like HP, the tech bellwether is an existing Radware partner.

Like many tech companies, Radware had to weather a tough economic climate during the recession, but returned to profitability in 2009. Late last year, Radware also picked up Nortel's Alteon switch business and launched the first new version of the technology in half a decade.

Radware's stock has risen more than 155% this year, boosted by strong quarterly results, and, more recently, acquisition chatter.

--Written by James Rogers in New York.

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