Riverbed Technology is rumored to have entered the bidding war for Radware, according to a report from The Calcalist, a Hebrew language newspaper.

Radware, a provider of application delivery and applications security solutions, is said to have also recently received bids from Hewlett Packard and IBM, and is now considering the two proposals from HP and Riverbed. The news source speculates that the bidding between the two technology companies is around $47 per share, representing a fully-diluted valuation of $1.03 billion.

Although the report has yet to be confirmed by officials with any party involved, Radware's shares rose 19.1 percent this morning in pre-market trading on NASDAQ. Radware's stock price saw a similar uptick in late September when another Israeli newspaper, The Globes, reported that HP and IBM were considering making a move for the security device maker. On that day, shares of Radware surged by 40 percent to its 2010 high.

In its report, The Calcalist noted that Radware's CEO, Roy Zisapel, recently sat down to talk specific numbers with both HP and Riverbed. Zisapel reportedly let the two communication equipment manufacturers know that Radware would consider a proposal in the neighborhood of $53 per share.

Radware executives refused to comment on the speculation during a recent conference call regarding the company’s third quarter report, noting that Radware is simply "keeping its eyes and ears open for opportunities to increase value for shareholders."

Press contact for both companies told TechZone360 that they do not respond to rumors and have no comment at this time.

The speculation is not all that surprising considering Radware and Riverbed offer products that complement each other quite well. In fact, the companies have partnered with one another on several occasions and have even collaborated on a number of joint solutions. Radware is also a member of the Riverbed Technology Alliance Partner Program.

Stick with TechZone360 for any updates on this potential acquisition.