Radware Ltd., an Israeli technology company, sank the most in 19 months in New York after Juniper Networks Inc. announced a licensing deal with competitor Riverbed Technology Inc.
Radware, the Tel Aviv-based developer of technology to help networks run more efficiently, declined 11 percent to $32.69 by 12:58 p.m. in New York, poised for the biggest retreat since December 2010. The slump led declines on the Bloomberg Israel-US Equity Index of the most traded Israeli companies in New York.
Juniper, the world’s No. 2 maker of networking gear, announced yesterday after the market closed a $75 million deal with Riverbed to license products that help boost application performance. Radware said its partnership with Juniper, which was announced in October, remains intact.
“The reason its shares are reacting like this is because some people had expectations that Juniper would go with Radware for this deal,” Joseph Wolf, an analyst for Barclays Plc in said by phone from Tel Aviv.