Allot (ALLT) said Tuesday its board approved a share repurchase program authorizing the buyback of up to $40 million of the company's ordinary shares.

The company said the repurchases may be made on the Nasdaq and the Tel Aviv Stock Exchange through open-market purchases, privately negotiated transactions or other permitted methods, with funding coming from existing cash resources.

The program does not require Allot to repurchase a specific amount of shares and may be modified, suspended or terminated at any time, it added.