Cisco is reportedly making another acquisition for a potential $150 million bargain.

According to a Calcalis report, the U.S. networking giant is eyeing exposure management vendor Zafran Security. The Israeli vendor has raised $130 million to date and was valued at more than $200 million per its most recent funding round in December.

The alleged price tag may come as a new blow to Zafran, which recently saw its co-Founder and CPO Snir Havdala join Nvidia as director of engineering for AI infrastructure.

Calcalis claimed that after its initial rapid growth, Zafran has failed to sustain this momentum, accruing below-expectation annual recurring revenue (ARR) of around $20 million in the past year.

Zafran denied the acquisition rumors to Calcalis, however, saying Cisco had instead made a strategic investment in the firm and that Havdala’s gap had been filled by its current product VP.

A representative added to this title: "Cisco has made a strategic investment in Zafran Security, reinforcing its confidence in Zafran’s platform and the company’s strong business momentum in the market. Zafran is seeing record sales and strong customer feedback on the platform’s impact, alongside significant traction in regulated industries, further reflected in the recent investment from American Express Ventures. "

Founded in 2022, Zafran Security offers a threat exposure management platform that works across cloud, on-premises, and applications. It offers integrations with the likes of Amazon Web Services (AWS), Snyk, and the arguable poster child for Israeli cyber acquisitions, Wiz.

Zafran recently began promoting its services as a replacement for Cisco’s shuttered Kenna service, the risk-based vulnerability management service that Cisco acquired in 2021. While Kenna wasn’t phased out for any particular Cisco service, the service overlapped with the exposure analytics and asset/risk intelligence attributes of Cisco’s Splunk suite.

Cisco is currently in the process of acquiring identity vendor WideField Security. That deal is Cisco’s third of the year to date, following its acquisitions of another identity tool, Astrix Security, and observability player Galileo Technologies.

SDxCentral has contacted Cisco for comment.

Article updated to include comment from Zafran.