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Commtouch Software Ltd., which makes and licenses anti-spam software, said Monday its board has approved a stock repurchase of up to $5 million.

The authorization is for repurchase in the open market or through private transactions.

The company will pay for the buybacks through working capital. The company said it had net cash of $17.3 million at the end of 2009.

The buyback will start immediately and be reviewed quarterly by the board.

The company is headquartered in Netanya, Israel, and has a subsidiary in Sunnyvale, Calif.

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