Palo Alto Networks Inc. is in discussions to acquire CyberArk Software for more than $20 billion in one of tech’s biggest deals this year, as vendors scramble to fortify their cybersecurity defenses.

Palo Alto Networks could finalize a deal for the identity management software maker — its largest ever — as soon as this week, the Journal reported Tuesday.

Both companies had no comment on the report.

CyberArk, an Israeli company that went public in 2014, provides technology that helps companies streamline the process of logging onto applications for employees. Its rivals include Microsoft Corp., IBM Corp.’s HashiCorp., and Okta Inc.

Deals in cybersecurity have intensified in recent years as large companies spend more on security tools. In particular, cloud security has become a central focus of the enterprise tech stack as advances in artificial intelligence (AI) created new threats and ransomware attacks increase.

Competition among cybersecurity platforms, in turn, have redefined the industry, making several companies attractive takeover targets for larger rivals and private equity firms.

In March, Alphabet Inc.’s Google said it had agreed to buy Wiz, an Israeli cybersecurity startup, for about $32 billion in its largest purchase to date.

Cisco Systems Inc. laid out a record $28 billion for Splunk Inc. in 2023 to take advantage of technology that helps businesses monitor and analyze their data to minimize the risk of hacks and resolve technical issues faster.