(Reuters) -Palo Alto Networks ( PANW ) is in talks to acquire CyberArk Software in a deal that could value the Israeli cybersecurity firm at more than $20 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Shares in CyberArk rose about 13%, while Palo Alto Networks' ( PANW ) stock fell roughly 2%. The companies did not immediately respond to requests for comment from Reuters.

Cybersecurity deal activity has been robust in recent years as large corporations have increased spending on security tools.

Rising competition among all-in-one cybersecurity platforms has reshaped the industry, making several companies attractive takeover targets for larger rivals and private equity firms.

As of Monday's close, CyberArk had a market capitalization of $19.3 billion, according to LSEG data.