Cybersecurity giant Palo Alto Networks announced on Wednesday its intent to acquire identity management and security company CyberArk for $25 billion. The deal, a mix of cash and stock, marks Palo Alto’s entrance into the identity security space, according to a company press release.

Palo Alto has been on a shopping spree since Nikesh Arora took over as CEO and chairman of the company in 2018, according to the Financial Times, which estimated the company has spent more than $7 billion on acquisitions since Arora started. The company’s acquisition of CyberArk is the largest to date.

Some of Palo Alto’s other acquisitions include: Dig Security, for an estimated $400 million in October 2023; Talon Cyber Security for an estimated $625 million in November 2023; and Bridgecrew for $156 million in February 2021, among others.

This is one of the largest cybersecurity deals thus far in 2025. The largest deal was Google’s acquisition of Wiz in March for $32 billion.

Palo Alto Networks did not immediately comment.