Shares of the Columbia, Maryland-based company rose more than 8% in afternoon trading.

Tenable is working with advisers, the report said, adding that the talks are in the initial stage and there is no guarantee that it would lead to a deal.

The company, which has a market value of more than $5 billion, declined comment when contacted by Reuters.

The report comes at a time when enterprise customers have been increasing their investments in cybersecurity by turning to firms that provide comprehensive solutions, reducing dependence on multiple security vendors.

This shift has sparked discussions about potential consolidation in the industry.

Last week, Israeli cybersecurity startup Wiz ended talks with Google-parent Alphabet, on a proposed $23 billion deal that would have been the largest-ever acquisition for the tech giant.

The cyber industry has also been in the spotlight following the recent global IT outage that crippled industries including airlines, underlining the need for robust and foolproof security solutions.

Tenable has more than 44,000 customers, according to its annual report, including notable names such as Tyler Technologies , Capgemini, Siemens .

Tenable is set to release its second-quarter financial results on Wednesday.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber and Tasim Zahid)