Data security company Cyera, which recently raised $600 million at a $12 billion valuation, announced Tuesday that it has signed a letter of intent to acquire Oasis Security for about $1 billion. The deal will be mostly paid in cash, with the remainder to be paid in Cyera stock.
Oasis focuses on non-human identities, primarily AI agents. As the number of AI agents proliferates, companies must deploy cybersecurity software that monitors the behavior of these agents and gives them permission to access other software.
Founded in 2022, Oasis has raised approximately $195 million from investors including Accel, Craft Ventures and CyberStarts.
The deal highlights the burgeoning market for cybersecurity providers to protect businesses from AI-weaponized threats.
Sciera, which shares investors Accel and CyberStars with Oasis, has been on an acquisition spree, most recently acquiring Index Ventures-backed Lyft and less than a year-old Genie Security.
Following the acquisition, Cyera plans to integrate Oasis’ technology into a unified identity and data security platform.
Cyera recently surpassed $150 million in annual recurring revenue (ARR), but is far from turning a profit, TechCrunch reported last month. The five-year-old company has raised a total of approximately $2.3 billion in funding.
