Data security firm Cyera has signed a letter of intent to buy Oasis Security for roughly $1 billion, a deal paid mostly in cash with the rest in Cyera shares. The acquisition comes just months after Cyera raised $600 million at a $12 billion valuation.

Oasis specializes in securing non-human identities—think AI agents and bots that companies increasingly deploy. As these agents multiply, businesses need software that monitors their behavior and controls which systems they can access. Oasis, founded in 2022, had raised about $195 million from Accel, Craft Ventures, and Cyberstarts.

The deal underscores a booming market for cybersecurity vendors protecting enterprises from AI-powered threats. Cyera, which shares investors Accel and Cyberstarts with Oasis, has been on a buying spree, recently acquiring Ryft (backed by Index Ventures) and Genie Security, a startup less than a year old. After closing the Oasis deal, Cyera plans to weave its technology into a unified identity and data security platform.

Cyera recently surpassed $150 million in annual recurring revenue, but the company remains far from profitable, according to a TechCrunch report last month. The five-year-old firm has raised roughly $2.3 billion in total funding to date.

Source: TechCrunch