Data security company Cyera signed a letter of intent to acquire Oasis Security for approximately $1 billion in a deal expected to close with mostly cash and some Cyera shares.

The acquisition targets the growing market for securing AI agents and non-human identities as enterprises deploy more autonomous systems. Cyera recently raised $600 million at a $12 billion valuation.

Oasis Security specializes in monitoring AI agent behavior and managing their access permissions across enterprise software systems. Founded in 2022, the company has raised about $195 million from Accel, Craft Ventures, and Cyberstarts.

The deal marks Cyera's third acquisition this year, following purchases of Index Ventures-backed Ryft and the startup Genie Security. Both Cyera and Oasis share investors Accel and Cyberstarts.

Integration plans

Cyera plans to integrate Oasis's technology into a unified identity and data security platform. The combined offering will address enterprise needs for securing both traditional data and the proliferating AI agents accessing it.

The acquisition highlights surging demand for cybersecurity solutions defending against AI-weaponized threats. Companies increasingly need specialized tools to monitor autonomous agents and grant appropriate system permissions.

Cyera recently surpassed $150 million in annual recurring revenue but remains unprofitable despite raising about $2.3 billion in total funding over five years. The company operates at roughly 80 times its ARR multiple.

The transaction is expected to close pending standard regulatory approvals and due diligence completion.