Data security company Cyera has signed a letter of intent to acquire Oasis Security for approximately $1 billion, with the deal expected to be paid mostly in cash and the remainder in Cyera shares.

Cyera recently raised $600 million at a $12 billion valuation. Oasis, founded in 2022, focuses on non-human identities — primarily AI agents.

As AI agents proliferate, companies need cybersecurity software that monitors these agents’ behavior and manages their permissions to access other software.

Oasis has raised about $195 million from Accel, Craft Ventures, Cyberstarts and other investors.

The acquisition highlights a surging market for cybersecurity providers defending enterprises against AI-weaponized threats.

Cyera shares investors Accel and Cyberstarts with Oasis, and has been on an acquisition spree — recently purchasing Index Ventures-backed Ryft and Genie Security.

Post-acquisition, Cyera plans to integrate Oasis’s technology into a unified identity and data security platform.

Cyera recently surpassed $150 million in annual recurring revenue (ARR) but is far from profitable, as TechCrunch reported last month. The five-year-old company has raised about $2.

3 billion in total funding.