Cyera, a data security company, has signed a letter of intent to acquire Oasis Security for roughly $1 billion, in a deal aimed at bolstering protection for the rapidly growing population of AI agents operating within enterprise systems. Oasis specialises in securing "non-human identities" – chiefly AI agents – helping firms monitor these systems' behaviour and control what software they can access. The acquisition underscores a booming market for cybersecurity firms tasked with defending businesses against threats weaponised by AI.

The deal, expected to be paid mostly in cash with the remainder in Cyera shares, will see Oasis's technology folded into a unified identity and data security platform. Founded in 2022, Oasis has raised about $195 million from investors including Accel, Craft Ventures and Cyberstarts, both of which also back Cyera. Cyera itself recently raised $600 million at a $12 billion valuation and has been on an acquisition spree, having also bought Ryft and Genie Security; the five-year-old firm has raised roughly $2.3 billion in total and recently topped $150 million in annual recurring revenue, though it remains unprofitable.