Cyera Buys Oasis Security for $1B to Protect AI Agents

Cyera, a company operating in the data-protection market, announced on Tuesday that it had signed a letter of intent to acquire Oasis Security for roughly $1 billion. Under the terms of the deal, the bulk of the sum will be paid in cash, with the remainder in Cyera stock. Not long before, Cyera itself raised $600 million at a $12 billion valuation.

Who's Being Bought

Oasis Security focuses on so-called non-human identities — first and foremost AI agents. As the number of such agents grows, companies have to deploy protective software that monitors the agents' behavior and grants them permissions to access other programs. Founded in 2022, Oasis raised about $195 million from Accel, Craft Ventures, Cyberstarts and other investors.

Curiously, the buyer and the acquired share common investors — Accel and Cyberstarts appear on both companies' lists.

A Buying Spree Amid “AI Threats”

The deal reflects the booming market for cybersecurity tools that protect corporations against threats amplified by artificial intelligence. For Cyera it is already the third acquisition this year: earlier the company bought Ryft (backed by Index Ventures) and the very young startup Genie Security, which was less than a year old.

Once the deal closes, Cyera intends to fold Oasis's technology into a unified identity- and data-protection platform.

Growth Without Profit

For all its activity, Cyera is still far from profitability. As TechCrunch reported last month, the company's annual recurring revenue recently topped $150 million, yet it has not turned a profit. Over its five years of existence, Cyera has raised roughly $2.3 billion in funding in total.

Source: TechCrunch