Cyera, the Israeli data-security company, said on 28 July that it had signed a letter of intent to acquire Oasis Security for approximately $1 billion. The wording matters: this is a letter of intent, expressly subject to signing a binding agreement and satisfying closing conditions. Several outlets have already reported it as a completed acquisition. It is not one yet.
What Oasis does
Oasis works on non-human identities — service accounts, API keys, tokens, digital keys, bots and workloads. AI agents are the fastest-growing slice of that and the strategic driver here, but not the whole product. Founded in 2022 by Danny Brickman and Amit Zimerman, it raised about $195 million from Accel, Craft Ventures, Cyberstarts and Sequoia, including a $120 million Series B in March.
The number behind the logic
Cyera's own post supplies the argument: non-human identities inside Fortune 500 companies have grown nearly 500% in the last six months and will soon outnumber human ones. Chief executive Yotam Segev put it more bluntly — "Agents are arriving faster than teams can govern them." The intended product is a single platform that inventories, governs and revokes the credentials agents use, joined to the data-security layer Cyera already sells.
Price discipline, or the lack of it
Israeli outlets put the structure at roughly $700 million in cash with the balance in stock; Cyera disclosed no split. At about $1 billion for a company that raised $195 million, the multiple is being set by the strategic story rather than by revenue anyone has published.
Three in a year
Cyera has raised roughly $2.3 billion in total and was valued at $12 billion in June. Ryft and Genie Security came earlier this year. A company that sells data security is assembling an identity company inside itself, on the theory that the next thing worth watching is not a person logging in.