Data security company Cyera, which recently raised $600 million at a $12 billion valuation, announced Tuesday that it has signed a letter of intent to acquire Oasis Security for approximately $1 billion in a deal that is expected to be paid primarily in cash, with the remainder in Cyera stock.

Oasis focuses on non-human identities, primarily AI agents. As the number of AI agents proliferates, companies must implement cybersecurity software that monitors the behavior of these agents and grants them permission to access other software.

Founded in 2022, Oasis has raised around $195 million from Accel, Craft Ventures, Cyberstarts and other investors.

The deal highlights a booming market for cybersecurity vendors that defend businesses against AI threats.

Cyera, which shares Accel and Cyberstarts investors with Oasis, has been on an acquisition spree, recently buying Index Ventures-backed Ryft and less than a year old Genie Security.

Following the acquisition, Cyera plans to integrate Oasis’ technology into a unified identity and data security platform.

Although Cyera recently surpassed $150 million in annual recurring revenue (ARR), the company is far from profitable, TechCrunch reported last month. The company, founded five years ago, has raised around $2.3 billion in total funding.