Cyera agreed to buy Oasis Security for about $1 billion on Tuesday, the Israeli data security company’s largest deal since it launched five years ago. Most of the price comes in cash, with the rest paid in Cyera stock, according to Globes and TechCrunch, which both covered the signing. Oasis, founded in 2022, builds software that manages the identities of machines and AI agents moving through corporate networks.
It is Cyera’s sixth acquisition since 2024 and the second nine figure bet by a major identity security company on non-human accounts in under two years. CyberArk made the first one back in 2024, paying $1.54 billion for Venafi. The pattern is now repeating with a different buyer, a different target, and the same underlying panic: software and AI agents have multiplied past the point where anyone can see who, or what, is touching sensitive data.
The Fine Print on a Billion-Dollar Deal
Cyera and Oasis signed a letter of intent Tuesday, according to Globes, which first reported the two sides were in advanced talks. Cyera plans to pay roughly $700 million in cash and cover the remainder in its own shares, a structure weighted heavily toward cash compared with most tech acquisitions this size. Oasis will keep operating as its own unit inside Cyera once the deal closes, staying focused on non-human identity security, the company said in its own announcement of a single platform to secure the agentic enterprise.
Danny Brickman and Amit Zimerman founded Oasis in 2022 after serving in Unit 81, the Israel Defense Forces’ Intelligence Corps unit that builds technology for the country’s security establishment. Brickman is CEO; Zimerman is chief product officer. Their platform discovers, manages and controls access for non-human accounts, service accounts, tokens, digital keys and AI agents among them, before those accounts can be hijacked or quietly misused.
“From day one, we recognized that non-human identities would become one of the key security challenges of the AI era,” Brickman said. “While Cyera redefined data security, we redefined identity governance for the AI age.” Oasis raised more than $195 million from Accel, Cyberstarts, Sequoia Capital and Craft Ventures before Tuesday’s announcement, a bet those firms made on a category that barely had a name when the startup launched.
Why Are Machines Outnumbering Employees 80 to 1?
Non-human identities, the service accounts, API keys, tokens and AI agents that software uses to reach other software, have multiplied as companies wire autonomous agents into daily operations. KPMG’s Cybersecurity Considerations 2026 report found they now outnumber human users by roughly 80 to 1 in the average enterprise, a ratio that widens to 144 to 1 in cloud-native environments.
Other measures point the same direction.
- $22.94 billion. That is where Mordor Intelligence expects the non-human identity security market to land by 2031, up from an estimated $8.22 billion this year.
- 480 percent. How much the number of non-human identities inside Fortune 500 companies grew in the six months before the Oasis deal, Cyera said.
- 44 percent. Year-over-year growth in machine identities industry-wide, according to a SANS Institute survey of more than 500 security professionals; three in four of them said the category is now their fastest-growing identity problem.
Cloud Security Alliance’s own survey on non-human identity and AI security practices found the same pattern from a different angle: adoption has outrun governance almost everywhere it looked.
Cyera’s Founders Bet Everything on One Platform
Yotam Segev and Tamar Bar-Ilan met during Israeli army service, where they built and ran the cloud security division for Unit 8200, the IDF’s signals intelligence corps. They founded Cyera in 2021, Segev as CEO and Bar-Ilan as chief technology officer, aiming to give companies one view of where sensitive data sits, how it moves, and who or what can reach it.
The old security model was built for humans, not machines, and AI agents are breaking whatever access controls are left.
Segev said that, adding that the AI era is reshaping data protection faster than most security teams can keep up with agent deployment. “Every security decision begins with understanding two things: what data needs protection and who, or what, is seeking to access it,” he said. “Oasis enables us to unite these two worlds on a single platform, giving organizations the level of control they need to adopt AI securely.”
CyberArk Already Ran This Playbook
Cyera is not the first identity company to decide the fastest way into machine identity is to buy a company that already built it. CyberArk, the publicly traded identity security firm, closed its purchase of Venafi, a machine identity management specialist, for $1.54 billion in the fall of 2024, paid in roughly $1 billion cash and $540 million in CyberArk stock.
CyberArk said the tie-up added roughly $10 billion to its addressable market, pushing the total to about $60 billion, and brought in another $150 million in annual recurring revenue. Two years later, a second identity platform is making a strikingly similar wager, at an even higher price.
| Deal | Price | Structure | Category | Status |
|---|---|---|---|---|
| Cyera buys Oasis Security | $1 billion | ~$700 million cash, remainder in stock | Non-human identity governance | Letter of intent signed July 28, 2026 |
| CyberArk buys Venafi | $1.54 billion | ~$1 billion cash, $540 million stock | Machine identity management | Closed fall 2024 |
Both deals paired a larger identity or data security platform with a smaller company that had already built deep technology for machines rather than people. Both arrived as AI adoption accelerated faster than security teams could track it.
Six Acquisitions, Five of Them This Year
Oasis is Cyera’s sixth acquisition since 2024, and its price tag alone likely exceeds the combined value of the previous five, most of which were smaller, lower-profile deals.
- 2024: Cyera acquires Trail Security for $162 million, adding data loss prevention to its platform.
- April 2026: Cyera acquires Ryft, a 15-person startup, for a reported $100 million.
- May 2026: Cyera acquires Genie Security, five months old at the time, for an estimated $50 million.
- June 2026: Cyera acquires both Otterize and Shape AI in the same month, without disclosing either price.
- July 2026: Cyera agrees to acquire Oasis Security for about $1 billion, its largest deal by a wide margin.
The buying spree has pushed Cyera’s headcount to roughly 1,500 employees across 15 countries, according to industry analyst Futurum Group’s read on the company’s platform ambitions, up sharply from its early years as a small Tel Aviv startup.
Early Backers Cash Out Big
Accel, Cyberstarts, Sequoia Capital and Craft Ventures backed Oasis through more than $195 million in funding, wagering on a security category that barely existed three years ago. A billion-dollar exit less than four years after founding hands those firms a return few enterprise security bets ever reach.
Sequoia Capital published its own take on the tie-up, framing the combination as stronger together for customers trying to secure both human and machine access from a single vendor. Cyera already sells into more than one in five Fortune 500 companies, spanning financial services, retail, media, healthcare, technology and telecom, the company said. Folding Oasis in gives those customers machine identity governance without signing a second vendor contract.
The Governance Gap This Deal Does Not Close
Buying Oasis does not, by itself, close the gap Cyera and CyberArk are both chasing. Machine identities grew 44 percent industry-wide in a single year, a pace no single acquisition reverses. Cyera must now fold a sixth company’s engineering team into its platform while integration from Trail Security, Ryft, Genie Security, Otterize and Shape AI is still under way.
Okta, Microsoft and other identity vendors built their platforms around human logins and passwords, not machine ones. Expect more nine-figure checks written for non-human identity startups before this consolidation wave runs its course.
Oasis is Cyera’s sixth acquisition in under two years and the first to cost anywhere near what CyberArk paid for Venafi. Both bets rest on the same wager: that whoever secures the machines ends up securing everything else too.
