Zscaler, Inc. operates as a cloud security company worldwide. The company provides Zscaler Internet Access solution that provides users, servers, operational technology, Internet of Things device secure access to externally managed applications, including software-as-a-service (SaaS) applications and Internet destinations; and Zscaler Private Access solution, which is designed to provide access to managed applications hosted internally in data centers, and private or public clouds. It also offers Zscaler Digital Experience that measures end-to-end user experience across business applications, as well as provides an easy to understand digital experience score for each user, application, and location within an enterprise. In addition, the company provides workload segmentation solutions comprising Zscaler Cloud Security Posture Management that identifies and remediates application misconfigurations in SaaS, infrastructure as a service, and platform as a service to reduce risk and ensure compliance with industry and organizational benchmarks; and Zscaler Cloud Workload Segmentation, which is designed to secure application-to-application communications inside public clouds and data centers to stop lateral threat movement, as well as prevents application compromise and reduces the risk of data breaches. Its platform modules include Zscaler Central Authority, Zscaler Enforcement Node, and Zscaler Log Servers. It serves customers in airlines and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc., and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.
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Here are 1-3 brief analogies for Zscaler (ZS):
1. The Cloudflare for enterprise user security.
2. The Salesforce of cybersecurity, delivering enterprise security entirely from the cloud.
3. Palo Alto Networks, but its core security platform is built entirely in the cloud and designed for securing remote workforces directly accessing the internet.
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Zscaler Internet Access (ZIA): A cloud-native secure web gateway service that provides secure access to the internet and SaaS applications, protecting users from threats. (Service Category: Secure Web Gateway, Cloud Firewall)
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Zscaler Private Access (ZPA): A Zero Trust Network Access (ZTNA) service that securely connects authorized users directly to private applications without requiring a VPN. (Service Category: Zero Trust Network Access)
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Zscaler Digital Experience (ZDX): A digital experience monitoring (DEM) service that provides visibility and analytics into user, application, and network performance across the Zscaler platform. (Service Category: Digital Experience Monitoring)
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Zscaler Cloud Protection (ZCP): A cloud-native application protection platform (CNAPP) service that secures cloud workloads, applications, and data across multi-cloud environments. (Service Category: Cloud Security Posture Management, Cloud Workload Protection)
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Zscaler Data Protection: Services providing data loss prevention (DLP) and data discovery across internet, SaaS, and private applications to prevent sensitive data exfiltration. (Service Category: Data Loss Prevention)
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Zscaler (ZS) Major Customers
Zscaler (ZS) primarily sells its cloud security services to **other companies** (B2B model), serving a wide range of large enterprises, government agencies, and educational institutions globally. Its customer base includes many Fortune 500 and Global 2000 companies across diverse industries.
While Zscaler serves thousands of organizations and does not publicly disclose a definitive list of *all* its major customers due to competitive and privacy reasons, certain prominent public companies have been publicly acknowledged as customers or have participated in Zscaler case studies.
Here are examples of companies that have been identified as Zscaler customers:
- Siemens AG (SIEGY) - A global technology powerhouse focused on industry, infrastructure, transport, and healthcare.
- General Electric Company (GE) - A diversified industrial company known for aviation, power, and renewable energy.
- Sanofi S.A. (SNY) - A global pharmaceutical company.
- Toyota Motor Corporation (TM) - A multinational automotive manufacturer.
Zscaler's solutions are adopted by large organizations seeking to modernize their security infrastructure with cloud-native Zero Trust access and secure digital transformation initiatives.
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- Amazon Web Services (part of Amazon.com, Inc. AMZN)
- Google Cloud Platform (part of Alphabet Inc. GOOGL)
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Jay Chaudhry CEO, Chairman and Founder
Jay Chaudhry founded Zscaler in 2007/2008. He has over 25 years of security industry expertise, including experience in engineering, sales, marketing, and management at organizations like IBM, NCR, and Unisys. Prior to Zscaler, he founded and led several other security software companies that were all acquired. These include SecureIT (founded 1996), an internet security service acquired by VeriSign in 1998 for $70 million in an all-stock deal, which notably made many of his employees millionaires. He also founded CoreHarbor (2000), a managed e-commerce solution acquired by USi/AT&T; CipherTrust (2000), an email security gateway acquired by Secure Computing Corporation in 2006 for $274 million; and AirDefense (2002), a wireless security company acquired by Motorola.
Kevin Rubin Chief Financial Officer
Kevin Rubin has served as Zscaler's Chief Financial Officer since May 2025. He brings over two decades of experience leading finance organizations at high-growth public and private companies. Before joining Zscaler, he was CFO at BetterUp, where he guided the company's financial strategy and operational scale. Prior to that, he was CFO of Alteryx, where he was instrumental in scaling global financial operations, supporting significant business expansion, and leading the company through its successful initial public offering (IPO). Earlier in his career, he held CFO roles at MSC Software, Pictage, DataDirect, and MRV Communications, and began his career at Arthur Andersen, advising various companies.
Adam Geller Chief Product Officer
Adam Geller serves as Zscaler's Chief Product Officer.
Mike Rich Chief Revenue Officer and President of Global Sales
Mike Rich holds the positions of Chief Revenue Officer and President of Global Sales at Zscaler.
Joyce Kim Chief Marketing Officer
Joyce Kim has been the Chief Marketing Officer at Zscaler since 2023. Before her role at Zscaler, she served as CMO at Twilio, and previously as CMO at Genesys and Chief Marketing and Digital Officer at Arm. Her experience also includes leading marketing for global brands such as Skype at Microsoft and Chromebooks and Google Hangouts at Google.
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The increasing market dominance and aggressive expansion of integrated cybersecurity platforms, particularly from established players like Palo Alto Networks (Prisma SASE) and Fortinet (FortiSASE), into the Secure Access Service Edge (SASE) market, including Security Service Edge (SSE) functionalities. These competitors offer comprehensive SASE solutions that bundle networking (SD-WAN) and security, often leveraging existing customer bases and driving a strong trend towards vendor consolidation. This contrasts with Zscaler's pure-play SSE focus, creating a significant competitive threat as enterprises increasingly seek unified SASE platforms from a single vendor to simplify management and reduce complexity.
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Zscaler (ZS) operates in substantial and growing addressable markets for its cloud security products and services. The company's overall total addressable market (TAM) is estimated to be $96 billion globally. This represents a significant increase from previous estimates and is driven by the accelerating demand for cloud-native cybersecurity and zero-trust architectures. This global TAM is projected to grow at a compound annual growth rate (CAGR) of 14%.
Key addressable markets for Zscaler's main products and services include:
- Overall Zscaler Platform (Zero Trust and AI): The total addressable market for Zscaler's comprehensive Zero Trust Exchange platform, which encompasses its core offerings, is estimated at $96 billion globally.
- Data Loss Protection (DLP): Zscaler's data loss protection product, which is a part of its broader portfolio, has an addressable market opportunity of approximately $10 billion.
- Broader Zero Trust Security Market: The global zero trust security market, where Zscaler is a leading player, was valued at USD 40.01 billion in 2025 and is projected to reach approximately USD 161.6 billion by 2034, growing at a CAGR of 16.78% from 2025 to 2034. North America held the largest market share in the zero trust security market in 2024. Specifically, the U.S. zero trust security market is projected to reach around USD 43.86 billion by 2034.
Zscaler's main products, such as Zscaler Internet Access (ZIA) for secure internet and SaaS access, Zscaler Private Access (ZPA) for secure private application access, and Zscaler Digital Experience (ZDX) for digital experience monitoring, contribute to the company's position within these large addressable cybersecurity markets.
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Zscaler (ZS) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:
* Expansion and Innovation in Core Product Categories: Zscaler is focusing on three main growth categories: "Zero Trust Everywhere," "Data Security Everywhere," and "Agentic Operations." These initiatives, particularly Zero Trust for cloud workloads and branches, and comprehensive data security capabilities, are growing faster than the company's overall Annual Recurring Revenue (ARR) and are expected to continue to be significant drivers. The company is also building an AI-powered Security Operations Center (SOC) solution to simplify operations, reduce alert fatigue, and predict breaches, which falls under Agentic Operations.
* Growth in Customer Base and Platform Adoption: Zscaler continues to expand its customer base, with a focus on encouraging existing and new customers to adopt its broader Zero Trust Exchange platform. The platform now secures over 50 million users, indicating a significant milestone for customer adoption. This expansion includes securing new logo customers, with 59% of customers who bought Zero Trust Branch in Q3 fiscal year 2025 being new.
* Strategic Go-to-Market Initiatives: Improved sales productivity, driven by revamped go-to-market strategies, is a key factor. Additionally, the introduction of programs like "Z-Flex," a flexible purchasing program, is expected to generate significant bookings and drive ARR growth.
* Leveraging AI-driven Security Solutions: The growing demand for AI-driven security solutions is a major tailwind for Zscaler. The company is actively integrating AI into its platform, including through the recently acquired Red Canary's agentic AI technology, to deliver advanced threat detection and prevention capabilities.
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Share Issuance
- Zscaler issued $1.5 billion in convertible senior notes due 2028 through a private offering in June 2025, with net proceeds of $1,130.5 million after deducting discounts and issuance costs.
- The company utilized $145.2 million of the proceeds from the convertible notes for capped call transactions to reduce potential dilution of its common stock upon conversion.
- Share issuances related to stock-based compensation have been ongoing, with recognized tax benefits on these expenses increasing from $1.4 million in fiscal 2022 to $13.4 million in fiscal 2023 and $23.0 million in fiscal 2024.
Outbound Investments
- Zscaler has made 7 investments in companies operating across sectors such as Cybersecurity, IT Services, and Cloud Infrastructure.
- Notable investments include P0 Security, FireTail, and Cyware, with the most recent being a Series A round in P0 Security on September 10, 2024.
- The company made strategic acquisitions, including Digital Additive in 2024 and Avalor, to enhance its SecOps capabilities through AI.
Capital Expenditures
- Capital expenditures were $90.6 million in fiscal year 2022, $128.7 million in fiscal year 2023, and $194.896 million in fiscal year 2024.
- Trailing twelve months capital expenditures stood at $245.76 million as of July 2025.
- For fiscal year 2025, data center capital expenditures are expected to be approximately 3 points higher as a percentage of revenue compared to fiscal 2024, primarily focused on upgrades to the company's cloud and AI Infrastructure.
