Zscaler Is a Leading Security Vendor Aiming to Displace Firewalls’ Dominance in Network Security

We see Zscaler as a pioneer and leader in zero-trust security solutions, an area of cybersecurity primed for growth due to secular trends such as increased digitization of an enterprise and a convergence of networking and security. We have a positive outlook on Zscaler’s solutions as the firm stands to materially benefit from these trends. The firm has built out a narrow economic moat by developing a sticky product portfolio, as evidenced by its strong net and gross retention metrics.