Zscaler's acquisitions: what it paid, per SEC filings

Zscaler has made a series of mostly small, cash-funded security acquisitions, with Red Canary the largest. Below is what each deal cost according to Zscaler's SEC filings. Retention stock and deferred payments for employees who stay on are treated as compensation and are not included.

Apr 15, 2021: Trustdome, $31.1M Cash. SEC filing

Feb 20, 2023: Canonic Security, $16.5M Cash. SEC filing

Mar 8, 2024: Avalor, $256.7M Press estimates were ~$310M to $350M. SEC filing

Apr 12, 2024: Airgap Networks, $124.4M Includes $1.4M of replacement awards for service before closing. SEC filing

Aug 1, 2025: Red Canary, $651.4M Cash. $20.2M of retention RSUs excluded. SEC filing

Oct 31, 2025: SPLX (SPLXAI), $40.6M Cash. $16.6M of retention RSUs excluded. SEC filing

Feb 5, 2026: SquareX, $112.8M Cash. $37.4M of restricted stock with service conditions excluded. SEC filing

Sources Zscaler SEC filings: 1, 2, 3, 4, 5

Image: Zscaler founder and CEO Jay Chaudhry. Credit: Zscaler