Palo Alto Networks paid $500M for Thrive-backed Console, sources say
The acquisition also leaves Sequoia-backed Serval as the de-facto startup leader in AI IT service automation, industry watchers believe.
Palo Alto Networks acquired Console, an AI-driven startup that automates routine IT help desk tasks, for $500 million in cash and stock, according to sources. The deal, announced on Tuesday without disclosing terms, comes two years after Console's founding. Console had raised $29 million across two funding rounds prior to the acquisition - $6.2 million in a seed round led by Thrive Capital and $23 million in a Series A co-led by DST Global and Thrive.
Console's valuation was $157 million before the sale, yielding a significant return for investors such as SV Angel, Abstract Ventures, and Palo Alto Networks CEO Nikesh Arora, who was an angel investor. The cybersecurity firm intends to integrate Console into its Cortex platform, which uses AI to automatically detect and neutralize threats.
Console's agentic functionality enables security teams to resolve alerts using natural language, enhancing Cortex's ability to deliver autonomous security outcomes across the enterprise, as stated by Arora. The acquisition marks Palo Alto Networks' seventh deal in 2026, including previous acquisitions like Chronosphere and Koi. Console was founded by Andrei Serban, following the acquisition of his previous company, a code-security platform Fuzzbuzz, by Rippling.
Console's customers included Ramp, Flock Safety, and Scale AI, automating tasks like password resets and app access without requiring direct human intervention.
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