Palo Alto Networks paid $500M for Thrive-backed Console, sources say

Palo Alto Networks paid $500 million in cash and stock to acquire Console, a two-year-old startup that uses AI agents to automate routine IT help desk tasks, according to two people with knowledge of the deal. The companies officiallyannouncedthe acquisition on Tuesday but didn’t reveal terms of the deal. Since its founding in 2024, Console has raised $29 million across two rounds: a$6.2 millionseed led by Thrive Capital and a $23 million Series A co-led by DST Global and Thrive. Before the sale, Console was valued at $157 million, according to PitchBook, delivering a rapid return for investors including SV Angel, Abstract Ventures, and notably Palo Alto Networks CEO Nikesh Arora, who participated as an angel investor. Palo Alto Networks declined to comment. The cybersecurity giant said that it will integrate Console into Cortex, its platform that uses AI to automatically detect and neutralize threats. Console’s agentic functionality will allow security teams to investigate and resolve alerts using natural language, giving Cortex “the arms and legs to deliver autonomous security outcomes across the entire enterprise,” as Arora described in a statement. Console was founded by Andrei Serban, coming shortly after his previous startup — a code-security platform Fuzzbuzz— was acquired by Rippling. The startup, whose customers included Ramp, Flock Safety, and Scale AI, automated tasks like password resets, granted access to apps like Figma and Miro, and performed routine troubleshooting without direct human involvement. As a startup, Console competed primarily with Serval, another ServiceNow challenger that hit a $1 billion valuation after raising a $75 million Series B round led by Sequoia last December. Serval started as an AI tech support tool and quickly expanded to provide AI assistance for human resources, legal, and finance departments. Console’s acquisition leaves Serval as the category-leader-to-watch among startups automating IT service management, one investor, who is not a backer of Serval, told TechCrunch. Console is Palo Alto Networks’ seventh acquisition in 2026, according to PitchBook. Other VC-backed companies scooped up by the cybersecurity behemoth this year include Greylock and Lux Capital-backed observability platform Chronosphere, at a valuation of $3.35 billion, and Koi, a cyber startup backed by Battery and Team8, for $400 million.