Palo Alto Networks acquires AI IT startup Console for $500M
Original: Palo Alto Networks paid $500M for Thrive-backed Console, sources say
Why This Matters
The deal highlights rapid M&A consolidation in AI-driven IT service management and enterprise security automation.
Palo Alto Networks paid $500 million in cash and stock to acquire Console, a two-year-old AI IT help desk automation startup backed by Thrive Capital. The companies announced the deal on September 2, 2026, without disclosing financial terms. Sources confirmed the price to TechCrunch.
Palo Alto Networks acquired Console, a startup founded in 2024 that uses AI agents to automate routine IT help desk tasks such as password resets, app access provisioning, and troubleshooting. The deal was valued at $500 million in cash and stock, according to two sources with knowledge of the transaction. Console had raised $29 million total — a $6.2 million seed led by Thrive Capital and a $23 million Series A co-led by DST Global and Thrive — and was valued at $157 million pre-acquisition per PitchBook. Palo Alto Networks CEO Nikesh Arora was an angel investor. Arora stated Console will be integrated into Cortex, the company's AI security platform, giving it 'the arms and legs to deliver autonomous security outcomes across the entire enterprise.' Console was founded by Andrei Serban, whose prior startup Fuzzbuzz was acquired by Rippling. Customers included Ramp, Flock Safety, and Scale AI. This is Palo Alto Networks' seventh acquisition in 2026, following Chronosphere ($3.35B) and Koi ($400M).