Palo Alto Networks pays $500M to acquire AI-powered IT help desk startup Console
Cybersecurity giant Palo Alto Networks paid $500 million in cash and stock for two-year-old startup Console, which uses AI agents to automate IT help desk tasks. The deal delivered a swift return for investors, including the company's own CEO.
Palo Alto Networks has paid $500 million in cash and stock to acquire Console, a two-year-old startup that automates routine IT help desk tasks using AI agents, according to two people familiar with the deal. The companies announced the acquisition on Tuesday but did not disclose financial terms.
Founded in 2024, Console used AI agents to handle tasks such as password resets, granting access to apps like Figma and Miro, and routine troubleshooting without human involvement. Its customers included Ramp, Flock Safety, and Scale AI.
The startup had raised $29 million across two funding rounds: a $6.2 million seed round led by Thrive Capital and a $23 million Series A co-led by DST Global and Thrive. Before the sale, PitchBook valued Console at $157 million. The acquisition price represents a rapid return for investors including SV Angel, Abstract Ventures, and Palo Alto Networks CEO Nikesh Arora, who had invested in Console as an angel.
Palo Alto Networks plans to integrate Console into Cortex, its platform for automatically detecting and neutralizing security threats. Console's technology will allow security teams to investigate and resolve alerts using natural language.
Console was founded by Andrei Serban, whose previous startup, code-security platform Fuzzbuzz, was acquired by Rippling. As an independent company, Console's main competitor was Serval, another challenger to ServiceNow that reached a $1 billion valuation after raising a $75 million Series B led by Sequoia last December. According to one investor not affiliated with Serval, Console's acquisition leaves Serval as the leading startup to watch in IT service management automation.
Console marks Palo Alto Networks' seventh acquisition of 2026, according to PitchBook. The company's other purchases this year include observability platform Chronosphere, valued at $3.35 billion, and cybersecurity startup Koi, acquired for $400 million.
