Palo Alto Networks paid $500M to acquire AI IT-support startup Console, sources say
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, according to people familiar with the deal that wasn't publicly disclosed.
Palo Alto Networks announced its acquisition of Console on Tuesday without disclosing financial terms, but two people with knowledge of the deal told TechCrunch the price was around $500 million, paid in a mix of cash and stock.
Founded in 2024, Console had raised $29 million across two funding rounds: a $6.2 million seed led by Thrive Capital, and a $23 million Series A co-led by DST Global and Thrive. Ahead of the sale, PitchBook had valued the company at $157 million, meaning the acquisition delivered a quick return for backers including SV Angel, Abstract Ventures, and Palo Alto Networks CEO Nikesh Arora, who had personally invested as an angel.
Joining the Cortex platform
Palo Alto Networks plans to fold Console into Cortex, its AI-driven platform for detecting and neutralizing security threats. Console's agentic capabilities will let security teams investigate and resolve alerts using natural language. Arora said in a statement that the acquisition gives Cortex "the arms and legs to deliver autonomous security outcomes across the entire enterprise."
Console was founded by Andrei Serban shortly after his previous startup, code-security platform Fuzzbuzz, was acquired by Rippling. Console's customers included Ramp, Flock Safety, and Scale AI. The startup automated tasks such as password resets, granting access to apps like Figma and Miro, and routine troubleshooting without direct human involvement.
As an independent company, Console mainly competed with Serval, another challenger to ServiceNow that reached a $1 billion valuation after raising a $75 million Series B led by Sequoia last December. One investor not affiliated with Serval told TechCrunch that Console's acquisition leaves Serval as the clear category leader among startups automating IT service management.
The deal marks Palo Alto Networks' seventh acquisition of 2026, according to PitchBook. Other purchases this year include observability platform Chronosphere, backed by Greylock and Lux Capital, for $3.35 billion, and cybersecurity startup Koi, backed by Battery and Team8, for $400 million.
