GoKawiilPalo Alto Networks paid $500M cash and stock for Console, sources say
Palo Alto Networks acquired Console, a two-year-old startup using AI agents to automate IT help desk tasks, for roughly $500 million in cash and stock, according to people familiar with the deal. The company had only raised $29 million and was last valued at $157 million, meaning investors—including Palo Alto Networks CEO Nikesh Arora, an early angel backer—saw a swift and substantial return. Neither company disclosed financial terms publicly.
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The deal signals how aggressively cybersecurity giants are racing to bolt on agentic AI capabilities that can autonomously resolve IT and security tickets, rather than build such tools internally. It also thins the competitive field in AI-driven IT service management, leaving rivals like Serval, now valued at $1 billion, as the primary startup left to challenge incumbents like ServiceNow.
- Palo Alto Networks paid about $500 million for Console despite its modest $157 million prior valuation.
- Console will be folded into Cortex to give the platform autonomous investigation and remediation abilities.
- The exit removes a key competitor to Serval in the fast-growing AI IT-automation space.
Source: techcrunch.com — Marina Temkin, 2026-09-02
Published there as: “Palo Alto Networks paid $500M for Thrive-backed Console, sources say”
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