Palo Alto Networks Acquires Thrive-Backed Console for $500 Million, According to Sources
Palo Alto Networks has acquired Console, a startup focused on using AI to streamline IT help desk operations, for $500 million in cash and stock, according to insiders familiar with the transaction.
The acquisition was made public on Tuesday, although specific financial details weren’t disclosed. Established in 2024, Console has successfully raised $29 million over two funding rounds: a $6.2 million seed round led by Thrive Capital and a $23 million Series A round co-led by DST Global and Thrive Capital.
Prior to the acquisition, Console held a valuation of $157 million, based on data from PitchBook. This return proved profitable for investors such as SV Angel, Abstract Ventures, and notably for Palo Alto Networks CEO Nikesh Arora, who invested as an angel. Palo Alto Networks chose not to comment on the acquisition.
Palo Alto Networks plans to incorporate Console into its Cortex platform, which leverages AI for threat detection and mitigation. The capabilities of Console’s technology will empower security teams to manage alerts through natural language, enhancing Cortex’s ability to deliver autonomous security solutions across the entire organization, as stated by Arora.
Console was co-founded by Andrei Serban, shortly after his previous venture, the code-security platform Fuzzbuzz, was acquired by Rippling. Some of Console’s notable clients include Ramp, Flock Safety, and Scale AI. The startup automated processes like password resets, access permissions for applications such as Figma and Miro, and routine troubleshooting without needing human intervention.
In its early days, Console primarily competed with Serval, another contender challenging ServiceNow, which achieved a valuation of $1 billion after its $75 million Series B funding round led by Sequoia last December. Initially focused on AI tech support, Serval has swiftly branched out to provide AI solutions for human resources, legal, and finance sectors. Console’s acquisition positions Serval as the leading startup in the IT service management automation space, according to an investor who does not back Serval.
This transaction marks Palo Alto Networks’ seventh acquisition in 2026, according to PitchBook data. Other notable acquisitions this year included Chronosphere, an observability platform valued at $3.35 billion and backed by Greylock and Lux Capital, as well as Koi, a cyber-focused startup acquired for $400 million and supported by Battery and Team8.
