Palo Alto Networks paid $500M for Thrive-backed Console, sources say
Palo Alto Networks has acquired the AI-focused IT automation startup Console for $500 million in cash and stock. The acquisition aims to integrate Console's agentic AI technology into Palo Alto's Cortex platform to automate security threat resolution.
Why it matters
This deal underscores the growing trend of cybersecurity firms acquiring AI startups to automate complex IT and security workflows.
Palo Alto Networks paid $500 million in cash and stock to acquire Console, a two-year-old startup that uses AI agents to automate routine IT help desk tasks, according to two people with knowledge of the deal.
The companies officially announced the acquisition on Tuesday but didn’t reveal terms of the deal. Since its founding in 2024, Console has raised $29 million across two rounds: a $6.2 million seed led by Thrive Capital and a $23 million Series A co-led by DST Global and Thrive.
Before the sale, Console was valued at $157 million, according to PitchBook, delivering a rapid return for investors including SV Angel, Abstract Ventures, and notably Palo Alto Networks CEO Nikesh Arora, who participated as an angel investor. Palo Alto Networks declined to comment.
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