Palo Alto Networks paid $500 million in cash and stock to acquire Console, according to two people with knowledge of the deal. Console is a two-year-old startup that uses AI agents to handle routine IT help desk tasks.
The two companies announced the acquisition on Tuesday. Neither side revealed the deal terms publicly.
Console was founded in 2024. Since then, the startup has raised $29 million across two funding rounds.
Console's Funding and Investors
The first round was a $6.2 million seed led by Thrive Capital. The second was a $23 million Series A co-led by DST Global and Thrive.
Before the sale, Console was valued at $157 million, according to PitchBook. That means the deal gave early investors a fast return on their money.
Investors included SV Angel and Abstract Ventures. Palo Alto Networks CEO Nikesh Arora also invested in Console earlier as an angel investor.
Palo Alto Networks declined to comment on the deal.
Console was founded by Andrei Serban. His previous startup, a code security platform called Fuzzbuzz, was acquired by Rippling.
Console's customers included Ramp, Flock Safety, and Scale AI. The platform automated tasks like password resets and app access requests for tools like Figma and Miro.
The startup also handled routine troubleshooting without direct human involvement. Palo Alto Networks plans to fold Console into Cortex, its AI threat detection platform.
Arora said in a statement that Console gives Cortex "the arms and legs to deliver autonomous security outcomes across the entire enterprise."
Competition in the IT Automation Space
Console competed with Serval, another startup challenging ServiceNow in the IT service management market. Serval reached a $1 billion valuation after raising a $75 million Series B round led by Sequoia last December.
Serval started as an AI tool for tech support. It later expanded into human resources, legal, and finance support.
One investor told TechCrunch that Console's acquisition leaves Serval as the top startup left in the category. This investor is not a backer of Serval.
Console marks Palo Alto Networks' seventh acquisition in 2026, according to PitchBook. The company has stayed active with acquisitions throughout the year.
Other deals this year include the purchase of Chronosphere, an observability platform backed by Greylock and Lux Capital, at a valuation of $3.35 billion. Palo Alto Networks also bought Koi, a cybersecurity startup backed by Battery and Team8, for $400 million.
