Palo Alto Networks Acquires AI-Powered IT Help Desk Startup Console for $500 Million

Palo Alto Networks has completed the acquisition of Console, a two-year-old startup specializing in AI agents that automate routine IT help desk functions. The deal, reportedly valued at $500 million in cash and stock, was confirmed by sources familiar with the transaction, though the companies did not disclose financial details in their official announcement. Founded in 2024, Console raised a total of $29 million in funding, including a $6.2 million seed round led by Thrive Capital and a $23 million Series A co-led by DST Global and Thrive. Prior to the acquisition, the startup was valued at approximately $157 million, representing a significant return for investors such as SV Angel, Abstract Ventures, and Palo Alto Networks CEO Nikesh Arora, who had invested as an angel. Palo Alto Networks plans to incorporate Console's AI-driven automation capabilities into its Cortex platform, which is designed to detect and respond to cybersecurity threats autonomously. Console's technology will enable security teams to investigate and resolve alerts using natural language commands, enhancing Cortex's ability to deliver comprehensive autonomous security outcomes across enterprise environments. Console was founded by Andrei Serban, following the acquisition of his previous startup, Fuzzbuzz, by Rippling. Console's platform automated tasks including password resets, application access management for tools like Figma and Miro, and routine troubleshooting without requiring direct human involvement. Its client base included companies such as Ramp, Flock Safety, and Scale AI. In the competitive landscape, Console primarily contended with Serval, another AI-driven IT service management startup that recently achieved a $1 billion valuation. With Console's acquisition, Serval remains a prominent player in the space focused on automating IT support and expanding AI assistance to other departments. This transaction marks Palo Alto Networks' seventh acquisition in 2026. Other notable purchases this year include Chronosphere, an observability platform valued at $3.35 billion, and Koi, a cybersecurity startup acquired for $400 million. These acquisitions reflect Palo Alto Networks' ongoing strategy to enhance its security offerings through AI and automation technologies.