Palo Alto Networks Paid $500M for Console, a Two-Year-Old Company Last Valued at $157M

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Sources told TechCrunch that Palo Alto Networks paid $500M in cash and stock for Console, an AI agent startup automating routine IT help desk work, though neither company disclosed terms in the September 1 announcement. Console had raised $29M total across a $6.2M Thrive-led seed and a $23M Series A co-led by DST Global and Thrive, and PitchBook had it at a $157M valuation before the sale. This is Palo Alto's seventh acquisition of 2026, Console is folding into the Cortex platform, and its exit leaves Sequoia-backed Serval, valued at $1B last December, as the standalone leader in AI IT service automation.