Palo Alto Networks paid $500M for Thrive-backed Console, sources say

Palo Alto Networks, a cybersecurity company, acquired Console, a two-year-old startup that uses AI agents to automate routine IT help desk tasks, for $500 million in cash and stock. Console had raised $29 million since its founding in 2024 and was valued at $157 million before the acquisition, delivering significant returns for investors including the Palo Alto Networks CEO. Palo Alto Networks plans to integrate Console's technology into Cortex, its AI platform for detecting and neutralizing security threats, allowing security teams to investigate and resolve alerts using natural language. This acquisition is part of a broader trend of major technology companies acquiring AI-focused startups, as Palo Alto Networks has completed seven acquisitions in 2026 alone.