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

Palo Alto Networks has reportedly acquired Console, a two-year-old startup specializing in artificial intelligence agents for IT support automation, for five hundred million dollars in a mix of cash and stock.

While the official public announcement of the transaction did not disclose the financial terms, individuals familiar with the matter revealed the purchase price, which represents a substantial premium over the young company's previous valuation of one hundred and fifty-seven million dollars. Prior to this acquisition, the startup had secured twenty-nine million dollars in venture capital funding from prominent investment firms like Thrive Capital and DST Global, alongside individual backing from Palo Alto Networks' own chief executive officer during its early funding stages.

The cybersecurity corporation intends to merge the newly acquired automation technology into its existing Cortex security platform, enabling enterprise operations teams to utilize natural language instructions to investigate and resolve digital threats autonomously. Console, which was established by a serial entrepreneur following the sale of his previous code-security firm, assists organizations by automating tedious internal administrative operations such as credential resets and software access permissions. This high-profile transaction marks Palo Alto Networks' seventh corporate acquisition during the current calendar year, underscoring an aggressive consolidation strategy that has also seen the security heavyweight buy out observability software provider Chronosphere and cybersecurity startup Koi in recent months.