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

Palo Alto Networks reportedly paid $500 million to acquire Console, a Thrive-backed startup focused on AI IT service automation. The deal appears to leave Sequoia-backed Serval as the leading independent startup in the category, according to industry watchers.

The acquisition signals rising enterprise demand for AI automation in IT operations and service management. It may accelerate consolidation as larger cybersecurity and infrastructure vendors seek to embed automated support workflows into broader platforms.