Panaya

Panaya
Privately held company
Industry ERP software
Founded 2006 (2006) in Ra'anana, Israel
Founder Yossi Cohen
Headquarters Ra'anana, Israel, Israel
Area served
 Worldwide
Key people
 Doron Gerstel (CEO)
Mati Cohen (CTO)
Products The Panaya CloudQuality Suite
Services Software as a service
Parent Infosys
Website panaya.com

Panaya is an Israeli software as a service (SaaS) company that provides cloud-based quality management services for enterprise applications worldwide.[1] Its solutions include Change impact analysis, automated code remediation, collaborative test management and test-execution, and ALM acceleration. The company’s solutions enable companies to save their information technology applications life cycle costs and minimize the risks associated with system changes. Panaya’s service runs on the Amazon Elastic Compute Cloud.[2]

History

Panaya was originally founded in 2006 as ChangeSoft Technologies by entrepreneur Yossi Cohen and is headquartered in Ra'anana, Israel.[3]

The disruptive technology revolves around the impact analyses of code change, applied in code comparison of Enterprise resource planning (ERP) systems to help reduce the application life cycle cost.[4] A first patent application was filed in 2008, followed by an extension in 2009,[5] and a continuation in 2013.[6]

In 2010, shares of Tamares Group, a private equity investment firm based in Vaduz, Liechtenstein, were acquired by Panaya as part of fundraising round.[7]

In 2012, CGI Group, a Canadian multinational information technology (IT) consulting company, announced the launching of a new Panaya Practice.[8]

In June 2014, Deloitte and Panaya announced an agreement to provide Oracle E-business Suite customers the ability to reduce the cost and risk of application change projects.[9]

In February 2015, Infosys announced acquisition of Panaya for a reported $200 million.[10]

Investors

Gemini Partners and Benchmark Capital were the first investors to fund Panaya with $5 million in April 2006.[11]

In August 2009, Panaya secured $5 million funding in a series B investment round led by Tamares Group with the participation of Benchmark Capital.[12]

In June 2010, in a series C round, Battery Ventures, Benchmark and Tamares Group, invested a further $7 million.[13] In September 2010, HPV, the venture capital fund of Hasso Plattner, co-founder of SAP AG,[14] invested $6 million in exchange for company's stakes. Shares held by the Tamares Group, a private equity investment firm based in Vaduz, Liechtenstein, were acquired by HPV together with existing investors Benchmark Capital and Battery ventures.

In 2013 the existing investors, in a series D funding round led by Battery Ventures and joined by Benchmark Capital and HPV, injected an additional $16 million into Panaya.[15] The company has raised $39 million to date.

Awards and recognition

See also

References

  1. ↑ "When Vendor Research Collides: Whom to Believe?". Reuters. 3 June 2010. Retrieved 22 December 2014.
  2. ↑ Sommer, Brian (7 January 2010). "Panaya – A different kind of ERP third party maintenance provider". ZDNet. Retrieved 5 December 2014.
  3. ↑ "Panaya in Menlo Park". Menlo Park. Retrieved 17 December 2014.
  4. ↑ US 2009216712, Cohen, Yossi; Cohen, Mati; Dor, Nurit; Weiss, Dror; Armoni, Roy, "Methods for calculating a combined impact analysis repository", published 27 August 2009
  5. ↑ "Methods for calculating a combined impact analysis repository". Fresh Patents. Retrieved 22 December 2014.
  6. ↑ "Methods for calculating a combined impact analysis repository". Fresh Patents. 14 February 2013. Retrieved 22 December 2014.
  7. ↑ "Panaya Portfolio". Tamares. Retrieved 22 December 2014.
  8. ↑ "CGI deepens its SAP expertise by launching its Panaya Practice". CGI. 14 May 2012. Retrieved 5 December 2014.
  9. ↑ "Deloitte and Panaya enter Strategic Alliance to accelerate Oracle EBS upgrades and deployments" (Press release). Deloitte. 10 June 2014. Retrieved 5 December 2014.
  10. ↑ http://techcrunch.com/2015/02/15/infosys-panaya/
  11. ↑ "ERP solutions co Panaya raises $5m". Globes. 31 May 2006. Retrieved 22 December 2014.
  12. ↑ "Panaya Secures $5 Million in Series B Funding" (Press release). Reuters. 4 August 2009. Retrieved 22 December 2014.
  13. ↑ Shelah, Shmulik (10 June 2010). "Software developer Panaya raises $7m". Globes. Retrieved 22 December 2014.
  14. ↑ "Hasso Plattner: Executive Profile & Biography". investing.businessweek.com. Retrieved 28 September 2012.
  15. ↑ "SaaS provider Panaya raises $16m". Globes. 8 January 2013. Retrieved 22 December 2014.
  16. ↑ "Panaya Ranked Number 13 on Deloitte Technology EMEA Fast 500 List". Wn.com. 3 December 2013. Retrieved 5 December 2014.
  17. ↑ "Red Herring Global Top 100 list 2011". PocketInfo.net. 9 January 2012. Retrieved 5 December 2014.
  18. ↑ "Cool Vendors in the SAP Ecosystem, 2010". Gartner. 31 March 2010. Retrieved 5 December 2014.
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