History
Panaya was founded in 2006 as ChangeSoft Technologies by entrepreneur Yossi Cohen. It was originally headquartered in Ra'anana, Israel. [4] A first patent on Panaya's technology was published in 2009, [2] followed by a continuation in 2012. [5] In 2010, shares of Tamares Group, a private equity investment firm based in Vaduz, Liechtenstein, were acquired by Panaya as part of fundraising round. [6]
In 2012, CGI Group, a Canadian multinational information technology (IT) consulting company, announced the launching of a new Panaya Practice. [7] In 2013 and 2014, Panaya laid off around 20% of the company. [8] [9] 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. [10] In February 2015, Infosys announced the acquisition of Panaya for a reported $200 million. [11] [12] As part of a few strategic moves to pivot the company, in 2017 Panaya launched Test Dynamix, an end-to-end smart test management platform for ERP and Enterprise Package Applications that enables seamless collaboration between IT and Business teams. [13] In 2019, Panaya expanded its portfolio to support Salesforce market with the launch of the product ForeSight. [14] In June 2019 the company appointment David Binny as CEO. [15] In 2021, Panaya release Change Intelligence Platform, SaaS platform that shows organizations the impact of every upgrade, updates or added feature on their ERP or CRM, Such as of SAP, Oracle E-Business Suite and Salesforce systems. [16] In 2022 the company launched Change Analysis add-on to enhance the Panaya Test Dynamix solution with AI-Powered capability that optimizes testing cycles and mitigate risks. In 2022, Panaya appointed Tal Arnon as new VP of R&D and in 2023 they appointed Stav Grinshpon as the new CPO.
Investors
Gemini Partners and Benchmark Capital were the first investors to fund Panaya with $5 million in April 2006. [17] In August 2009, Panaya secured $5 million funding in a series B investment round led by Tamares Group with the participation of Benchmark Capital. [18] In June 2010, in a series C round, Battery Ventures, Benchmark and Tamares Group, invested a further $7 million. [19] In September 2010, HPV, the venture capital fund of Hasso Plattner, co-founder of SAP AG, [20] 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. [21] In January 2015, Panaya secured $20 million funding in a series E investment round led by Israel Growth Partners. [22] The company has raised $59 million to date. [23]
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