Panaya

Last updated

Panaya
Company type Subsidiary
IndustryEnterprise software
Founded2006 (2006) in Ra'anana, Israel
FounderYossi Cohen
Headquarters
Hod Hasharon
,
Israel
Area served
Worldwide
Key people
David Binny (CEO)
Services Software as a service
Number of employees
240
Parent Infosys
Website www.panaya.com

Panaya is a global technology company based in Hod Hasharon, Israel. The company is a subsidiary of Infosys, and has offices in North America, Europe and Japan. [1] [2] It is a SaaS (Software as a Service) based company offering change impact analysis and cloud-based testing for packaged applications, focusing on Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) software systems. [3]

Contents

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]

Awards and recognition

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References

  1. 1 2 https://www.duns100.co.il/en/Panaya Panaya, Duns 100International 2021, Dun&Bradstreet Israel, 2021
  2. 1 2 US 2009216712,Cohen, Yossi; Cohen, Mati; Dor, Nurit; Weiss, Dror; Armoni, Roy,"Methods for calculating a combined impact analysis repository",published 27 August 2009
  3. ↑ Sommer, Brian (7 January 2010). "Panaya – A different kind of ERP third party maintenance provider". ZDNet. Retrieved 5 December 2014.
  4. ↑ "Panaya in Menlo Park". Menlo Park. Retrieved 17 December 2014.
  5. ↑ Cohen, Yossi (27 November 2012). "Methods for calculating a combined impact analysis repository". Google Patents. Retrieved 5 December 2021.
  6. ↑ "Panaya Portfolio". Tamares. Archived from the original on 11 May 2015. Retrieved 22 December 2014.
  7. ↑ "CGI deepens its SAP expertise by launching its Panaya Practice". CGI. 14 May 2012. Retrieved 5 December 2014.
  8. ↑ הירשאוגה, אור. "פיטורים בחברת התוכנה Panaya: קיצצה כ-15% מכוח האדם". TheMarker. Retrieved 18 December 2016.
  9. ↑ "פאנאיה פיטרה יותר מ-23% מעובדיה – לאחר שהודיעה שתגייס עובדים". כלכליסט – Calcalist. 21 August 2014. Retrieved 18 December 2016.
  10. ↑ "Deloitte and Panaya enter Strategic Alliance to accelerate Oracle EBS upgrades and deployments" (Press release). Deloitte. 10 June 2014. Archived from the original on 14 December 2014. Retrieved 5 December 2014.
  11. ↑ "Infosys Acquires SaaS Provider Panaya in Deal Valued at $200M". 16 February 2015. "Infosys buys Israel's Panaya for $230m – Globes English". Globes. 16 February 2015. Retrieved 18 December 2016.
  12. ↑ גולדנברג, רועי (16 February 2015). "Infosys נכנסת לישראל: רוכשת ב-230 מ' ד' את Panaya". Globes. גלובס. Retrieved 16 February 2015.
  13. ↑ Panaya Test Dynamix
  14. ↑ Panaya ForeSight
  15. ↑ "David Binny, Chief Executive Officer, Panaya Inc". Bloomberg.
  16. ↑ Change Intelligence Platform
  17. ↑ "ERP solutions co Panaya raises $5m". Globes. 31 May 2006. Retrieved 22 December 2014.
  18. ↑ "Panaya Secures $5 Million in Series B Funding" (Press release). Reuters. 4 August 2009. Archived from the original on 4 March 2016. Retrieved 22 December 2014.
  19. ↑ Shelah, Shmulik (10 June 2010). "Software developer Panaya raises $7m". Globes. Retrieved 22 December 2014.
  20. ↑ "Hasso Plattner: Executive Profile & Biography". investing.businessweek.com. Archived from the original on 19 January 2013. Retrieved 28 September 2012.
  21. ↑ "SaaS provider Panaya raises $16m". Globes. 8 January 2013. Retrieved 22 December 2014.
  22. ↑ ""קרן IGP השקיעה 20 מיליון דולר בפנאייה"". PC Site. 12 January 2015.
  23. ↑ "Panaya – Total Funding Raised". StartupHub.
  24. ↑ "Red Herring Global Top 100 list 2011". PocketInfo.net. 9 January 2012. Retrieved 5 December 2014.
  25. ↑ "Panaya Ranked Number 13 on Deloitte Technology EMEA Fast 500 List". Wn.com. 3 December 2013. Retrieved 5 December 2014.
  26. ↑ "Ranking within Best HighTech Companies to work for 2020". duns100.
  27. ↑ ""הכנות והיושרה היא ערך מרכזי בפאנאיה"". Calcalist. 27 October 2020.
  28. ↑ "Ranking within Best HighTech Companies to work for 2022". duns100.
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