New Investor will be Instrumental in SAP Upgrade Automation Leader's Expansion Plans

Nuremberg, Germany, September 21, 2010 - Panaya, the leading provider of SaaS (software as a service) for automating SAP upgrades, announced at the DSAG conference that Hasso Plattner Ventures invested $6 Million in the company. The venture capital firm, together with existing investors Benchmark Capital and Battery Ventures will buy Tamares Group's stake in the company.

Companies that use ERP applications such as SAP or Oracle are challenged with keeping up with the latest software releases. Panaya provides SaaS that automates such software upgrades helping companies to half their application lifecycle costs. Determining and overcoming the impact of such upgrades on an ERP system is an enormously complex task. Panaya is the first company that has harnessed cloud-computing to bring the power of a virtual supercomputer simulation to SAP customers, in a way that they can easily tap through the web. The company plans to extend the service to Oracle E-Business Suite users in 2011.

Panaya's web application automatically identifies the errors that will occur as a result of an upgrade, automatically corrects most issues, creates test plans, and estimates the budget for the project. With these detailed simulations, companies using SAP's software can avoid most of the planning, development, and testing effort traditionally required for such projects. In less than two years the company has landed hundreds of customers including Bosch, Cadbury, Centrica, The Home Depot, Mercedes-Benz, Newell Rubbermaid, Shell, Sony, and Volvo.

"We are pleased that HPV, the venture capital firm of Hasso Plattner, SAP's legendary co- founder and SAP's chairman, has joined our team of investors." said Yossi Cohen, Panaya's founder and CEO. "With HPV on board we'll be able to help even more SAP customers reduce the cost of upgrades and maintenance. And HPV's business network will be instrumental in our expansion plans."

"We thank Tamares for their important role in backing up Panaya through its early stages," Said Arad Naveh, a partner with Benchmark Capital and a board member of Panaya. "Now that Panaya is embarking on the next stage of growth, we are excited to add an investor that can help the company's aggressive long-term plans."

"We are impressed with Panaya's outstanding growth and track record with many of SAP's most demanding users" said Yaron Valler, Partner at Hasso Plattner Ventures. "We believe Panaya will have a major impact on the enterprise software world- inside and outside the SAP market."

Hasso Plattner Ventures was founded in July 2005 in Potsdam near Berlin, Germany with a goal to invest in the area of information technology. In 2008 a second fund was created, which has widened the focus to include clean-tech as well as firmly established companies. SAP Co-Founder Prof. Dr. h. c. Hasso Plattner supplies the lion's share of investment capital, followed by InvestitionsBank Brandenburg, CMEA Capital, Shai Agassi and Arnon Katz. The portfolio companies benefit not only from financial support but also from the skills and experiences of the highly qualified team.

More information is available at www.hp-ventures.com.