Hasso Plattner Ventures Invests $6 Million in Panaya
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
Panaya's software-as-a-service helps companies that use SAP or Oracle reduce 70% of their upgrade and testing risk and effort. Utilizing a cloudbased supercomputer, Panaya simulates the upcoming upgrade, automatically pinpointing which custom programs will break as a result of the upgrade and automatically ﬁxing most of these problems. Panaya's testing solutions dramatically expedite ERP testing and eliminate the need for manual test script maintenance. Seamlessly capturing business knowledge in the background, as users work with the ERP applications, Panaya automatically generates plain-English test scripts that are rapidly executed and continually self-adjust based on test results. For further information visit the Panaya web site at www.panaya.com.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. Oracle and other Oracle products and services mentioned herein as well as their respective logos are trademarks of Oracle. All other product and service names mentioned are the trademarks of their respective companies.
"We plan to use Panaya for all our future upgrade and support package projects."
Grégory Cagin, SAP upgrade programs Manager, SAP Competence Center
PSA Peugeot Citroën
"Eighty to ninety percent of our potential problems were taken care of by Panaya."
Sanjeev Sharma, SAP Regional Support Manager
"I don't think the users noticed an upgrade had even happened"
Barry Finn, IS Applications Project Manager
"How does anyone implement support packages without Panaya?!"
Shelly Hendee, SAP Support Team Manager
Central Vermont Public Service
"It's not just the time saved, it's the results."
Jeff Obrzut, Manager of SAP Development
Travel Centers of America
"Panaya was our one-stop shop for the project's analysis and task management."
Michael Eckert, General Manager of SAP Applications
"Whether you’re doing your upgrade in-house or outsourcing it, Panaya allows you to hone in on the areas of SAP you need to be paying attention to."
David Wascom, CIO, Summit Electric Supply
"No exaggerations, Panaya saved us 80 percent of our project time."
Syed Yaseen, SAP Programmer
Minneapolis Public Schools
"We saved around 73 percent of what was originally budgeted for ABAP development."
Carlos Gomez, SAP Manger
"Without Panaya, I wouldn't have had a good idea of what to change; I wouldn't have known what was going to break."
Joan Waddell, ABAP Programmer
"We even had some senior managers asking us whether we actually went live – several of them expressed their amazement at how quiet it was."
Mike Kemp, SAP Operations Manager, Centrica
"Panaya looks too good to be true – but it really is that good!"
Marie-Claude Alary, Manager of Business Process Systems Improvement
"Panaya enabled us to spend much less time in the testing cycle than what we have done in the past."
Francisco Flores, SAP Project Manager
"Thanks to Panaya, our upgrade was a non-event."
Gerhard Mitton, Senior Department Manager
The Foschini Group
"We were not only on time, we slipped the upgrade in a year early."
Glen Griffin, Global Director of Application Development
"The money that we spent with Panaya was more than justified."
Bob Oldrati, Controller and IT Director
"It was like we were floundering around in the forest, and when we got Panaya, it was like all of a sudden we were given night vision goggles."
Rose Clark, Senior Project Manager, Coldwater Creek
"Panaya gave us a crystal clear idea of what we would have to change."
Rune Skovsgaard, IT Director