Panaya Raises $5 Million in First Round Financing From Benchmark Capital and Gemini Israel Funds
Panaya's Fresh Approach Aims to Radically Change the way ERP and Large Packaged Applications are Maintained, Customized and Upgraded
RA'ANANA, Israel, 18 April 2006 - Panaya Ltd., the developer of solutions for simplifying ERP system implementation and maintenance, announced that it has raised $5 million in first round funding from Benchmark Capital and Gemini Israel Funds.
Panaya provides solutions for analyzing, testing, modifying and resolving flaws and errors in ERP system implementations; enabling enterprises to optimize their application, while eliminating the risks associated with implementation, maintenance, and upgrade.
"ERP projects tend to be enormously expensive and risky", said Arad Naveh of Benchmark Capital. "Panaya's technology analyzes the impact of changes and identifies the source of problems, thus reducing the time, expense, and risk of these projects."
"An estimated 8 dollars are spent in ERP services for every 1 dollar spent on ERP software", added Tali Aben of Gemini Israel Funds, "so this is a huge market that will have tremendous demand for Panaya's solutions."
Panaya was founded in 2005 by Yossi Cohen, a leading expert in the field of program comprehension and flow analysis. Cohen, with over 20 years of software experience, previously founded Alexandria, which was acquired by BluePhoenix Solutions.
More information can be found at http://www.panaya.com.
About Benchmark Capital
Benchmark Capital was founded in 1995 to help talented entrepreneurs build great technology companies. Benchmark's partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes franchise companies such as eBay and Shopping.com, Equinix, Handspring , JAMDAT, Juniper Networks, Red Hat, and ZipRealty. Managing more than $3 billion in committed venture capital, Benchmark focuses on investing in entrepreneurs with original ideas.
About Gemini Israel Funds
Gemini Israel Funds provides start-up financing and expert guidance to help talented entrepreneurs steer their companies to success. A pioneer in Israel's venture capital industry, Gemini is recognized as the leading Israeli seed and early stage fund in the Information Technology arena.
Through offices in Israel and Silicon Valley, Gemini offers portfolio companies access to top-tier U.S.-based investors and a global network of corporate partners. With $550 million under management in four funds, Gemini focuses on investment in Communications and Wireless Technologies, Enterprise Software, and Semiconductors. Gemini's portfolio includes some of the most exciting and innovative Israeli high tech start-ups, including Allot Communications, Business Events, dbMotion, ItemField, IXI Mobile, Mellanox, nLayers, Saifun Semiconductors, and Traiana.
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