Panaya Secures $5 Million in Series B Funding
Tamares Led Round B Together with Original Investor, Benchmark Capital
Menlo Park, Calif., August 4, 2009 - Panaya, a leading provider of SaaS (software as a service) for automating SAP upgrades, announced that is has secured $5 Million in Series B funding, led by Tamares with the participation of Benchmark Capital, which led the first investment round.
Panaya provides SaaS that enables SAP users to save up to 50% of their application lifecycle costs by automating maintenance projects such as SAP upgrades, consolidations, support packages, and enhancement packages. Determining the precise impact of such changes on an ERP system is an enormously complex task involving billions of calculations. 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.
Panaya automatically identifies the errors that will occur as a result of an upgrade, suggests corrections, creates test plans, and estimates budget for the project.
With these detailed simulations, companies using SAP's software can avoid much of the planning, development, and testing effort traditionally associated with such projects.
This round of funding enables Panaya to expand sales, marketing, and product development operations to meet the increasing demand and popularity of its easy to use, web-based application.
"Our customers and partners have validated our market position and strategy, and with this funding, we are well positioned to expand our leadership as the next generation of Application Lifecycle Management tools," said Yossi Cohen, Panaya's founder and CEO.
"We are impressed with Panaya's ability to sustain aggressive sales growth during the past twelve months and add household names like Bosch, Sony and Volvo to its growing client roster," said Meirav Har-Noy, Director of Investments and Strategy at Tamares Group. "This is especially true in these times of cost-cutting when companies are looking to reduce the total cost of ownership of their enterprise software."
Benchmark Capital manages more than $2.3 billion in committed venture capital, and invests in technology-driven companies. The firm's portfolio includes such franchise companies as eBay (EBAY), Handspring (HAND), Juniper Networks (JNPR) and Red Hat Software (RHAT).
Tamares Group, headquartered in Lichtenstein, is a privately owned investment company with worldwide interests in the real estate, finance, media and leisure sectors. Tamares views its entry into the SAP enterprise software arena as a strategic move, through its investment in Panaya.
Panaya ensures the continuous quality of enterprise applications, enabling companies to be more agile in addressing constant change.
Delivering safe and timely change in enterprise applications is a constant challenge. Nearly 70% of change effort is dedicated to ensuring that application change won’t break the business. Panaya’s Quality Management Cloud reduces this effort by 50% and more. Our Quality Management Cloud offers a uniquely simple solution for SAP, Oracle, and Salesforce customers. It combines change impact simulation, code remediation and collaborative testing tools for IT and the business. And it continuously analyzes millions of project activities executed in Panaya’s cloud, empowering clients with best practices derived from real-life experience. We call this “Cloud Wisdom”.
More than 1,000 organizations, including a third of the Fortune 500, use Panaya to scope and accelerate the delivery of enterprise application change, whether big or small, IT or business-driven. They enjoy projects that are at least 50% leaner, giving them the time and freedom to deliver more innovation - without compromising on stability or quality.
"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