Company:Panaya

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Short description: Israeli software company
Panaya
TypeSubsidiary
IndustryEnterprise software
Founded2006 (2006) in Ra'anana, Israel
FounderYossi Cohen
Headquarters
Hod Hasharon
,
Israel
Area served
Worldwide
Key people
David Binny (CEO)
ProductsPanaya release dynamix
change intelligence
panaya test dynamix
panaya foresight
ServicesSoftware as a service
Number of employees
240
ParentInfosys
Websitewww.panaya.com

Panaya 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 specializes in SaaS (Software as a Service) Change impact analysis and cloud-based testing for packaged applications, focusing on Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) software systems.[3]

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 appoints Beatriss Kovernaig as new CPO and Tal Arnon as new VP of R&D.[17]

Investors

Gemini Partners and Benchmark Capital were the first investors to fund Panaya with $5 million in April 2006.[18] In August 2009, Panaya secured $5 million funding in a series B investment round led by Tamares Group with the participation of Benchmark Capital.[19] In June 2010, in a series C round, Battery Ventures, Benchmark and Tamares Group, invested a further $7 million.[20] In September 2010, HPV, the venture capital fund of Hasso Plattner, co-founder of SAP AG,[21] 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.[22] In January 2015, Panaya secured $20 million funding in a series E investment round led by Israel Growth Partners.[23] The company has raised $59 million to date.[24]

Awards and recognition

  • 2011 : Red Herring Top Global 100 Tech Startup[25]
  • 2013 : Deloitte Technology Fast 50 List[26]
  • 2020 : Ranking within Best HighTech Companies to work for 2020, Duns 100.[27]
  • 2021 : Ranking within Best HighTech Companies to work for 2021, Duns 100.[1][28]
  • 2022 : Ranking within Best HightTech Companies to work for 2022, Duns 100.[29]

References

  1. ↑ 1.0 1.1 https://www.duns100.co.il/en/Panaya Panaya, Duns 100International 2021, Dun&Bradstreet Israel, 2021
  2. ↑ 2.0 2.1 Cohen, Yossi; Cohen, Mati; Dor, Nurit; Weiss, Dror; Armoni, Roy, "Methods for calculating a combined impact analysis repository", US patent 2009216712, published 27 August 2009
  3. ↑ Sommer, Brian (7 January 2010). "Panaya – A different kind of ERP third party maintenance provider". ZDNet. http://www.zdnet.com/article/panaya-a-different-kind-of-erp-third-party-maintenance-provider/. Retrieved 5 December 2014. 
  4. ↑ "Panaya in Menlo Park". Menlo Park. http://www.menlopark.com/directory-listing/Panaya/331527. Retrieved 17 December 2014. 
  5. ↑ Cohen, Yossi (27 November 2012). "Methods for calculating a combined impact analysis repository". Google. https://patents.google.com/patent/US8321407B2/en. 
  6. ↑ "Panaya Portfolio". Tamares. http://www.tamares.com/portfolio/selected-investments-private/panaya. Retrieved 22 December 2014. 
  7. ↑ "CGI deepens its SAP expertise by launching its Panaya Practice". CGI. 14 May 2012. http://www.cgi.com/en/cgi-sap-expertise-panaya-practice. Retrieved 5 December 2014. 
  8. ↑ הירשאוגה, אור. "פיטורים בחברת התוכנה Panaya: קיצצה כ-15% מכוח האדם". TheMarker. http://www.themarker.com/technation/1.2033661. 
  9. ↑ "פאנאיה פיטרה יותר מ-23% מעובדיה – לאחר שהודיעה שתגייס עובדים". כלכליסט – Calcalist. 21 August 2014. http://www.calcalist.co.il/internet/articles/0,7340,L-3638946,00.html. 
  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". https://techcrunch.com/2015/02/15/infosys-panaya/. "Infosys buys Israel's Panaya for $230m – Globes English". 16 February 2015. http://www.globes.co.il/en/article-infosys-buys-israels-panaya-for-230m-1001010261. 
  12. ↑ "Infosys נכנסת לישראל: רוכשת ב-230 מ' ד' את Panaya". גלובס. https://www.globes.co.il/news/article.aspx?did=1001010255. 
  13. ↑ Panaya Test Dynamix
  14. ↑ Panaya ForeSight
  15. ↑ "David Binny, Chief Executive Officer, Panaya Inc". Bloomberg. https://www.bloomberg.com/profile/person/20699424. 
  16. ↑ Change Intelligence Platform
  17. ↑ "Panaya appoints Beatriss Kovernaig and Tal Arnon to its executive leadership team". Calcalist Tech. https://www.calcalistech.com/ctechnews/article/h1einppcq. Retrieved 15 August 2022. 
  18. ↑ "ERP solutions co Panaya raises $5m". Globes. 31 May 2006. http://www.globes.co.il/en/article-1000097742. Retrieved 22 December 2014. 
  19. ↑ "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.
  20. ↑ Shelah, Shmulik (10 June 2010). "Software developer Panaya raises $7m". Globes. http://www.globes.co.il/en/article-1000566121. Retrieved 22 December 2014. 
  21. ↑ "Hasso Plattner: Executive Profile & Biography". investing.businessweek.com. http://investing.businessweek.com/research/stocks/people/person.asp?personId=225290&ticker=SAP. Retrieved 28 September 2012. 
  22. ↑ "SaaS provider Panaya raises $16m". Globes. 8 January 2013. http://www.globes.co.il/en/article-1000812822. Retrieved 22 December 2014. 
  23. ↑ ""קרן IGP השקיעה 20 מיליון דולר בפנאייה"". PC Site. 12 January 2015. https://www.pc.co.il/news/175492/. 
  24. ↑ "Panaya – Total Funding Raised". StartupHub. https://www.startuphub.ai/startups/panaya/funding-panaya/. 
  25. ↑ "Red Herring Global Top 100 list 2011". PocketInfo.net. 9 January 2012. http://www.pocketinfo.net/2012/01/red-herring-global-top-100-list-2011.html. Retrieved 5 December 2014. 
  26. ↑ "Panaya Ranked Number 13 on Deloitte Technology EMEA Fast 500 List". Wn.com. 3 December 2013. http://article.wn.com/view/2013/12/03/Panaya_Ranked_Number_13_on_Deloitte_Technology_EMEA_Fast_500_8/. Retrieved 5 December 2014. 
  27. ↑ "Ranking within Best HighTech Companies to work for 2020". duns100. https://www.duns100.co.il/en/rating/High_Tech/Best_HighTech_Companies_to_work_for/2020. 
  28. ↑ ""הכנות והיושרה היא ערך מרכזי בפאנאיה"". Calcalist. 27 October 2020. https://www.calcalist.co.il/local/articles/0,7340,L-3866250,00.html. 
  29. ↑ "Ranking within Best HighTech Companies to work for 2022". duns100. https://www.duns100.co.il/en/rating/High_Tech/Best_HighTech_Companies_to_work_for. 



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