Panaya

Israeli software company

Panaya

Type| Subsidiary
Industry| Enterprise software
Founded| 2006 (2006) in Ra'anana, Israel
Founder| Yossi Cohen
Headquarters|

Hod Hasharon

Israel

Area served

| Worldwide

Key people

| David Binny (CEO)
Products| Panaya release dynamix
change intelligence
panaya test dynamix
panaya foresight
Services| Software as a service

Number of employees

| 240
Parent| Infosys
Website| www.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[edit]

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[edit]

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[edit]

* 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[edit]

1. ^ a b https://www.duns100.co.il/en/Panaya Panaya, Duns 100International 2021, Dun&Bradstreet Israel, 2021
2. ^ a b US 2009216712, Cohen, Yossi; Cohen, Mati; Dor, Nurit; Weiss, Dror; Armoni, Roy, "Methods for calculating a combined impact analysis repository", published 27 August 2009
3. ^ Sommer, Brian (7 January 2010). "Panaya – A different kind of ERP third party maintenance provider". ZDNet. Retrieved 5 December 2014.
4. ^ "Panaya in Menlo Park". Menlo Park. Retrieved 17 December 2014.
5. ^ Cohen, Yossi (27 November 2012). "Methods for calculating a combined impact analysis repository". Google Patents. Google. Retrieved 5 December 2021.
6. ^ "Panaya Portfolio". Tamares. Archived from the original on 11 May 2015. Retrieved 22 December 2014.
7. ^ "CGI deepens its SAP expertise by launching its Panaya Practice". CGI. 14 May 2012. Retrieved 5 December 2014.
8. ^ הירשאוגה, אור. "פיטורים בחברת התוכנה Panaya: קיצצה כ-15% מכוח האדם". TheMarker. Retrieved 18 December 2016.
9. ^ "פאנאיה פיטרה יותר מ-23% מעובדיה – לאחר שהודיעה שתגייס עובדים". כלכליסט – Calcalist. 21 August 2014. Retrieved 18 December 2016.
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"."Infosys buys Israel's Panaya for $230m – Globes English". Globes. 16 February 2015. Retrieved 18 December 2016.
12. ^ "Infosys נכנסת לישראל: רוכשת ב-230 מ' ד' את Panaya". גלובס. Retrieved 16 February 2015.
13. ^ Panaya Test Dynamix
14. ^ Panaya ForeSight
15. ^ "David Binny, Chief Executive Officer, Panaya Inc". Bloomberg.
16. ^ Change Intelligence Platform
17. ^ "Panaya appoints Beatriss Kovernaig and Tal Arnon to its executive leadership team". Calcalist Tech. Retrieved 15 August 2022.
18. ^ "ERP solutions co Panaya raises $5m". Globes. 31 May 2006. 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. Retrieved 22 December 2014.
21. ^ "Hasso Plattner: Executive Profile & Biography". investing.businessweek.com. Archived from the original on 19 January 2013. Retrieved 28 September 2012.
22. ^ "SaaS provider Panaya raises $16m". Globes. 8 January 2013. Retrieved 22 December 2014.
23. ^ ""קרן IGP השקיעה 20 מיליון דולר בפנאייה"". PC Site. 12 January 2015.
24. ^ "Panaya – Total Funding Raised". StartupHub.
25. ^ "Red Herring Global Top 100 list 2011". PocketInfo.net. 9 January 2012. Retrieved 5 December 2014.
26. ^ "Panaya Ranked Number 13 on Deloitte Technology EMEA Fast 500 List". Wn.com. 3 December 2013. Retrieved 5 December 2014.
27. ^ "Ranking within Best HighTech Companies to work for 2020". duns100.
28. ^ ""הכנות והיושרה היא ערך מרכזי בפאנאיה"". Calcalist. 27 October 2020.
29. ^ "Ranking within Best HighTech Companies to work for 2022". duns100.