Quick Information
- Name of Startup: Panaya
- Year Founded: 2006
- Website: Panaya.com
- Type of company: B2B SaaS
- HQ Location: Israel
Startup Founders:
Yossi Cohen
Startup one-liner:
Panaya specializes in SaaS, change impact analysis and cloud-based testing for packaged applications, focusing on Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) software systems.
Problem the startup solves:
Revamping ERP systems is challenging due to complex interdependencies and minor mistakes which may lead to significant consequences. Visibility into the potential impact of changes is limited, leading to reliance on manual spreadsheet processes that impede progress and stifle innovation while exposing the organization to risks. It’s high time to adopt an intelligent approach to change management.
Progress and Current Status:
Gemini Partners and Benchmark Capital were the first investors to fund Panaya with $5 million in April 2006. In August 2009, Panaya secured $5 million in funding in a series B investment round led by Tamares Group with the participation of Benchmark Capital. In June 2010, in a series C round, Battery Ventures, Benchmark, and Tamares Group, invested a further $7 million. In September 2010, HPV, the venture capital fund of Hasso Plattner, co-founder of SAP AG, invested $6 million in exchange for the 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. In January 2015, Panaya secured $20 million in funding in a series E investment round led by Israel Growth Partners. The company has raised $59 million to date.
What is an Inspiring Story about the Startup?:
Shiseido, a leading global beauty brand, partnered with Panaya to simplify and speed up their SAP S/4HANA migration while maintaining business continuity. By leveraging Panaya’s solution, Shiseido was able to efficiently and effectively migrate their ERP system, resulting in improved operations and increased satisfaction among stakeholders. This successful implementation showcases the power of Panaya’s solutions in simplifying complex ERP transformations for organizations of all sizes.
What is a Company the Startup Looks Up to, and Why?:
We look up to our partner, Infosys. Infosys is an inspiring company due to its strong commitment to innovation and excellence. The company has consistently been at the forefront of the technology industry, delivering cutting-edge solutions and services to clients around the world. Infosys also places a strong emphasis on corporate social responsibility, consistently giving back to the communities in which it operates. The company’s dedication to ethical business practices and innovative approach make it a role model for the industry.
The Company in Four Years Will Be…
It’s challenging to make a specific prediction on the future of Panaya in 4 years. However, based on current trends and the company’s past performance, it can be assumed that Panaya will continue to be a leader in the field of automation and innovation for enterprise resource planning (ERP) systems. The company will likely expand its product offerings and customer base, and may also enter new markets. Additionally, with the increasing demand for digital transformation solutions, it’s possible that Panaya will experience significant growth in the coming years. However, this is just a prediction and the actual outcome could differ.