This latest round of investment will allow us to hire the many sales, marketing, and product development people we currently need
Menlo Park, CA (PRWEB) June 7, 2010
Panaya, a leading provider of SaaS (software as a service) for automating SAP upgrades, announced that is has secured $7 Million in Series C funding, led by Battery Ventures. Previous rounds were led by Benchmark Capital and the Tamares Group.
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 and support 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, makes automatic corrections to most issues, 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 latest round of investment will allow us to hire the many sales, marketing, and product development people we currently need,” said Yossi Cohen, Panaya’s founder and CEO. “Our customer base is expanding so quickly, we need to keep up as we continue to ramp up our global presence and product portfolio while quickly reaching profitability.”
“We are proud to have this chance to invest in Panaya, who has demonstrated phenomenal market penetration in a very short time, reaching global clients like The Home Depot, Mercedes-Benz, and Newell Rubbermaid in North America and Cadbury, British Gas, Bosch, and Volvo in Europe,” said Itzik Parnafes, Partner at Battery Ventures. “We are confident that Panaya will continue to display strong growth as more and more SAP customers realize the tremendous value Panaya brings to their operations.”
Battery Ventures currently manages $4B in committed capital, including its current $750M fund, and invests from offices in Boston, Silicon Valley and Israel. Battery has supported many breakthrough companies around the world, including: Akamai Technologies (AKAM), BladeLogic (acquired by BMC Software), LIFFE (acquired by EuroNext), MetroPCS (PCS), Infoseek (SEEK), and Omniture (OMTR).
Established in 2006, Panaya Inc. provides software tools that save SAP customers up to 50% of their software upgrade and maintenance costs, while minimizing risks and proving clear ROI. Provided as Software as a Service (SaaS), Panaya's SAP environment simulation shows which custom SAP programs will break as a result of an upgrade, explains how to fix them, derives the most efficient test plan and calculates the required budget and resources for the project.
For further information contact Susan Sullivan at Susan.Sullivan(at)PanayaInc(dot)com or 617-875-6256 or visit the Panaya web site at http://www.panayainc.com.
About Battery Ventures:
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies, and stages of a company’s life – from start-up and expansion financing to growth equity and buyouts. Battery has supported many breakthrough companies around the world, including: Akamai Technologies (AKAM), BladeLogic (acquired by BMC Software), LIFFE (acquired by EuroNext), MetroPCS (PCS), Infoseek (SEEK), and Omniture (OMTR). Its portfolio of Internet and Digital Media companies today includes: Angie’s List, Bazaarvoice, BlueKai, Exact Target, FreeWheel Media, Lotame and TrialPay. Battery currently manages $4B in committed capital, including its current $750M fund, and invests from offices in Boston, Silicon Valley and Israel. For more information, visit http://www.battery.com.
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