Type Privately held company Headquarters Hod Hasharon, Israel Founder Yossi Cohen Parent organization Infosys | Industry ERP software Area served Worldwide Founded 2005 | |
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Key people Jake Klein (CEO)
Mati Cohen (CTO) Products The Panaya CloudQuality Suite Profiles | ||
Infosys to buy automation company panaya
Panaya is an Israeli software as a service (SaaS) company that provides cloud-based quality management services for enterprise applications worldwide. Its solutions include Change impact analysis, automated code remediation, collaborative test management and test-execution, and ALM acceleration. The company’s solutions enable companies to save their information technology applications life cycle costs and minimize the risks associated with system changes. Panaya’s service runs on the Amazon Elastic Compute Cloud.
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History
Panaya was founded in 2006 as ChangeSoft Technologies by entrepreneur Yossi Cohen and is headquartered in Ra'anana, Israel.
The disruptive technology revolves around the impact analyses of code change, applied in code comparison of Enterprise resource planning (ERP) systems to help reduce the application life cycle cost. A first patent application was filed in 2008, followed by an extension in 2009, and a continuation in 2013.
In 2010, shares of Tamares Group, a private equity investment firm based in Vaduz, Liechtenstein, were acquired by Panaya as part of fundraising round.
In 2012, CGI Group, a Canadian multinational information technology (IT) consulting company, announced the launching of a new Panaya Practice.
In 2013 and 2014, Panaya laid off more than 25% of the company. In 2016, Panaya shut down their Israeli-based sales development and moved them to Boston and the United Kingdom and replaced their CEO.
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.
In February 2015, Infosys announced acquisition of Panaya for a reported $200 million. Prior to the sale, Panaya was in crisis and was on the verge of shut down, after many waves of layoffs.
Investors
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 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 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. The company has raised $39 million to date.