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]
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Enterprise software |
| Founded | 2006 in Ra'anana, Israel |
| Founder | Yossi Cohen |
| Headquarters | , 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 |
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]