SaaS Provider Panaya Secured $16 Million
9 January, 2013
Panaya's applications reduce the time SAP and Oracle users spend during upgrades, testing and maintenance. The company said it is "considering inorganic growth opportunities"
The ERP testing and upgrade automation SaaS provider, Panaya, has secured $16 Million in Series D funding.
All funding came from the Company’s existing investors, led by Battery Ventures. Benchmark Capital and Hasso Plattner Ventures also participated in this round.
Panaya’s software-as-a-service helps companies that use SAP or Oracle in reducing up to 70% of their upgrade and testing effort. Utilizing a cloud-based supercomputer, Panaya simulates the upcoming upgrade, automatically pinpointing which custom programs will break as a result of the upgrade and ﬁx the most of these problems.
The money raised will fund Panaya’s growth strategy. The company is headed from Raanana, Israel. Recently it opened regional offices in Saddle Brook, New Jersey; Karlsruhe, Germany and Tokyo, Japan. The company said it is “considering inorganic growth opportunities”.
Panaya’s applications reduce the time SAP and Oracle users spend during upgrades, testing and maintenance. Among its costumers: Volvo, Xerox, Mercedes-Benz, Toyota, Qualcomm, Sony, General Electric, Procter & Gamble, Walmart and Bombardier. Today it has more than the 850 customers, most of which are SAP customers. Since introducing its solution for Oracle E-Business Suite (EBS) upgrades last year, the Company has surpassed the 100 Oracle customer mark.