ERP testing and upgrade automation SaaS provider Panaya has secured $16 million in a fourth round of financing. Panaya said that the funding came from existing investors, led by Battery Ventures. Also participating in the round were Benchmark Capital and Hasso Plattner Ventures. The company has raised $39 million to date.
The company said that the money raised will be used to fund Panaya's continued aggressive growth strategy. As part of this strategy, the company has recently opened regional offices in Saddle Brook, New Jersey; Karlsruhe, Germany; and Tokyo, Japan; and continues to invest heavily in its marketing and sales efforts. Panaya is also focused on increasing its organic growth through product development and the support of additional packaged applications as well as considering inorganic growth opportunities. Panaya's development center is in Ra'anana.
The company was founded in 2006 by CEO Yossi Cohen.
Panaya is a Software as a Service (SaaS) company that facilitates ERP upgrades and maintenance by providing visibility and control over business application changes during the system's life-cycle. Panaya's applications reduce the time SAP and Oracle users spend during upgrades, testing and maintenance and save significant money, testing risk and effort. Panaya has already crossed the 850 customer mark, most of which are SAP customers. Since introducing its solution for Oracle E-Business Suite (EBS) upgrades last year, Panaya has surpassed the 100 Oracle customer mark.
Cohen said, "This latest round of investment clearly demonstrates the strong confidence our investors have in the future of Panaya. Despite the very strong interest of additional parties to invest in Panaya, we were very happy for the strong endorsement and validation signified by the fact that this round of funding was limited to our existing and satisfied group of investors."
Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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