Panaya

From Wikipedia, the free encyclopedia
Panaya
TypePrivately held company
IndustryEnterprise Software
Founded2006 (2006) in Ra'anana, Israel
FounderYossi Cohen
Headquarters
Hod Hasharon
,
Israel
Area served
Worldwide
Key people
David Binny (CEO)
ProductsPanaya Release Dynamix
ServicesSoftware as a service
Number of employees
240
ParentInfosys
Websitewww.panaya.com

Panaya is an Israeli software company. The company is a subsidiary of Infosys. Panaya's products include Change impact analysis, automated code remediation, collaborative test management and test-execution, and ALM acceleration. Panaya's service runs on the Amazon Elastic Compute Cloud.[1]

History[]

Panaya was founded in 2006 as ChangeSoft Technologies by entrepreneur Yossi Cohen and is headquartered in Ra'anana, Israel.[2]

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.[3] A first patent application was filed in 2008, followed by an extension in 2009,[4] and a continuation in 2013.[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 more than 25% of the company.[8][9] In 2016, Panaya shut down their Israeli-based sales development and moved them to Boston and the United Kingdom and replaced their CEO.[10]

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.[11]

In February 2015, Infosys announced the acquisition of Panaya for a reported $200 million.[12] Prior to the sale, Panaya was in crisis and was on the verge of shut down, after many waves of layoffs.[13] In 2017, whistleblowers alleged that there were issues with the company's acquisition by Infosys and that top executives of the company had personal interest in acquisition.[14]

Investors[]

Gemini Partners and Benchmark Capital were the first investors to fund Panaya with $5 million in April 2006.[15]

In August 2009, Panaya secured $5 million funding in a series B investment round led by Tamares Group with the participation of Benchmark Capital.[16]

In June 2010, in a series C round, Battery Ventures, Benchmark and Tamares Group, invested a further $7 million.[17] In September 2010, HPV, the venture capital fund of Hasso Plattner, co-founder of SAP AG,[18] 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.[19] The company has raised $39 million to date.

In news[]

Infosys on 14 April, 2018 said it has started looking out for buyers of Skava and Panaya which were acquired during former CEO Vishal Sikka's tenure to build a so-called software plus service model. The company has written off $90 Million in Panaya on a standalone basis, which is nearly half of the $200 million that it had paid to acquire the Israeli software firm in 2015.[citation needed]

Awards and recognition[]

See also[]

References[]

  1. ^ Sommer, Brian (7 January 2010). "Panaya – A different kind of ERP third party maintenance provider". ZDNet. Retrieved 5 December 2014.
  2. ^ "Panaya in Menlo Park". Menlo Park. Retrieved 17 December 2014.
  3. ^ US 2009216712, Cohen, Yossi; Cohen, Mati; Dor, Nurit; Weiss, Dror; Armoni, Roy, "Methods for calculating a combined impact analysis repository", published 27 August 2009 
  4. ^ "Methods for calculating a combined impact analysis repository". Fresh Patents. Retrieved 22 December 2014.
  5. ^ "Methods for calculating a combined impact analysis repository". Fresh Patents. 14 February 2013. Retrieved 22 December 2014.
  6. ^ "Panaya Portfolio". Tamares. Archived from the original on 11 May 2015. Retrieved 22 December 2014.
  7. ^ "CGI deepens its SAP expertise by launching its Panaya Practice". CGI. 14 May 2012. Retrieved 5 December 2014.
  8. ^ הירשאוגה, אור. "פיטורים בחברת התוכנה Panaya: קיצצה כ-15% מכוח האדם". TheMarker. Retrieved 2016-12-18.
  9. ^ "פאנאיה פיטרה יותר מ-23% מעובדיה - לאחר שהודיעה שתגייס עובדים". כלכליסט - www.calcalist.co.il. 2014-08-21. Retrieved 2016-12-18.
  10. ^ "Panaya: Overview". LinkedIn.
  11. ^ "Deloitte and Panaya enter Strategic Alliance to accelerate Oracle EBS upgrades and deployments" (Press release). Deloitte. 10 June 2014. Archived from the original on 14 December 2014. Retrieved 5 December 2014.
  12. ^ "Infosys Acquires SaaS Provider Panaya in Deal Valued at $200M".
  13. ^ "Infosys buys Israel's Panaya for $230m - Globes English". Globes. 16 February 2015. Retrieved 2016-12-18.
  14. ^ Phadnisl, Shilpa. "Another Whistleblower Mail Alleges Issues with Infosys' Panaya Deal". The Times of India.
  15. ^ "ERP solutions co Panaya raises $5m". Globes. 31 May 2006. Retrieved 22 December 2014.
  16. ^ "Panaya Secures $5 Million in Series B Funding" (Press release). Reuters. 4 August 2009. Archived from the original on 4 March 2016. Retrieved 22 December 2014.
  17. ^ Shelah, Shmulik (10 June 2010). "Software developer Panaya raises $7m". Globes. Retrieved 22 December 2014.
  18. ^ "Hasso Plattner: Executive Profile & Biography". investing.businessweek.com. Retrieved 28 September 2012.
  19. ^ "SaaS provider Panaya raises $16m". Globes. 8 January 2013. Retrieved 22 December 2014.
  20. ^ "Panaya Ranked Number 13 on Deloitte Technology EMEA Fast 500 List". Wn.com. 3 December 2013. Retrieved 5 December 2014.
  21. ^ "Red Herring Global Top 100 list 2011". PocketInfo.net. 9 January 2012. Retrieved 5 December 2014.
  22. ^ "Cool Vendors in the SAP Ecosystem, 2010". Gartner. 31 March 2010. Retrieved 5 December 2014.

http://timesofindia.indiatimes.com/business/india-business/another-whistleblower-mail-alleges-issues-with-infosys-panaya-deal/articleshow/57244175.cms

Retrieved from ""