Panaya

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]

Panaya
Privately 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

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.

Awards and recognition
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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. https://techcrunch.com/2015/02/15/infosys-panaya/
  13. "Infosys buys Israel's Panaya for $230m - Globes English". Globes. 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

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