08/06/2009
SAP enterprise software provider Panaya secures $5 million from Tamares and Benchmark Capital
SAP enterprise software provider Panaya has secured $5 million in a second round of funding led by Tamares Group with participation of Benchmark Capital.
Panaya provides SaaS (software as a service) that enables SAP users to save up to 50% of their application lifecycle costs by automating maintenance projects such as SAP upgrades, consolidations, support packages, and enhancement packages. The company providing cloud computing services to automatically identify the errors that will occur as a result of an upgrade, suggests corrections, creates test plans, and estimates budget for the project.
“We are impressed with Panaya’s ability to sustain aggressive sales growth during the past twelve months and add household names like Bosch, Sony and Volvo to its growing client roster,” said Meirav Har-Noy, Director of Investments and Strategy at Tamares Group. “This is especially true in these times of cost-cutting when companies are looking to reduce the total cost of ownership of their enterprise software.”
Panaya was founded in 2005 by Yossi Cohen, which previously founded Alexandria, which was acquired by BluePhoenix Solutions. Panaya is headquartered in Menlo Park, California, US and operate a research and development center in Raanana, Israel.
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08:43 Posted in SaaS | Permalink | Comments (0) | Email this | Tags: sap enterprise software, saas, panaya, tamares group, benchmark capital, yossi cohen, meirav har-noy