August 4, 2009
Based in New York, one of the leading SaaS providers, Panaya announced that it had closed a $5 million in series B funding with Tameres Group leading the funding. The other vc firm that participated in this round of funding is Benchmark Capital.
Panaya was founded in 2006 and is a company that provides software tools that are designed to save SAP customers over one half of their upgrade and maintenance costs, while reducing the risks in doing so. Panaya’s tools are basically a SaaS or Software as a Service that simulates the SAP environment and shows which SAP program would work best on a particular client’s SAP system. Furthermore, Panaya’s software also has diagnostic tools that show what is going wrong with the SAP and how to fix the problem. When a user upgrades their SAP with Panaya’s software service, the Panaya software, while upgrading the SAP, will also automatically show all errors that could cause the SAP system not to function properly and provide them with solutions to fix these errors.
Proceeds from this funding will go to help Panaya expand its sales and marketing, and product development. Because Panaya’s system is user friendly and growing in popularity, more work needs to be done to efficiently and effectively deliver its services to customers.
According to Panaya’s founder and CEO, Yossi Cohen, Panaya’s customers and partners have validated the company’s market strategy and product, and with this new round of funding, Panaya will be well positioned to expand its leadership as being the future of application life cycle management tools.
According to the director of investment at the Tameres Group, Meirav Har-Noy, the team at Tameres is amazed at how Panaya is able to maintain such an aggressive sales growth during the past year by adding several well known household names to its list of clients. These clients include Bosch, Sony, and Volvo. The development of Panaya’s unique platform which is very cost effective compared to other SAP diagnostic and upgrade services is truly ingenious and key to the company’s success in a time when most people are looking to cut costs where ever they can.
Based in Lichtentstein, the Tameres Group is a global private equity firm that has offices in New York, Tel Aviv, Las Vegas, London, Gibraltar, and Helsinki. Besides dealing in private equity, the Tameres group also deals in real estate on an international scale.
Benchmark Capital is a vc firm that is dedicated to helping talented entrepreneurs in the tech industry. Benchmark currently has over $2.3 billion in committed capital under its management and some other companies in Benchmark’s portfolio include Ariva, Axium Global, Avamar, Catapulse, Odesk, Red Hat, and others.
For more information about Panaya, click here.