Panaya, a start-up based in Israel, raised $16 million in Series D funding for its ERP testing and SaaS automation solutions.
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 simulates upcoming upgrades to SAP or Oracle, automatically pinpointing which custom programs will break as a result of the upgrade and automatically ﬁxing most of these problems.
The company said its value proposition is its ability to reduce the time SAP and Oracle users spend during upgrades, testing and maintenance and save significant money, testing risk and effort.
Panaya claims over 850 customers, most of which are SAP customers. Since introducing its solution for Oracle E-Business Suite (EBS) upgrades last year, the company has surpassed the 100 Oracle customer mark.
Panaya recently opened regional offices in Saddle Brook, New Jersey; Karlsruhe, Germany; and Tokyo, Japan.
The new funding came from the Panaya's existing investors, led by Battery Ventures. Also participating in the round were Benchmark Capital and Hasso Plattner Ventures.
"This latest round of investment clearly demonstrates the strong confidence our investors have in the future of Panaya," said Yossi Cohen, Panaya's founder and CEO. "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."