Panaya, a Saddle Brook, NJ-based ERP testing and upgrade automation SaaS provider, has raised $16m in Series D funding.
The round was led by Battery Ventures, with participation from Benchmark Capital and Hasso Plattner Ventures.
The company intends to use the capital to continue to grow organically, by expanding product development and marketing and sales efforts, as well as considering acquisitions.
Led by Yossi Cohen, founder and CEO, Panaya is a Software as a Service company that aims to facilitate ERP upgrades and maintenance by providing visibility and control over business application changes during the system’s life-cycle. Utilizing a cloud-based supercomputer, the company’s solution simulates the upcoming upgrade, automatically pinpointing which custom programs will break as a result of the upgrade and automatically fixing most of these problems.
Clients include Qualcomm, Sony, General Electric, Procter & Gamble, Walmart, and Bombardier.
Panaya recently opened regional offices in Saddle Brook, New Jersey; Karlsruhe, Germany; and Tokyo, Japan.
FinSMEs
08/01/2013