Panaya was founded in 2006 as ChangeSoft Technologies by entrepreneur Yossi Cohen and is headquartered in Ra'anana, Israel. The disruptive technology revolves around the impact analyses of code change, applied in code comparison of Enterprise resource planning systems to help reduce the application life cycle cost. A first patent application was filed in 2008, followed by an extension in 2009, and a continuation in 2013. In 2010, shares of Tamares Group, a private equity investment firm based in Vaduz, Liechtenstein, were acquired by Panaya as part of fundraising round. In 2012, CGI Group, a Canadian multinationalinformation technology consulting company, announced the launching of a new Panaya Practice. In 2013 and 2014, Panaya laid off more than 25% of the company. In 2016, Panaya shut down their Israeli-based sales development and moved them to Boston and the United Kingdom and replaced their CEO. 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. In February 2015, Infosys announced the acquisition of Panaya for a reported $200 million. Prior to the sale, Panaya was in crisis and was on the verge of shut down, after many waves of layoffs. 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.
Investors
Gemini Partners and Benchmark Capital were the first investors to fund Panaya with $5 million in April 2006. In August 2009, Panaya secured $5 million funding in a series B investment round led by Tamares Group with the participation of Benchmark Capital. In June 2010, in a series C round, Battery Ventures, Benchmark and Tamares Group, invested a further $7 million. In September 2010, HPV, the venture capital fund of Hasso Plattner, co-founder of SAP AG, invested $6 million in exchange for company's stakes. Shares held by the Tamares Group, a private equityinvestment 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. 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.
