Panaya, a Menlo Park, California-based provider of a cloud-computing service for automating SAP upgrades, has raised $7m in a Series C funding round.The round, which was led by Battery Ventures, will enable the company to hire product development, sales, and marketing professionals to continue to expand at a global level.
Panaya provides a Software as a Service (SaaS) that enables SAP users to automate maintenance projects such as SAP upgrades and support packages. It shows which custom SAP programs will break as a result of an upgrade, explains how to fix them, derives the most efficient test plan and calculates the required budget and resources for the project.
Benchmark Capital and the Tamares Group led the company’s previous round of funding of the company. It also operates offices in Raanana, Israel.
FinSMEs
07/06/2010