As the world gets more automated, Infosys is relying on Panaya to help make it more efficient
Israel’s venture capital sector is on fire as it marks its seventh exit in ten days.
It follows in the footsteps of six other recent exits by Israeli companies: Eat24, 888, Appsfire, Segoma, Porticor, and NTrig.
For Geektime, this news didn’t come entirely as a surprise. Back in January, when they raised a $20 million Series E round of funding, we suggested the company might be “very close to closing a large contract or some sort of merger/liquidation deal,” since the round was so much larger than their previous funding rounds, which seemed merely to cover operational costs.
Those who will profit from the exit include Yossi Cohen, the company’s founder and CEO, as well as the venture capital funds that invested in the company: Benchmark, Gemini Israel Ventures, Battery Ventures, Hassno Plattner Ventures (which was started by one of the cofounders of SAP AG software), the Tamares Group, and the most recent investor, Israel Growth Partners.
The clouded future of enterprise
The company specializes in cloud based Enterprise Resource Planning. In English; large corporates heavily invested in SAP or Oracle systems use Panaya to manage major system changes, such as upgrades or integrations. Panaya sits atop the process and ensures that everything goes smoothly, potentially saving hundreds of thousands, if not millions, in fixes, damage control and downtime. It does this by showing companies the expected impact on their ERP systems: what will break, how to fix it and what to test.
Panaya operates as SaaS so it can be implemented within an organization within hours. More than 1,000 global companies use their services, including Coca-Cola, Diesel, GM, Pegeot-Citroen, Unilever, Sony, Walmart and others.
In a statement, Infosys said that the acquisition was part of its “strategy to enhance the competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence.”
Panaya “uniquely positions Infosys to bring automation to several of its service lines via an agile SaaS model, and helps mitigate risk, reduce costs and shorten time to market for clients,” the company said in a statement.
“We are excited about leveraging Infosys’ global reach, service footprint and broad customer base to deliver compelling, simplifying, value to clients,” Doron Gerstel, Panaya’s CEO said in a statement.