Enterprise resource planning (ERP) solutions start-up Panaya Ltd. yesterday announced the closing of a $5 million first financing round from Benchmark Capital and Gemini Israel Funds.
Panaya was founded in 2005 by Yossi Cohen, an experienced entrepreneur who previously founded Alexandria, which was acquired by Blue Phoenix Solutions Ltd. (Nasdaq: BPHX; TASE: BPHX). Panaya is developing solutions for analyzing, testing, modifying and resolving flaws and errors in ERP system implementations. The company’s technology is trying to change they way ERP and large packaged applications (LPAs) are maintained, adjusted and upgraded.
Benchmark Israel general partner Arad Naveh said, “ERP projects tend to be enormously expensive and risky. Panaya’s technology analyzes the impact of changes and identifies the source of problems, thus reducing the time, expense, and risk of these projects.”
Gemini general partner Tali Aben said, “An estimated 8 dollars are spent in ERP services for every 1 dollar spent on ERP software,so this is a huge market that will have tremendous demand for Panaya’s solutions.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 31, 2006
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