Software developer Panaya raises $7m

Battery Ventures led the round.

Software as a service (SaaS) developer Panaya Inc. has raised $7 million in its third financing round, led by Battery Ventures. Previous rounds were led by Benchmark Capital and the Tamares Group.

Panaya has raised $17 million to date, including the present round. CEO Yossi Cohen founded the company in 2006. The company provides SaaS for simplifying and lowering the cost of upgrading SAP enterprise resource management (ERP) software.

Cohen said, “This latest round of investment will allow us to hire the many sales, marketing, and product development people we currently need. Our customer base is expanding so quickly, we need to keep up as we continue to ramp up our global presence and product portfolio while quickly reaching profitability."

Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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