Panaya, a provider of SaaS solutions for automating SAP upgrades, announced at the DSAG conference that Hasso Plattner Ventures has injected $6 million into the company.
The venture capital firm, together with existing investors Benchmark Capital and Battery Ventures, will buy Tamares Group’s stake in the company.
Panaya provides a cloud-based system that automates upgrades for ERP applications such as SAP or Oracle, helping companies reduce their application lifecycle costs.
Panaya’s web app automatically identifies the errors that will occur as a result of an upgrade, automatically corrects certain issues, creates test plans, and estimates the budget for the project.
The company plans to extend the service to Oracle E-Business Suite users in 2011.
Panaya boasts customers like Bosch, The Home Depot, Mercedes-Benz, Shell, Sony, and Volvo.
On a sidenote: Hasso Plattner Ventures is the VC firm of – you guessed it – Prof. Dr. h. c. Hasso Plattner, SAP’s co-founder and chairman.