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Panaya

Panaya is a SaaS-based specializing in AI-powered change intelligence and testing platforms for () and () systems, including , Oracle E-Business Suite, and . Founded in 2006 and headquartered in , , Panaya provides an all-in-one solution that integrates impact analysis, , and to minimize risks during application updates and ensure seamless operations. The company was acquired by in February for approximately $200 million, becoming a key component of Infosys's offerings. As a , Panaya maintains a global presence with offices in (), Europe, and , serving over 3,000 brands worldwide as of 2023. Its platform is certified by , , and , emphasizing no-code automation to accelerate release cycles and provide real-time visibility into changes. Panaya has been recognized by for excellence in user relationships, implementability, ROI, and overall leadership in the testing category.

Overview

Founding and operations

Panaya was founded in 2006 in , , as ChangeSoft Technologies by entrepreneur . The company later rebranded to Panaya and relocated its headquarters to , . As a of , Panaya maintains a global operational footprint with offices in , , and to support its international customer base. The company employs approximately 220 people as of 2025, primarily focused on , , , and . Panaya specializes in SaaS-based that provides change impact analysis and cloud-based testing solutions for and systems, enabling organizations to manage application changes efficiently. Panaya holds certifications from major enterprise software providers, including SAP, Oracle, and Salesforce, which validate its compatibility and integration capabilities with their platforms. These certifications underscore Panaya's role in supporting reliable testing and change management for business-critical applications.

Leadership and corporate structure

Panaya was founded in 2006 by Yossi Cohen, who served as its CEO and provided initial leadership until the company's acquisition by Infosys in 2015. Following the acquisition, Cohen transitioned out of his executive role at Panaya. The current CEO of Panaya is David Binny, who was appointed to the position in June 2019. Binny, with over 24 years of experience in , technology, and business strategy, previously held the role of at Panaya and has prior positions at companies such as and RAD Data Communications. Since its acquisition in 2015, Panaya has operated as a wholly-owned of , fully integrated into the parent company's services, including contributions to the Infosys Mana artificial intelligence platform. As a , Panaya's board and executive team are subject to oversight by ' , with reporting lines aligned to support ' global operations and strategic initiatives. Panaya's executive team includes key figures overseeing product development, sales, and operations, particularly in areas like -driven testing and management. Stav Grinshpon serves as , leading product strategy and innovations with a focus on and technological advancements, drawing from over 16 years in R&D and prior roles at Labs and Pipl. Oded Kovar is and of Global Sales, managing client implementations and support with more than 16 years of experience in software sales from companies like NICE Systems and Radware. Amir Kviatkovsky acts as , handling finance and operations with 18 years in high-tech finance from firms including . Tal Arnon, as Executive of R&D, directs teams emphasizing applications in testing, based on over 20 years in the field. Additional executives include Moranne Yaari as and Idan Golan as EVP of . These leaders report directly to CEO Binny, ensuring alignment with Panaya's focus on agile delivery and risk mitigation in digital transformations.

History

Early years and funding

Panaya commenced operations in 2006 with a focus on developing solutions to automate and analyze changes in applications. The company secured its initial funding of $5 million in a on April 18, 2006, led by Benchmark Capital and Gemini Israel Ventures. Subsequent rounds bolstered growth: in August 2009, Panaya raised $5 million in Series B funding led by , with Capital participating. In June 2010, it obtained $7 million in Series C funding led by , followed by an additional $6 million later that September from Ventures and existing backers. The Series D round in January 2013 brought in $16 million from returning investors led by , while the pre-acquisition Series E in January 2015 added $20 million, primarily from Israel Growth Partners. These investments culminated in $59 million of total pre-acquisition capital from key backers including Benchmark Capital, Gemini Israel Ventures, , , Ventures, and Israel Growth Partners. A foundational technological achievement came in with the publication of Panaya's first (US20090307650A1) for a software system, which enabled automated to assess upgrade effects without full system redeployment. This innovation underpinned the company's early product offerings, which emphasized automation for enterprise software upgrades and targeted SAP and Oracle users by streamlining testing and risk assessment in complex ERP environments. The company also established its initial market footprint in , its founding location, and expanded to through a office to serve U.S.-based clients.

Acquisition by

In February 2015, announced its acquisition of Panaya, an Israel-based provider of software for enterprise application testing, at an enterprise value of $200 million. The deal, structured as an all-cash transaction, was expected to close by the end of March 2015, subject to customary closing conditions, and ultimately completed on March 5, 2015, when acquired 100% of Panaya's voting interests. This marked ' second-largest acquisition at the time, following its purchase of Holdings for $350 million in 2012. The acquisition aligned with Infosys' "renew and new" strategy under CEO , aimed at infusing automation and into its IT services to enhance productivity in and implementations, particularly for platforms like , , and . Panaya's CloudQuality suite was seen as a key enabler for delivering agile, SaaS-based testing solutions, allowing Infosys to differentiate its service lines and amplify employee capabilities in and . The move also established a foothold in Israel's innovation ecosystem, positioning Infosys to leverage Panaya's technology for broader offerings. Infosys conducted thorough due diligence, involving internal teams specializing in Oracle and SAP ecosystems alongside external advisors like Deutsche Bank, which validated the uniqueness and scalability of Panaya's automation tools. Regulatory approvals were obtained without notable hurdles, facilitating a swift closure. Initial integration plans focused on operating Panaya as a subsidiary under Infosys Platforms, led by executive vice president Abdul Razack, while retaining Panaya's CEO Doron Shikmoni and core team to ensure continuity in product development and customer relationships. The deal represented a significant exit for Panaya's investors, who had collectively raised $59 million across multiple funding rounds, including a $20 million Series E in January 2015, achieving an approximate 6x revenue multiple on the sale.

Post-acquisition developments

Following its acquisition by in 2015, Panaya focused on enhancing its SaaS-based solutions for application change management and testing, integrating them more deeply with enterprise systems like , , and . In 2017, the company launched Release Dynamix, a cloud-based (ALM) platform that included Test Dynamix for integrated , enabling real-time visibility, automated test acceleration, and defect tracking to support agile delivery and reduce release risks by up to 50%. This development marked an early post-acquisition push toward comprehensive ALM tools, allowing IT and business teams to collaborate on without extensive coding. By 2019, Panaya expanded its offerings with the launch of ForeSight, a dedicated for testing that provided impact analysis, risk assessment, and smart test recommendations tailored to environments. Available on the Salesforce AppExchange, ForeSight enabled users to visualize change impacts across and configurations, accelerating deployments while minimizing regression issues in dynamic orgs. This initiative aligned with growing demand for -specific automation, helping organizations achieve faster time-to-market for updates. In 2021, Panaya released the Change Intelligence Platform, which unified impact analysis, , and capabilities into a single for ERP and CRM applications, leveraging to predict change effects and optimize testing scopes. This platform integrated previously siloed tools like Release Dynamix and Test Dynamix, providing end-to-end visibility to streamline enterprise transformations. Building on this, the 2022 introduction of the Change Analysis add-on enhanced Test Dynamix with AI-powered risk optimization, automatically prioritizing tests based on change scope and historical data to cut testing efforts without quality compromises. Recent advancements from 2024 to 2025 have emphasized AI integration, including the rollout of AI-codeless test automation that generates scripts via natural language processing and supports cross-application validation for ERP systems. Self-healing features were introduced to automatically adapt tests to UI and logic changes, reducing maintenance overhead by up to 80% in volatile environments. Panaya also forged partnerships, such as with Cognizant in January 2025 and Accrete in September 2025, to facilitate SAP S/4HANA migrations through intelligent automation and risk mitigation tools. These efforts reflect Panaya's strategic shift toward AI-driven solutions amid 2025 cloud ERP trends, where adoption of S/4HANA Cloud and hybrid models demands faster, resilient change management. The acquisition faced scrutiny in 2017 due to whistleblower allegations of governance issues and overpayment, detailed further in the Controversies section.

Products and services

Core offerings

Panaya's primary offering is the CloudQuality suite, a comprehensive platform that serves as an all-in-one solution for enterprise testing and in and systems, including , Oracle E-Business Suite, and environments. This platform unifies impact analysis, , and codeless to address the complexities of system upgrades, customizations, and ongoing modifications, ensuring thorough validation without requiring extensive manual scripting. By automating the identification of change impacts and generating reusable test assets, CloudQuality enables organizations to focus testing efforts on high-risk areas, thereby minimizing disruptions in production environments. At its core, the suite's impact analysis component uses data-driven insights to map dependencies across applications, pinpointing potential failure points such as affected processes or data flows before they cause issues. This is complemented by robust that support end-to-end process validation, including user (UAT) workflows, defect tracking, and features for cross-functional teams. The automation layer further accelerates execution through testing and data-driven scenarios, allowing non-technical users to capture and replay processes efficiently. Designed specifically to reduce the time, cost, and risk in digital transformations, CloudQuality has been shown to cut testing cycles in large-scale migrations, based on reported enterprise implementations. It integrates with Infosys's broader services, enhancing scalability for enterprise deployments by combining Panaya's specialized tools with Infosys's consulting expertise in global IT transformations. This synergy supports seamless adoption in high-stakes environments, where rapid validation is critical for maintaining business continuity.

Key technologies and innovations

Panaya's impact analysis technology employs AI-driven algorithms to predict the effects of changes across enterprise applications, such as SAP, Oracle E-Business Suite, and Salesforce, by mapping dependencies and identifying affected business processes, custom code, and configurations. This capability enables organizations to anticipate risks and prioritize testing efforts, reducing the scope of validation by over 70% in complex environments. A of Panaya's innovations is its codeless platform, which allows users to create and execute tests without programming knowledge through visual scripting and AI-assisted script generation. Introduced in 2023 and enhanced in 2025, this system incorporates self-healing capabilities that automatically detect and adapt to modifications or application updates in real-time, minimizing maintenance overhead by dynamically repairing broken locators and ensuring test reliability across and cloud environments. For instance, in Fiori applications, these self-healing algorithms analyze structures to maintain script integrity during upgrades. Panaya has developed AI-powered automatic code correction tools specifically for ABAP maintenance in upgrades and migrations, such as transitions from to S/4HANA. These tools use to scan custom code, identify compatibility issues, and generate remediation suggestions or direct fixes for common syntax errors, obsolete functions, and performance bottlenecks, automating over 90% of repetitive corrections to accelerate project timelines. This integrates with Panaya's broader change intelligence platform to simulate upgrade impacts and validate corrections pre-deployment. For environments, Panaya's ForeSight methodology provides a structured approach to risk mitigation during customizations and releases, leveraging to uncover dependencies, visualize org complexity, and forecast impacts on workflows, objects, and integrations. This tool supports proactive testing by generating impact reports and test recommendations, helping teams avoid disruptions in dynamic setups. Panaya holds multiple patents related to its core technologies, extending beyond its founding in 2006 to cover advancements in automated testing and . Notable filings include those for generating test scenario templates from execution data (US9317404B1, issued 2016), with ongoing innovations in change intelligence reflected in broader protections.

Controversies

Acquisition disputes

In February 2017, an anonymous whistleblower sent letters to the Securities and Exchange Board of (SEBI) alleging significant governance lapses in 's 2015 acquisition of Panaya for $200 million, claiming the deal was grossly overvalued at approximately six times the company's annual revenue and involved undisclosed conflicts of interest tied to CEO . The whistleblower asserted that Sikka's prior professional ties to Panaya's founders from his time at created a conflict, with allegations that relatives of Infosys executives had invested in the company prior to the deal, potentially benefiting personally from the high purchase price. Further claims included suppressed processes, where critical financial reviews were allegedly rushed or overlooked to justify the premium valuation, which was said to exceed market norms for similar firms. These allegations quickly gained traction through extensive media coverage in outlets like and , amplifying shareholder unease about at and prompting demands for transparency in the acquisition process. In response, SEBI sought clarifications from , while the company's board formed an independent audit committee led by former SEBI chairman M. Damodaran to investigate the claims, amid growing over potential breaches. The disclosures fueled broader tensions between the board and founders, including , who publicly questioned the deal's rationale. The fallout contributed to immediate market volatility, with shares declining by about 2-3% in the days following the whistleblower letters' disclosure in late February 2017, eroding investor confidence and exacerbating internal divisions. This pressure was compounded by the earlier of Rajiv Bansal in October 2015, who had reportedly walked out of a board meeting approving the Panaya deal due to concerns over its inflated and inadequate , highlighting pre-existing . The episode intensified calls for accountability, setting the stage for Sikka's eventual departure in August 2017 amid ongoing governance debates. Infosys initially dismissed the allegations as baseless and malicious, with Sikka describing the whistleblower letters as a "direct, reckless, [and] slanderous" personal attack aimed at undermining his leadership. The company affirmed that full had been conducted by external advisors and that no conflicts existed, vowing to cooperate with any regulatory probes while emphasizing the strategic value of the acquisition.

Investigations and resolutions

In response to whistleblower allegations regarding the Panaya acquisition, India's Securities and Exchange Board (SEBI) conducted a preliminary inquiry in 2017, concluding with no further action against Infosys and effectively closing the case by mid-June of that year. Concurrently, Infosys commissioned an internal audit by its audit committee and an external investigation by the U.S.-based law firm Gibson, Dunn & Crutcher along with Control Risks consultancy, which in June 2017 found no evidence of wrongdoing, kickbacks, inappropriate contracting, or unreasonable expenses related to then-CEO Vishal Sikka or the company. The Infosys board, under new non-executive chairman Nandan Nilekani, reaffirmed these findings in October 2017, explicitly clearing Sikka of any misconduct in the deal. Although no formal U.S. Department of Justice (DOJ) or probes specifically targeted the Panaya acquisition in 2017-2018, the external U.S. served as the primary independent review, determining there were no material misstatements or violations in the transaction disclosures. Later inquiries into broader whistleblower complaints from 2019 did not revisit Panaya-specific issues and concluded without enforcement actions by 2020. Following the controversies, attempted to divest Panaya and Skava in 2018 but abandoned the plans in January 2019 after failing to identify suitable buyers, leading to their reclassification from "held for sale" to ongoing operations. This decision allowed to retain and integrate the subsidiaries, with Panaya resuming growth initiatives under enhanced internal oversight by mid-2019. Shareholder lawsuits filed in U.S. courts in late 2017 and 2019, stemming from the whistleblower allegations including the Panaya deal, were ultimately resolved through settlements that did not involve any admission of liability by . The Panaya-related turmoil prompted ongoing governance enhancements at , including strengthened board independence, improved whistleblower protections, and stricter acquisition protocols, which have since influenced subsidiary operations like Panaya by prioritizing transparency and compliance in strategic decisions.

Recognition

Awards and accolades

Panaya has received several notable awards recognizing its in testing and . In 2011, the company was selected as a winner of the Top 100 award, which honors the most promising technology startups worldwide based on technological , management strength, and market potential. This accolade highlighted Panaya's early contributions to automating testing processes, positioning it among leaders in software . By 2013, Panaya earned recognition on Deloitte's Technology Fast 50 list in , ranking fifth for its exceptional revenue growth of 75 times between 2008 and 2012. This award underscores the company's rapid expansion and technological prowess in the high-tech sector, emphasizing its impact on efficient software updates for enterprise applications. Panaya has consistently been ranked among 's top high-tech companies by Dun & Bradstreet's Duns 100 awards from 2020 to 2025, including #21 in 2021, #14 in 2022, #10 in 2023, #7 in 2024, and #9 in 2025, reflecting its strong workplace culture, innovation, and contributions to the local tech ecosystem. These annual recognitions, which evaluate factors like employee satisfaction and business performance, affirm Panaya's sustained excellence in developing AI-powered testing solutions. In 2024, Panaya was listed by CIO Bulletin under the Innovation Excellence Awards for empowering enterprises with AI-driven and change intelligence. Panaya has also been recognized by as a leader in the testing category, earning the Best Software Award in 2025 for Development Software and maintaining Leader status for over 16 consecutive quarters as of late 2024 in categories including and . In the region, Panaya Japan announced partner awards in 2023 and 2024 to celebrate collaborators driving business growth and innovation in enterprise solutions. The 2024 awards, presented at the Panaya Japan , recognized partners for outstanding performance in market expansion and customer impact, highlighting Panaya's regional influence in accelerating digital transformations. Additionally, Panaya holds certifications from , , and , serving as benchmarks for its reliability and innovation in supporting and systems. These validations ensure seamless and , enabling enterprises to innovate safely without disrupting operations.

Partnerships and market impact

In 2025, Panaya established key partnerships to enhance enterprise transformation efforts. The with Accrete focuses on accelerating transformations through intelligent , combining Panaya's AI-driven capabilities with Accrete's expertise to streamline migrations and reduce risks in complex environments. Similarly, the with QualiZeal targets North American initiatives, integrating Panaya's AI-powered Smart Testing and Change Intelligence with QualiZeal's services to support migrations, upgrades, and overall IT modernization for greater agility. Panaya maintains certified integrations within the and ecosystems, enabling seamless collaboration for enterprise application delivery. As a certified partner for both platforms, Panaya's solutions facilitate codeless integrations that synchronize testing and processes, supporting frameworks and reducing deployment times for and updates. These integrations leverage core offerings like Change Intelligence to provide real-time visibility into cross-platform impacts, as seen in partnerships that enhance AppExchange availability and Fusion migrations. Panaya's market impact is evident in its acceleration of adoption in testing, particularly contributing to 2025 trends in Cloud such as S/4HANA migrations. By providing -powered impact analysis and automated testing, Panaya has helped enterprises achieve faster, risk-reduced transitions, with surveys indicating a growing reliance on such tools amid rising migration demands. This influence aligns with broader industry shifts toward , enabling organizations to navigate the complexities of cloud-based environments more efficiently. As part of , Panaya plays a pivotal role in the company's broader digital services portfolio, serving global enterprises with solutions for application modernization and . Integrated into Infosys' Live Enterprise offerings, Panaya supports scalable testing for multinational clients, contributing to over 200 new enterprise adoptions since its acquisition and enhancing Infosys' capabilities in and transformations. Panaya has advanced industry standards in change intelligence and risk reduction by pioneering platforms that map application landscapes for precise impact analysis, setting benchmarks for AI-driven testing in and systems. Its Change Intelligence technology minimizes production defects and accelerates releases, influencing best practices for and compliance in high-stakes environments like S/4HANA implementations. This leadership fosters standardized approaches to risk mitigation, as evidenced by integrations that enable and collaborative workflows across global enterprises.

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