Panaya, a leading provider of SaaS (Software as a Service) for automating SAP upgrades, announced that it has secured $5 million in Series B funding.

Based in Ra’anana, Israel, Panaya provides SaaS that enables SAP users to save up to 50% of their application lifecycle costs.

Panaya’s SAP easy-to-use environment simulation shows which custom SAP programs will break as a result of an upgrade, explains how to fix them, derives the most efficient test plan and calculates the required budget and resources for the project.

Panaya is the first company that has harnessed cloud-computing to bring the power of a virtual supercomputer simulation to SAP customers.

With these detailed simulations, companies using SAP’s software can avoid much of the planning, development, and testing effort traditionally associated with such projects.

“We are impressed with Panaya’s ability to sustain aggressive sales growth during the past twelve months and add household names like Bosch, Sony and Volvo to its growing client roster,” says Meirav Har-Noy, Director of Investments and Strategy at Tamares Group, the investment company that led the Series B funding round.