Panaya

The IBM Development Lab Manager to join executive team.

Company hires the IBM Haifa Development Lab Manager to join executive team.

 RAANANA, ISRAEL, 5 March 2007 —Panaya today announced the appointment of Moshe Molcho to the role of Chief Operating Officer. Mr. Molcho will be responsible for the strategic and operational leadership of Panaya’s IT operations.

 Mr. Molcho most recently managed IBM’s Haifa Development Lab. In this role since March 2003, he managed over 150 scientists and engineers involved in tens of independent projects in parallel, in coordination with other IBM labs worldwide. During this period, the Lab in Israel significantly improved its productivity and capabilities and was also the first E&TS Lab that developed off-shoring ventures.

 Prior to IBM, Mr. Molcho was Chief Operation Officer, and before that, VP Engineering of Online Benefits, a SaaS (software as a service) HR application provider, since December 1999. Here, he built up Online Benefits’ delivery organization, enabling the internet start-up with 20 employees to become a financially stable enterprise with over 90 employees. Previously, Mr. Molcho was VP Engineering and then General Manager at C-Cube Microsystems. At C-Cube, he built its biggest and most profitable Division - Consumer Electronics - from the ground up to generate $300 million annual revenue. During Mr. Molcho’s three-year tenure at C-Cube the company went public and grew from 100 employees and $20 million annual revenue to 900 employees and more than $350 million annual revenue.

“Panaya will benefit immensely from Moshe Molcho’s experience with emergent technologies, proven record of success and passion for technology,” said Yossi Cohen, CEO of Panaya. “Moshe’s market-focused, client-oriented approach will enable us to harness our potential and grow Panaya into a market leader.”

 Moshe Molcho said, “Panaya’s solutions are poised to transform the way companies manage change, and I’m thrilled to join the company at this exciting stage in its development.”

About Panaya

 Panaya’s on-demand impact analysis solution identifies the impact of customizations changes to functional behavior of SAP solution-based systems by automated analysis of SAP code and configuration. Panaya has been tested and certified by the SAP Integration and Certification Center. Panaya’s on-demand architecture provides customers with practically zero time-to-value, clear and controllable ROI, a cash-flow friendly subscription payment model, and has no overhead on IT resources.

Panaya was founded in 2005 by Yossi Cohen, a leading expert in the field of program comprehension and flow analysis. An entrepreneur with over 20 years of software experience, Cohen previously founded Alexandria, which was acquired by BluePhoenix Solutions. Panaya is backed up by two leading venture capital funds: Benchmark Capital and Gemini Israel Funds.

 For more information, see http://www.panayainc.com  or contact info@panayainc.comor call (650) 557-2150 to set up a meeting.

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