Panaya

Panaya's Fresh Approach Aims to Radically Change the way ERP and Large Packaged Applications are Maintained, Customized and Upgraded

 RA'ANANA, Israel, 18 April 2006 - Panaya Inc., the developer of solutions for simplifying ERP system implementation and maintenance, announced that it has raised $5 million in first round funding from Benchmark Capital and Gemini Israel Funds.

Panaya's Fresh Approach Aims to Radically Change the way ERP and Large Packaged Applications are Maintained, Customized and Upgraded

 RA'ANANA, Israel, 18 April 2006 - Panaya Inc., the developer of solutions for simplifying ERP system implementation and maintenance, announced that it has raised $5 million in first round funding from Benchmark Capital and Gemini Israel Funds.

 Panaya provides solutions for analyzing, testing, modifying and resolving flaws and errors in ERP system implementations; enabling enterprises to optimize their application, while eliminating the risks associated with implementation, maintenance, and upgrade.

 "ERP projects tend to be enormously expensive and risky", said Arad Naveh of Benchmark Capital. "Panaya's technology analyzes the impact of changes and identifies the source of problems, thus reducing the time, expense, and risk of these projects."

 "An estimated 8 dollars are spent in ERP services for every 1 dollar spent on ERP software", added Tali Aben of Gemini Israel Funds, "so this is a huge market that will have tremendous demand for Panaya's solutions."

 Panaya was founded in 2005 by Yossi Cohen, a leading expert in the field of program comprehension and flow analysis. Cohen, with over 20 years of software experience, previously founded Alexandria, which was acquired by BluePhoenix Solutions.

 More information can be found at http://www.panayainc.com.

   About Benchmark Capital

Benchmark Capital was founded in 1995 to help talented entrepreneurs build great technology companies. Benchmark's partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes franchise companies such as eBay and Shopping.com, Equinix, Handspring , JAMDAT, Juniper Networks, Red Hat, and ZipRealty. Managing more than $3 billion in committed venture capital, Benchmark focuses on investing in entrepreneurs with original ideas.

For more information on Benchmark, visit http://www.benchmark.com.

 About Gemini Israel Funds

Gemini Israel Funds provides start-up financing and expert guidance to help talented entrepreneurs steer their companies to success. A pioneer in Israel's venture capital industry, Gemini is recognized as the leading Israeli seed and early stage fund in the Information Technology arena.

Through offices in Israel and Silicon Valley, Gemini offers portfolio companies access to top-tier U.S.-based investors and a global network of corporate partners. With $550 million under management in four funds, Gemini focuses on investment in Communications and Wireless Technologies, Enterprise Software, and Semiconductors. Gemini's portfolio includes some of the most exciting and innovative Israeli high tech start-ups, including Allot Communications, Business Events, dbMotion, ItemField, IXI Mobile, Mellanox, nLayers, Saifun Semiconductors, and Traiana. More information can be found at http://www.gemini.co.il.