It has been a dynamic 12 months for California-headquartered software testing solution provider Opkey.
Following a record $47 million fundraise in 2024, it launched a range of new products and struck a strategic partnership with UK-based in October of last year.
Today, Opkey is launching its latest product offering, which combines agentic AI, advanced process mining,
observability, and intelligent web automation. We caught up with Pankaj Goel, the company’s founder and chief executive officer as well as executive chairman, to discuss the new solution and to zoom in on Opkey’s journey since Goel launched the firm in 2016.
At the heart of the new solution sits Enterprise resource planning (ERP) testing, a specialised form of test performed on ERP software. The ultimate goal is to ensure the software works as expected before its full launch or actual implementation. Goel said there is an enormous appetite in the financial services industry for this type of solution.
Congrats on the launch of the ERP Lifecycle Optimisation Platform. Tell us more about it, and why do you believe this solution is different than any other testing tool out there?
Thank you. We are ushering in a landmark moment for Opkey. We have expanded our capabilities to bring to market the first ever agentic AI-powered ERP Lifecycle Optimization Platform, assuring the entire ERP lifecycle, from implementation to optimisation.
“This is not just innovation for innovation’s sake, it’s about transforming how businesses interact with their mission-critical systems.”
– Pankaj Goel
At the heart of our platform is Argus AI, our purpose-built, ERP-focused small language model. Argus acts as the conductor of a symphony, directing our team of specialised AI agents — configuration, testing, training and support — each designed to tackle unique challenges within the ERP lifecycle. This is the future we envisioned when we started Opkey — a future where ERP deployments and operations are not just manageable, but truly effortless and empowering.
According to Morgan Stanley, 50% of CIOs are prioritizing ERP transformation within the next two years, but only 40% of firms have completed their cloud migration, largely due to the complexity of legacy systems and the risk of migrating to them. Do you feel this is a priority for your financial services clients?
Make no mistake, this isn’t just a priority, it’s an imperative for financial services. The complexities around ERP transformations are even more acute for these types of heavily regulated firms; financial services are tasked with highly sensitive information, trapped in legacy systems that are deeply woven into day-to-day operations. Maintaining compliance through rigorous validations checks throughout the transformation process is critical, as any oversight could result in severe penalties from regulatory bodies. But the truth is that institutions are struggling with the very thought of starting their cloud migration journeys. This isn’t just about modernization; it’s about enabling continuous transformation without disruption.
How are you targeting banks and other financial services firms in the U.S. and Europe?
We are invested and focused on building partnerships and forging a new future with banks and financial institutions such as Franklin Templeton, GM Financial and Citadel, to name a few. These organisations face unique challenges, particularly with data security and privacy and we’re here to bolster the knowledge we already have with the added intelligent configuration, testing and training solutions they need to thrive in the complex world of compliance.
With regulations like GDPR, for our European banking clients, stringent U.S. standards including PCI DSS, PII protection requirements, and SOX compliance adding even more complexity, we’re delivering full-stack solutions that not only address these added security standards and compliance but also optimize the entire ERP lifecycle. What sets us apart, and what makes this actually transformative, are our intelligent agents, like the Configuration Agent and Testing Agent. This virtual team ensures automated ERP deployments that meet regulatory requirements while optimising ERP performance entirely.
Based on your conversations, what are some of the QA issues that keep banktech execs awake at night?
Quality assurance is a major concern for banking executives, especially with ERP systems which are the very backbone of financial operations. Two critical issues dominate these conversations: compliance and performance, especially when it comes to downtime. Banks are rightfully focused on maintaining compliance while avoiding security risks. When we examine their ERP systems, there’s always the challenge that any data migration or system updates could introduce vulnerabilities, and with cyber-attacks more prevalent than ever, it becomes a constant balancing act. We strongly believe data is sacred.
“Two critical issues dominate our conversations with banks: compliance and performance.”
– Pankaj Goel
Then there’s downtime. In the financial world, it simply isn’t an option. ERP systems must handle peak workloads flawlessly for regulated industries, especially during cloud migration. Traditional QA processes are too slow and inefficient to meet the demands of modern financial systems. What’s needed, and what we deliver, is faster, more reliable, and operations to ensure new systems can deliver even better performance than their legacy counterparts.
Opkey saw significant growth and momentum in 2024, including a $47 million investment from PeakSpan Capital. What is next for your company?
2024 was a landmark year for Opkey, one that proved our vision for the future of ERP is aligned with the needs of the market. A key proof point for us was doubling our customer count, revealing a deep, pervasive need for our solution. We also nearly doubled our ARR and grew our team globally by 84%. But this is just the beginning of our journey. We’re preparing to launch a Workday integration as one of only two Workday-approved partners.
Anything else you would like to say or share with our readers?
The harsh reality of ERP transformation cannot, absolutely cannot, be ignored. McKinsey reports that 75% of these projects fail, with almost two-thirds facing budget overruns. But that’s exactly why we built our platform – to fundamentally change this story. The future of ERP is here, and it’s agentic. Our platform is revolutionising how organisations approach their mission-critical systems, delivering unprecedented efficiency and success.
We’re seeing our customers achieve 30-50% reductions in deployment and operational costs, with partners like Ameren Services reporting an 85% reduction in testing time while improving coverage across finance and supply chain operations. That’s why we already have the trust of more than 10 Fortune 50 organizations, alongside leading systems integrators like KPMG, Huron, and PwC to bring the power of AI to their implementation and managed services projects.
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