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Company Pre-Announces Record Quarterly Results for Q3 2010; Interest in Third-Party Support at Record High
San Francisco, CA - Oracle OpenWorld, September 20, 2010 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, and JD Edwards software, and SAP AG (NYSE:SAP) software, today announced it has successfully delivered five years of service excellence and significant savings to enterprise software licensees around the world.
Rimini Street was launched in September, 2005 by Seth Ravin, a 25-year enterprise software industry veteran who pioneered the third-party software support industry. Rimini Street's initial mission was to bring a high-value, high-quality support alternative to Siebel software licensees. Since then, the company's offerings have grown to include support for PeopleSoft, JD Edwards, SAP and soon Oracle's E-Business Suite software(see separate press release).
Rimini Street has already helped more than 300 clients, including 11 of the 100 largest companies in the world, 23 of the Fortune 500 and 25 of the IndustryWeek U.S. Manufacturing 500 save millions of dollars a year in support costs and enjoy more responsive service. Rimini Street also pre-announced that it will deliver record quarterly revenue in Q3 2010, surpassing revenue generated in any previous quarter in company history.
For Q3 2010, Rimini Street will again report record revenue, increasing approximately 40 percent compared to the year-ago quarter. These results build on a succession of record results delivered by the company, including the then record quarterly results for Q2 2010 and the nearly 50 percent year-over-year revenue growth during the first half of 2010.
Rimini Street's continued success and sustained revenue growth are driven by increasing demand for value-driven enterprise software support solutions designed to maximize return on existing system investments, and by Rimini Street's long-term track record of consistently delivering high-quality support services to its clients. When a client contacts Rimini Street for support, the average response time is 3.5 minutes from a senior Rimini Street engineer anywhere in the world, 24/7/365. This ultra-responsive support, plus savings of up to 90 percent on the client's total cost of maintenance, has helped Rimini Street achieve a 99 percent client satisfaction rate and a support renewal rate over 97 percent.
The City of Flint, Michigan is the birthplace of General Motors and one of the hardest hit economic regions during the recent recession. The City of Flint is focusing its limited financial resources on the needs of its citizens, instead of performing unwanted, costly software upgrades. "Rimini Street has proven itself and the value of third-party support by providing outstanding service to the City of Flint for over four years," said Lola Larkin, Database Administrator, City of Flint, Michigan. "Rimini Street has quickly responded to and resolved each and every mission-critical issue with our PeopleSoft system, and has provided all needed tax, legal and regulatory updates to ensure our system remains compliant with changing rules and regulations. The City of Flint can confidently rely on Rimini Street as we continue to run our current software releases for many years to come."
SFN Group (NYSE:SFN) is a strategic workforce solutions company that provides professional services and general staffing to help businesses more effectively source, deploy and manage people and the work they do. SFN employs more than 160,000 people annually. "SFN Group has saved more than 50 percent on annual support fees since switching to Rimini Street," said SFN Group Vice President of Information Technology Paul Tymchuk. "SFN Group will save even more in the years to come by avoiding costly upgrades that provide neither new ‘must-have' functionality nor a meaningful return on investment. Many companies feel they are held hostage to mega-expensive, mega-disruptive enterprise software upgrades and Rimini Street offers an important choice to continue running our current, highly functional releases."
"In data from a recent survey I conducted, I reported a 114 percent increase in interest for third-party maintenance services in just a six-month timeframe," said R "Ray" Wang, Founding Partner, Altimeter Group. "Further, my research found more than 80 percent of end users are considering third-party support. Interest in third-party support as an alternative to traditional vendor support appears to be at an all-time high. Rimini Street has a long track record of delivering value to its clients and is the clear leader in the third-party enterprise software support market."
"Rimini Street is pleased and proud to mark this five-year anniversary of choice for enterprise application licensees," said Seth Ravin, Rimini Street president and CEO. "Our experience with hundreds of global clients clearly shows that organizations of all sizes, industries and IT footprints are looking for a value-driven support model that provides a more responsive support model while enjoying more than a 50 percent savings compared to vendor offerings. As we continue to grow at a substantial annual pace, we look forward to bringing new and enhanced services to enterprise application licensees around the world."
Rimini Street is the leading third-party provider of enterprise software support services. The company is redefining enterprise support services with an innovative, award-winning program that enables Oracle and SAP licensees to save at least 50% in annual support fees and save up to 90% in total support costs over a decade. Clients can remain on their current software release without any required upgrades or migrations for at least ten years. Hundreds of Global, Fortune 500, midmarket, and public sector organizations from virtually all industries have selected Rimini Street as their trusted, independent support provider. To learn more, please visist www.riministreet.com or call within the USA (888) 870-9692 or internationally +1 (702) 839-9671.
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