Rimini Street Announces First Quarter 2014 Financial Results
Net Revenues of $18.5 Million, Up 40.6% Year over Year
Deferred Revenues of $60.7 Million, Up 40.0% Year over Year
LAS VEGAS, May 1, 2014 - Rimini Street, Inc., the leading independent provider of enterprise software support for SAP AG's (NYSE: SAP) Business Suite and BusinessObjects software and Oracle Corporation's (NYSE: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion and Oracle Retail software, today announced its financial results for the three months ended March 31, 2014.
Rimini Street's first quarter results included record highs in net revenues, deferred revenues, active clients and number of clients electing multi-year, non-cancelable service periods.
- Net revenues for the first quarter of 2014 increased 40.6% year over year to $18.5 million
- Deferred revenues as of March 31, 2014, increased 40.0% year over year to $60.7 million
- Active support clients as of March 31, 2014, increased 37.7% year over year to more than 550
"Our performance for the fiscal first quarter exceeded sales plan for both new clients and renewing clients," said Seth Ravin, CEO, Rimini Street. "During the quarter, Rimini Street further extended its market-leadership position with the launch of several new, innovative services into the marketplace and announced that our technology solutions now allow Rimini Street to extend guaranteed support availability for all software releases in use by our clients to 15 years after switching to Rimini Street Support. We also continued to invest significantly in innovative support solutions that provide additional value to our clients operating in evolving hybrid IT environments. Operationally, we continued executing to our global business plan with investments and expansion in North America, Latin America, Europe, Asia-Pacific and the Middle East."
"Our fiscal first quarter results reflect strong revenue growth and operational execution," said Ed Schaffer, CFO, Rimini Street. "We continued our focus on growing top-line revenues with significantly expanded investments in sales and marketing programs and personnel across all operating theatres, maintained healthy gross margins and made significant investments to expand our global operations and service delivery capabilities."
Fiscal Q1 2014 Highlights:
- Launched local operations and expanded software support capabilities in Japan
- Signed first major Saudi Arabian client in the Middle East theatre
- Launched and expanded Rimini Street Technology Support Services and delivered the following:
- Rimini Street COBOL Compiler® for PeopleSoft products
- Rimini Street Proxy Server® for web current and future browser compatibility
- Delivered stand-alone support for Oracle Database and Middleware products
- Launched Rimini Street Cloud Services (CS), a new service designed to help Oracle and SAP licensees integrate cloud applications into new hybrid IT landscapes that combine on-premise and cloud components. Cloud Services delivered the following initial offerings:
- Cloud Support Package for Salesforce.com (NYSE: CRM)
- Cloud Support Package for Workday (NYSE: WDAY) products
- Extended guaranteed support availability for all software releases in use by clients to 15 years after contracting with Rimini Street for Oracle and SAP support
- Participated and presented at several premier CIO and IT executive events, including UBM Tech’s InformationWeek Conference where both Seth Ravin, CEO, and Sebastian Grady, President and COO, presented, as well as the COLLABORATE 14 Conference and several other events
About Rimini Street, Inc.
Rimini Street is the leading independent 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 up to 90 percent on total support costs over a decade, including saving 50 percent on their annual support fees. Clients can remain on their current software release without any required upgrades or migrations for at least 15 years after switching to Rimini Street. Hundreds of clients, including global, Fortune 500, midmarket, and public sector organizations from across a broad range of industries have selected Rimini Street as their trusted, independent support provider. To learn more, please visit www.riministreet.com or call within the USA 888-870-9692 or internationally +1 702-839-9671.
This press release may contain forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties, and are based on various assumptions. If the risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Rimini Street assumes no obligation to update any forward-looking statements or information, which speak only as of the date of this press release.
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