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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.
"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."
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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