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Rimini Street Reports Record First Quarter 2011 Results
Company Achieves Highest Quarterly Revenue Ever and Near 100 Percent Year-over-Year Growth
LAS VEGAS, April 4, 2011 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, JD Edwards and E-Business Suite software, and SAP AG (NYSE:SAP) software, today announced results for its fiscal first quarter ended March 31, 2011. Highlights of the Company's first quarter results include the highest quarterly revenue in the Company's history and growth of nearly 100 percent in year-over-year quarterly sales bookings compared to the first quarter of 2010. The Company's fiscal first quarter results also include a record high sales bookings backlog of $238 million dollars and strong client renewal rates.
First Quarter Results Demonstrate Strong Sales Momentum and Client Retention
The Company over-achieved both its new client contract sales target, completing 23 transactions, and its client renewal target in the first quarter. Rimini Street closed new client transactions in each of its Oracle and SAP product lines, and delivered more than $30 million in sales bookings for the quarter. Sales bookings were the most ever for any Q1, at nearly a 100 percent increase on a year-over-year basis, with an average contract term of more than 11 years. First quarter revenue was more than $7.5 million, a new company quarterly revenue record.
The Company has signed more than 400 total clients, including 38 of the Fortune 500 and 11 of the Global 100. The Company currently supports client operations in more than 60 countries, with the capability of supporting clients in nearly 200 countries. The Company has approximately 180 employees in North America, Europe and the Asia-Pacific regions.
Other notable Rimini Street achievements in Q1 include:
- Resolved over a thousand client support cases and continued to outperform Rimini Street's guaranteed SLA response time of 30 minutes or less, with an average response time of 3.5 minutes from a senior engineer
- Delivered thousands of tax, legal and regulatory updates to clients ahead of the software vendor's planned release date for similar updates
- Featured at several key investor events, including the 13th Annual Needham Growth Conference in New York, and hosted on equity investor tours in Boston and Chicago by leading investment banks, including Deutsche Bank and UBS
- Appointed 25-year software industry veteran Sebastian Grady to newly created position of president and COO
Company Reconfirms Guidance For a Strong 2011
"Rimini Street continues to successfully execute to its global business plan as evidenced by our very strong first quarter 2011 results," said Seth Ravin, CEO, Rimini Street. "We are well-positioned to achieve or exceed our plan for the remainder of 2011 with the largest sales pipeline in the Company's history and a highly experienced senior management team in place. We recognize that our success is a direct result of our clients' success with Rimini Street services and we maintain our focus on delivering the best support value and most innovative services in the enterprise software industry."
About Rimini Street, Inc.
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 percent in annual support fees and save up to 90 percent 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 visit http://www.riministreet.com/or call within the USA (888) 870-9692 or internationally +1 (702) 839-9671.
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Rimini Street and the Rimini Street logo are trademarks of Rimini Street, Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2011. All rights reserved.