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Rimini Street Achieves Record Results in First Quarter of 2008
Company Announces Significant Customer Migration Wins from Competitor TomorrowNow, Will Not Pursue Acquisition of TomorrowNow from SAP
LAS VEGAS, April 9, 2008 - Rimini Street, Inc., the leading independent maintenance and support provider for Siebel, PeopleSoft, and JD Edwards (NASDAQ: ORCL) software, today announced that it achieved record results in the first quarter of 2008, again surpassing operating plans and sales goals. Building on record setting growth in 2007, first quarter results exceeded plan at record levels, setting an all time high for new clients, sales bookings, invoicing, and revenue.
First quarter 2008 revenue, bookings, and invoicing all increased more than 100% compared to the same quarter last year and more than 39% quarter-over-quarter compared to the fourth quarter of 2007.
Clients continue to choose Rimini Street for its innovative, next-generation support program, proven tax and regulatory updates, enthusiastic client references, savings of at least 50% in annual support fees, and the ability to run their current, stable releases for many years to come with no required upgrades. Rimini Street fields the most experienced management team in the industry, having delivered independent support services to more than 175 Fortune 500, mid-market, and public sector entities using Siebel, PeopleSoft, and JD Edwards products.
Significant Customer Migration Wins from Competitor
An increasing number of global, Fortune 500, mid-size, and public sector customers have successfully migrated from SAP's TomorrowNow support to Rimini Street support using the Rimini Street "Easy as 1-2-3" migration program - the only proven conversion program in the industry.
TomorrowNow customers are choosing Rimini Street as their support vendor of choice to receive a variety of benefits - including its history of industry leadership and vision, high level of service excellence, client satisfaction, stability, commitment to the long-term support of its clients through the year 2020 and beyond, and unmatched experience delivering high-quality support programs.
"Rimini Street delivers the same great savings we were getting with TomorrowNow, but with an expanded support offering and a long-term commitment to our success," said Tom O'Brien, IT Group, The City of Flint, Michigan. "Rimini Street managed a seamless transition from TomorrowNow that required very little effort on our part, and we were live and fully supported in a short period of time. Rimini Street was the only support provider we found credible, qualified and able to improve on our TomorrowNow service."
Rimini Street Will Not Pursue Acquisition of TomorrowNow
SAP (NYSE:SAP), through public comment and regulatory reporting, has announced its intent to sell its troubled TomorrowNow subsidiary. Since SAP's announcement, there has been extensive speculation in the media and analyst community that Rimini Street, as the leading independent provider of support services and TomorrowNow's primary competitor, is the most likely candidate to acquire TomorrowNow from SAP.
Taking into consideration the significant and accelerating conversion rate of TomorrowNow's customers to Rimini Street and TomorrowNow's ongoing operational challenges, Rimini Street has concluded it has no interest in pursuing an acquisition of TomorrowNow from SAP.
"Rimini Street continues to successfully execute its own business plan, exceeding growth, quality, and customer satisfaction goals, as evidenced by yet another record-setting quarter," said Seth Ravin, president and CEO, Rimini Street. "We expect to continue our fast-paced growth in the years ahead by staying focused on the success of our customers and providing them with excellent support services at the best possible value."
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, next-generation program that enables Siebel, PeopleSoft, and JD Edwards licensees to remain on their current software release without any required upgrades or migrations through 2020 and beyond. In addition to a higher service-level commitment, Rimini Street provides customers with an average savings of more than 50 percent in annual support fees when compared to Oracle. To learn more, please visit http://www.riministreet.com or call (702) 839-9671.
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 © 2008. All rights reserved.