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Rimini Street Reports Record First Quarter Results
Company Achieves Highest Quarterly Revenue Ever and Nearly $450M in Sales Bookings Backlog
LAS VEGAS, April 11, 2012 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including SAP AG (NYSE:SAP) software and Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite and Oracle Database software, today announced results for its fiscal first quarter ended March 31, 2012. Highlights of the Company's first quarter results include the highest quarterly revenue in the Company's history and growth of more than 100 percent in quarterly sales bookings on a year-over-year basis. Rimini Street's fiscal first quarter results included record highs in deferred revenue, sales bookings and sales bookings backlog.
First Quarter Results Demonstrate Strong Growth and Momentum across Product Lines
In the first quarter of 2012, Rimini Street continued its fast-paced growth with dozens of transactions and achieved many new all-time company records. The Company's first quarter results demonstrate strength across product lines, including significant new deals in all Oracle and SAP application product lines supported by Rimini Street.
The Company over-achieved its new client contract sales target in the first fiscal quarter. Rimini Street completed transactions totaling more than $63 million in sales bookings, the most ever for any Q1 and more than double the year ago quarter. First quarter revenue was more than $10 million, a new company quarterly revenue record and a 32-percent increase over the year ago quarter. The Company also completed the first quarter with record sales bookings backlog of nearly $450 million, an approximately 90-percent increase on a year-over-year basis.
Rimini Street has signed 475 total clients, including 56 of the Fortune 500 and 14 of the Global 100. The Company currently supports client operations in more than 70 countries, with the capability of supporting clients in nearly 200 countries. The Company has more than 200 employees in the Americas, Europe and Asia-Pacific regions.
Rimini Street also accomplished the following notable achievements in Q1 2012:
- Expanded market-leading presence in several industries, including public sector, with the close of the Company's first major US federal agency client
- Broadened workforce presence in several geographic markets, including Brazil and Europe
- Named to CIO UK's annual hotlist of top tech companies, "20 Companies to Watch in 2012"
- Announced general availability of its CNC Managed Services for JD Edwards licensees
- Delivered thousands of tax, legal and regulatory updates to clients ahead of the software vendor's planned release date for similar updates
- Produced several educational online events featuring leading industry researchers R "Ray" Wang from Constellation Research and Rebecca Wettemann from Nucleus Research
- Completed equity investor tour in New York hosted by Deutsche Bank
"Rimini Street has continued to aggressively bolster its presence in major industries and geographies around the world to provide its global client base with the best support service and value option in the marketplace," said Seth Ravin, Rimini Street CEO. "With another fiscal quarter of strong execution, record revenue and increasing sales pipelines, the Company is well-positioned to execute its global growth strategy and planned IPO in 2013. Rimini Street remains focused on delivering innovation and service excellence for our rapidly growing global client base of Oracle and SAP licensees."
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 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 © 2012. All rights reserved.