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Rimini Street Reports Record Second Quarter 2011 Results
Company Achieves Highest Quarterly Revenue Ever and Strong Sales Growth
LAS VEGAS, July 6, 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 reported record results for the second quarter ended June 30, 2011. The Company reported that for the second quarter it achieved record quarterly revenue, record sales bookings growth, record sales bookings backlog, record second quarter quarterly invoicing, and strong deferred revenue growth. In addition, the Company reported other key operational achievements. Rimini Street's sustained quarter-over-quarter, year-over-year growth is a direct result of its market leader position in the third-party support industry and its unique ability to meet the increasing global demand for value-driven enterprise software support solutions that maximize return on existing system investments.
Strong Global Sales Momentum Fuels Growth
Rimini Street closed client transactions in its Oracle and SAP product lines across the Americas, EMEA and Asia-Pacific, and delivered more than $33 million in new sales bookings for the quarter - the most of any second quarter at more than a 120 percent increase on a year-over-year basis. Invoicing for new deals signed in the second quarter increased 94 percent on a year-over-year basis, with an average contract term of more than 11 years. Second quarter revenue exceeded $8 million, a new company quarterly revenue record.
Sales booking backlog increased 56 percent on a year-over-year basis to more than $264 million, a new all time record for sales booking backlog and the first time the amount surpassed a quarter billion dollars. Deferred revenue increased 44 percent on a year-over-year basis to more than $20 million. Additionally, the Company exceeded 100 percent of its marketing lead generation and pipeline development targets.
The Company has signed more than 400 total clients, including 39 of the Fortune 500 and 12 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 almost 200 employees in the Americas, Europe and Asia-Pacific regions.
Other Notable Rimini Street Achievements
In addition to its strong financial performance, Rimini Street had many other notable achievements in the second quarter that will continue to position the Company for global growth in the second half of 2011 and a potential IPO in the second half of 2012:
- New deals included several of the largest single transactions in Company history
- More than doubled SAP support clients over the past year
- Announced 10 new strategic sales channel partnerships in Germany and other EMEA countries
- Completed new $7.5 million facility with Bridge Bank to support accelerated global expansion
- Named a 2011 "Cool Infrastructure Vendor" by Gartner, Inc.
- Announced general availability of Rimini Street Tax Engine for SAP
- Certified ISO 9001:2008 scope expansion to include worldwide tax and regulatory research and delivery of tax and regulatory updates
- Resolved nearly one 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 by a senior engineer
- Featured at several key investor events, including the JMP Securities Research Conference and ThinkEquity's ThinkTomorrow - Today Summit
"Rimini Street continues its singular focus on meeting the global needs of Oracle and SAP enterprise software licensees who seek innovative support choices that offer higher levels of service at a significant cost and labor savings," said Seth Ravin, CEO, Rimini Street. "Hundreds of Oracle and SAP licensees are already enjoying their easy and successful switch to Rimini Street Support, which provides them with the most aggressive 24x7 service level commitment in the industry, maximizes the return on their current system investment and enables them to save up to 90 percent on their total cost of maintenance."
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.