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Rimini Street Achieves Record Results in First Half 2010
In Second Quarter 2010, Rimini Street Delivers Highest Quarterly Revenue and Highest Annual Support Contract Renewal Rate in Company's History
Las Vegas, NV - July 16, 2010 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, and JD Edwards software, and SAP AG (NYSE:SAP) software, today reported record quarterly results for the second quarter of 2010 and also reported that the Company has achieved a nearly 50 percent year-over-year revenue growth during the first half of 2010. In addition, the Company reported a 98 percent client renewal rate in the second quarter, the highest quarterly renewal rate in the Company's history. The Company's success and sustained strong revenue growth is propelled by increasing demand for value-driven enterprise software support solutions designed to maximize return on existing system investments, expanding international contract activity, and continuing high client satisfaction.
In addition to Rimini Street's record revenue and renewal performance, the company delivered strong execution worldwide in the first half of 2010 with more than $32 million dollars in sales bookings, 40 new contract wins for Oracle and SAP support, and continued global service expansion.
Other notable achievements in the first half of the year include:
- Helping more than 300 Global, Fortune 500, midmarket, and public sector organizations, including 11 of the Fortune 100 and 23 of the Fortune 500, successfully process billions of dollars in transactions;
- Achieving a continued 99 percent client satisfaction rate with an average support case response time of 3.5 minutes anywhere in the world 24x7 by a senior engineer;
- Nucleus Research confirming in an independent study that Rimini Street clients are saving more than 50 percent and receiving better support than experienced with the software vendor;
- Expanding product offerings with the launch of a U.S. tax engine for SAP Payroll; and
- Being recognized as a "Bay Area 2010 Top WorkPlace" by the Bay Area News Group.
"With Rimini Street third-party support, we save more than 50 percent in annual support costs for our mission-critical SAP system and enjoy ultra-responsive service from an experienced team of SAP engineers," said Aidan Henderson, vice president of enterprise delivery, Pegasus Solutions, Inc. "Now we can run our currently available SAP releases for the next decade or longer with no required upgrades and maximize the return on our substantial SAP investment."
Growing Demand for Value-Driven Enterprise Software Support Options
According to findings1 published last month in an independent study by Nucleus Research, a combination of factors are driving the growth of third-party support including, the maturity and stability of current software releases, limited incremental benefit from regular upgrades, and the need to reduce the total cost of ownership of enterprise software.
"Rimini Street is focused on delivering a premium global support solution to our clients at a significant savings compared to the software vendors," said Seth Ravin, Rimini Street CEO and president. "Our strong renewal rates and satisfaction scores confirm that our clients are experiencing ultra-responsive service and value. Hundreds of Rimini Street clients are achieving their budget savings objectives, allocating more of their IT budgets to strategic business initiatives, and maximizing the return on their existing enterprise software investment".
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 Siebel, PeopleSoft, JD Edwards, and SAP licensees to save at least 50% in annual support fees and save up to 90% 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, software vendor 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.
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 © 2010. All rights reserved.