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Rimini Street Reports Record Second Quarter 2012 Results
Company Achieves Highest Quarterly Revenue Ever and Nine Consecutive Quarters of Record-Breaking Results
LAS VEGAS, July 17, 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 second quarter ended June 30, 2012. Highlights of the Company's second quarter results include the highest quarterly revenue in the Company's history and growth of nearly 80 percent in sales bookings backlog on a year-over-year basis. Rimini Street's fiscal second quarter results included record highs in quarterly revenue, new client invoicing, sales bookings and sales bookings backlog.
Strongest Second Quarter Sales Performance in Company History
Rimini Street over-achieved its new client contract sales target and achieved many new all-time company records in the second fiscal quarter of 2012. The Company also completed significant sales transactions in all Oracle and SAP application product lines supported by Rimini Street.
Rimini Street completed transactions totaling nearly $53 million in sales bookings, the most ever for any Q2. New client invoicing increased in Q2 by about 46 percent year-over-year to more than $5.4 million, also the most ever for any Q2. Second quarter revenue was $10.5 million, a new company quarterly revenue record and a 30-percent increase year-over-year. The Company also completed the second quarter with a record sales bookings backlog of more than $470 million.
Rimini Street has signed nearly 500 total clients, including 58 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 approximately 200 countries. The Company has 220 employees in the Americas, Europe and Asia-Pacific regions.
Rimini Street also accomplished the following notable achievements in Q2 2012:
- Named to the 2012 Red Herring Top 100 Americas list of the leading private companies in North America
- Achieved nine consecutive quarters of record-breaking results, including all-time highs in quarterly revenues compared to the year ago quarters
- Tripled sales for support of Oracle applications in the year leading up to Collaborate12 (compared to the comparable prior 12-month period, as announced at the Collaborate12 conference in April)
- Drove three times more revenue for Rimini Street Support of SAP applications in the year leading up to SAPSapphire 2012 (compared to the comparable prior 12-month period, as announced at the SAPSapphire 2012 event in May)
- Appointed 25-year industry veteran Ed Schaffer to CFO
- Presented to investors at JMP Securities' Research Conference 2012 in San Francisco
"Rimini Street clients are achieving their strategic goals of significant savings, more responsive and robust support service, and better operational stability by switching to Rimini Street's ultra-responsive, award-winning support program," said Seth Ravin, Rimini Street CEO. "Rimini Street's hundreds of clients are following a different and innovative strategy that is allowing them to drive maximum value out of their Oracle and SAP software investments, while also freeing up organizational labor and financial assets that can be re-allocated to achieve other critical objectives. Rimini Street's continued record growth is a direct result of our clients' success and the market's accelerating move to the proven Rimini Street model."
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 on annual support fees and save up to 90 percent on total support costs over a decade. Clients can remain on their current software release without any required upgrades or migrations for at least 10 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 www.riministreet.com or call within the USA 888-870-9692 or internationally 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 © 2012. All rights reserved.