Rimini Street More than Quadruples Sales in 2008
Industry Leader Exceeds Operating Goals and Achieves Over $86 Million in Sales Bookings
Las Vegas, January 28, 2009 - 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, today announced that it exceeded upwardly revised Q4, 2008 and full year 2008 operating plans.
Record Results and Key Achievements
Continuing to build on record setting growth in the first three quarters of 2008 and each previous year, Rimini Street sales, revenue, and invoicing for Q4 and full year 2008 all more than quadrupled compared to year-ago results, with full year 2008 sales bookings increasing to more than $86 million. All major financial plans were upwardly revised midway through 2008 as it became clear that client demand far exceeded already aggressive growth plans. Based on 2008 results, strong service renewal rates, favorable macro-economic factors, and sales pipeline for existing and new product lines, Rimini Street is positioned to achieve its growth plans in 2009.
Key achievements in 2008 include:
- Recognized as the leading third-party support provider for enterprise software products
- Achieved over 90% client renewal rate
- Continued international expansion with key client wins in Europe and Asia
- Announced new Rimini Street Support for SAP products
- Delivered all tax and regulatory updates ahead of Oracle's planned release date for similar updates
- Resolved hundreds of client support cases within guaranteed response time of 30 minutes or less
- Doubled worldwide employee count and expanded management team with experienced industry leaders
- Accelerating Adoption of Third-Party Support
Rimini Street fields the most experienced management team in the third-party enterprise software support industry, having delivered support services to more than 250 global, Fortune 500, mid-market, and public sector organizations using Siebel, PeopleSoft, and JD Edwards products. Enterprise software licensees across all industries are choosing third-party support for more responsive service, savings of at least 50% in annual support fees, and the ability to run stable current releases through the year 2020 with no costly, required upgrades.
Clients are choosing Rimini Street as their third-party support provider for its innovative, next-generation support program, including support for customizations, interoperability, and performance tuning, proven tax and regulatory updates, enthusiastic client references, and excellent client service. A sample of new Rimini Street clients in 2008 includes: Dick's Sporting Goods, Petco Animal Supplies, Ross Stores, Drugstore.com, Visteon Corporation, Remy International, Wiley Metal Fabricating, Blue Diamond Growers, Acushnet Company, Genesis Healthcare System, Heritage Valley Health System, Yavapai College, City Utilities of Springfield (MO), City of Mesa Information Services, Spokane County, J.B. Hunt, ASTAR Air Cargo, and Simon Property Group.
"Rimini Street strives to provide the best support value and service in the industry and we are extremely pleased by the positive response we have seen from clients with accelerating growth and high annual renewal rates," said Seth Ravin, president and CEO, Rimini Street. "During 2008 we put in place an expanded leadership team to deliver even more innovation and value to clients in 2009 and beyond as we aggressively expand our operations internationally. We continue to execute according to our business plan, always putting our client's needs first and continuously working to earn the privilege and responsibility of being the most trusted independent provider of enterprise software support."
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, next-generation program that enables Siebel, PeopleSoft, JD Edwards, and SAP licensees to save at least 50% in annual support fees and to remain on their current software release without any required upgrades or migrations through 2020 and beyond. Global, Fortune 500, mid-market, and public sector organizations from nearly 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 (888) 870-9692.
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 © 2009. All rights reserved.