Rimini Street Reports Record Third Quarter 2011 Results
Company Achieves Highest Quarterly Revenue Ever as Sales Bookings More Than Double
LAS VEGAS, October 3, 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 third quarter ended September 30, 2011. The Company reported that for the third quarter it achieved record quarterly revenue, record sales bookings growth, record sales bookings backlog, record third 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.
European and Latin American Sales Fuel Growth
Rimini Street closed client transactions in its Oracle and SAP product lines across the Americas, EMEA and Latin America, and delivered more than $66 million in new sales bookings for the quarter - the most of any third quarter - at more than a 160 percent increase on a year-over-year basis. Invoicing for new deals signed in the third quarter increased more than 100 percent on a year-over-year basis, with an average contract term of more than 12 years. Third quarter revenue exceeded $8.4 million, a new company quarterly revenue record.
Sales booking backlog increased 74 percent on a year-over-year basis to more than $321 million, a new all time record. Deferred revenue increased 33 percent on a year-over-year basis to more than $21.4 million. Additionally, the Company exceeded 100 percent of its marketing lead generation and pipeline development targets.
The Company has signed approximately 450 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 nearly 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 third quarter that will continue to position the Company for global growth and a potential IPO in the second half of 2012:
- New deals included the largest single transaction in Company history
- Signed and began providing service to Rimini Street clients running Oracle E-Business Suite
- Became first and only ISO-certified provider of third-party enterprise software support services
- Ranked number 204 on the 2011 Inc. 500 list of fastest-growing private companies with three-year revenue growth of 1,531 percent
- Recognized with the prestigious ISE® West People's Choice Award for best exemplifying information security leadership
- 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
"Rimini Street continues to execute to its global business plan with strong growth in Europe and accelerated expansion into Latin America," said Seth Ravin, CEO, Rimini Street. "We remain committed to providing Oracle and SAP licensees with the most aggressive 24x7 service level commitment in the industry that 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.
# # #
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.