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Rimini Street Reports Record Second Quarter 2013 Results
Largest Sales Quarter in Company History with 57 New Client Transactions and 165-Percent Increase in New Sales Contracting
LAS VEGAS – July 16, 2013 – Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including SAP AG’s (NYSE:SAP) Business Suite and BusinessObjects software and Oracle Corporation’s (NASDAQ: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database and Hyperion software, today announced results for its fiscal second quarter ended June 30, 2013. Highlights of the Company’s second quarter results include more than $140 million in new sales contracting activity, a 165-percent increase over the year ago quarter. Rimini Street’s fiscal second quarter results also include record highs in recognized revenue, deferred revenue, new client transactions, new sales invoicing, sales contracting and sales bookings backlog.
Q2 Results Demonstrate Continued Strong and Accelerating Demand for Rimini Street Services
Rimini Street continued its fast-paced growth in the fiscal second quarter of 2013, closing 57 new client transactions, a company record, including four new Fortune 500 organizations, one new Global 100 company, and completed deals in all application product lines.
Rimini Street achieved total invoicing of $15.7 million in the second quarter, a 64-percent increase over the year ago quarter and the most for any second quarter. The Company also recorded $14.9 million in recognized revenue, a 41-percent increase on a year-over-year basis, and a new company quarterly revenue record.
Sales bookings backlog increased from $472 million to $753 million, a 60-percent increase on a year-over-year basis. Deferred revenue also increased nearly 68-percent to $48 million as of June 30, 2013, when compared on a year-over-year basis.
Rimini Street has signed more than 660 total clients, including 75 of the Fortune 500 and 16 of the Global 100. The Company currently supports client operations in more than 70 countries, with the capability of supporting clients in nearly 200 countries. Rimini Street has 300 employees working in North America and subsidiaries in South America, Europe, South Asia and Asia-Pacific regions.
Other Notable Rimini Street Achievements in Q2 2013:
- Achieved 13 consecutive quarters of record-breaking results
- Launched new support offering for SAP BusinessObjects at SAPPHIRE Now 2013
- Closed $15 million in financing with Bridge Bank to fuel accelerating global expansion
- Named a “Hot 100” company for third time by premier investment firm JMP Securities
- Recognized once again as a 2013 Bay Area “Top Workplace” by the Bay Area News Group
- Achieved ISO 27001 certification to become the first and only ISO 27001-certified provider of third-party software support services
- Announced the appointment of industry veteran Jill Harrison as managing director, EMEA to lead the next phase of Company’s accelerating growth and expansion in Europe, Middle East and Africa region
- Announced the appointment of industry veteran Andrew Powell as managing director, APAC to lead the next phase of Company’s accelerating growth and expansion in Asia-Pacific region
- Announced the appointment of industry veteran Anderson Aquino as managing director, Brazil to lead the next phase of Company’s accelerating growth and expansion in Latin American region
“Driven by growing market demand for better Oracle and SAP enterprise software support options, Rimini Street continues to see accelerating global sales growth. To meet this market demand, Rimini Street continues to invest in the global expansion of our sales and support delivery capabilities,” said Seth Ravin, Rimini Street CEO. “Rather than staying with the status quo and paying expensive vendor annual maintenance fees, Oracle and SAP licensees are increasingly switching to Rimini Street and saving 50 percent on their annual maintenance fees, avoiding costly and unnecessary forced-upgrades, and saving up to 90 percent on their total cost of maintenance – all while getting much more responsive and robust service. More than 660 savvy Oracle and SAP licensees, including 75 of the Fortune 500 and 16 of the Global 100 largest companies in the world, are already using Rimini Street support to maximize the value of their existing software investments and leverage the resulting financial and labor savings to fuel innovation and create competitive advantage.”
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 up to 90 percent on total support costs over a decade, including saving 50 percent on annual support fees. 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 +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 © 2013. All rights reserved.