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Rimini Street Announces Preliminary Third Quarter 2014 Financial Results
Net Revenues of $22.4 Million, Up 42% Year over Year
Deferred Revenues of $58.1 Million, Up 25% Year over Year
Nearly 900 Total Signed Clients to Date, Including Nearly 100 Fortune 500 and Fortune Global 100 Clients
LAS VEGAS, October 15, 2014 - Rimini Street, Inc., the leading independent provider of enterprise software support for SAP AG's (NYSE: SAP) Business Suite and BusinessObjects software and Oracle Corporation's (NYSE: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion and Oracle Retail software, today announced preliminary financial results for the third quarter ending September 30, 2014.
Rimini Street's third quarter results included record highs in net revenues and third quarter deferred revenues.
- Net revenues for the third quarter of 2014 increased 42% year over year to $22.4 million
- Deferred revenues as of September 30, 2014 increased 25% year over year to $58.1 million
- Total signed support clients to date increased 28% year over year to 890
The above information is preliminary and subject to completion of quarter-end financial reporting processes and review.
"Our performance for the fiscal third quarter set a new record in net revenues, exceeded our new client sales plan and included many notable achievements," said Seth Ravin, CEO, Rimini Street. "Rimini Street remains focused on ensuring our clients around the world get the maximum return on their existing SAP and Oracle investments with no required upgrades for a minimum of 15 years, enjoy premium support features and save up to 90 percent on annual support costs."
Notable Q3 2014 Achievements:
- Signed the largest client support contract in company history
- Signed the first U.S. state to switch to Rimini Street support
- Expanded EMEA and APAC coverage with first signed clients in Finland and the Philippines
- Doubled the number of Oracle E-Business Suite and Oracle Technology clients and grew annual revenues for the product lines by more than 300 percent in the past 12 months
- Achieved new milestone with more than 80,000 global tax, legal and regulatory updates delivered across more than 70 countries
- Announced the availability of Oracle E-Business Suite Payroll support for the U.S. and UK
- Won three Stevie® Awards in the 2014 International Business Awards for third consecutive year, including Gold Stevies for outstanding customer service department and best website, as well as a Bronze Stevie for customer service team of the year
- Named by Inc. magazine for fourth consecutive year as one of the fastest-growing private companies in the U.S. with three-year revenue growth of 141 percent
- Executive speaking engagements at major industry events, including the Gartner IT Financial, Procurement & Asset Management Summit 2014
- Conducted, compiled and published primary industry research report, "Oracle Applications Strategies for 2015 and Beyond"
About Rimini Street, Inc.
Rimini Street is the leading independent 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 their annual support fees. Clients can remain on their current software release without any required upgrades or migrations for at least 15 years after switching to Rimini Street. Hundreds of clients, including global, Fortune 500, midmarket, and public sector organizations from across a broad range of 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.
This press release may contain forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties, and are based on various assumptions. If the risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Rimini Street assumes no obligation to update any forward-looking statements or information, which speak only as of the date of this press release.
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 © 2014. All rights reserved.