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Rimini Street Reports Third Quarter 2013 Results
Highlights Include 40-Percent Revenue Growth and Largest Deal in Company History
LAS VEGAS - October 23, 2013 - 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, Hyperion and Oracle Retail software, today announced results for its fiscal third quarter ended September 30, 2013. Highlights of the Company's third quarter results include quarterly revenue growth of 40 percent on a year-over-year basis, the closing of the largest deal in Company history, and record highs in revenue and deferred revenue.
Q3 Results Demonstrate Continued Strong Demand for Rimini Street Services
Rimini Street recorded $15.8 million in recognized revenue in the third quarter, a 40-percent increase on a year-over-year basis, and achieved total invoicing of approximately $15.4 million, also a 40-percent increase over the year ago quarter. Deferred revenue increased to $46.5 million as of September 30, 2013, and the Company signed 33 new clients globally.
The Company currently supports client operations in 72 countries, with the capability of supporting clients in approximately 200 countries. Rimini Street has nearly 350 employees working in North America and subsidiaries in South America, Europe, South Asia and Asia-Pacific regions.
Other Notable Rimini Street Achievements in Q3 2013:
- Reached milestone of 60,000 delivered global tax, legal and regulatory updates
- Launched Company's first industry-specific support offering, Rimini Street Support for Oracle Retail products, starting with support for several of the acquired Retek applications
- Tripled the number of Oracle E-Business Suite clients and grew annual revenue for Oracle E-Business Suite Support by more than 400 percent in the past 12 months
- Announced the appointment of software industry veteran and former Sybase CFO Jack L. Acosta to board of directors and chairman of the audit committee
- Announced the appointment of Daniel B. Winslow, former state representative, judge and chief legal counsel to then-Gov. Mitt Romney, as general counsel
- Won Gold, Silver and Bronze Stevie® Awards in 2013 International Business Awards for second consecutive year for outstanding customer service, support and human resources
- Ranked by Inc. magazine and Lead411 for third consecutive year as one of the fastest-growing private companies in the country, with three-year revenue growth of 149 percent
“Rimini Street continues to execute against its business plan, and we continue to see growing demand for our services,” said Seth Ravin, Rimini Street CEO. “Increasingly, CIOs around the world are switching to Rimini Street in order to maximize the ROI from their existing enterprise software investments and gain a competitive edge. We have helped hundreds of Oracle and SAP licensees save 50 percent on their annual maintenance fees, avoid or defer expensive, forced upgrades and benefit from more robust and responsive service.”
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 50 percent on their annual support fees. Clients can remain on their current software release without any required upgrades or migrations for at least 10 years. Hundreds of clients, including 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.