Rimini Street Announces Record Preliminary Fourth Quarter and Full Year 2015 Financial Results
Full year revenue of $118 million, up 37% year over year
Full year annualized subscription revenue of $141 million, up 32% year over year
Deferred revenue of $105 million, up 27% year over year
1,270 total signed clients to date, up 32% year over year
LAS VEGAS, January 21, 2016 - Rimini Street, Inc., the leading independent provider of enterprise software support services for SAP SE'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, Oracle Retail and Oracle Agile PLM software, today announced its preliminary financial results for the fourth quarter and full year ending December 31, 2015.
Record Revenue and 40 Consecutive Quarters of Growth
Rimini Street's fourth quarter and full fiscal year 2015 results continued its uptrend in record revenue, annualized subscription revenue, deferred revenue, and number of clients electing multi-year, non-cancelable service periods. Revenue retention rates were consistent with prior quarters.
The fourth quarter of 2015 marked 40 consecutive quarters of growth. For the full fiscal year 2015, the Company completed 310 new client transactions worldwide, a 42% increase year over year, and increased total signed clients by 32% year over year to 1,270. The Company also completed 106 new client transactions in the fourth quarter, setting a new quarter record and surpassing the 100 new clients signed in a quarter milestone for the first time.
- Revenue for the fourth quarter of 2015 increased 33% year over year to $34 million.
- Full year revenue for fiscal year 2015 increased 37% year over year to $118 million.
- Annualized subscription revenue as of December 31, 2015 increased 32% year over year to $141 million.
- Deferred revenue for full fiscal year 2015 increased 27% year over year to $105 million.
- Unbilled deferred revenue for full fiscal year 2015 increased 37% year over year to $96 million.
- Billings for the full fiscal year 2015 increased 27% year over year to $141 million.
- Hired 253 new employees worldwide in fiscal year 2015, expanding the global workforce 41% year over year to nearly 660 professionals.
The above information is preliminary and subject to the completion of quarter-end and year-end financial processes and review.
Fiscal 2015 Achievements and Recent Highlights:
- Invested in growth and expansion worldwide, including:
- Appointed new country leadership in Japan and Latin America, and delivered on next phase investment and expansion plans for each region.
- Expanded operations into the Greater China region, including China, Hong Kong and Taiwan, and appointed a new General Manager to lead this effort.
- Expanded the Company's worldwide headquarters and workforce in Las Vegas.
- Launched support for an additional product line, Oracle Agile PLM software, the ninth Oracle product and the 11th product supported overall by the Company.
- Launched new product innovations with Rimini Street's next-generation suite of enterprise software support including Security Support Services, Risk Avoidance Services and Innovation & Roadmap Services.
- Delivered more than 105,000 tax, legal, and regulatory updates to date to clients worldwide through Rimini Street's patent-pending research technology, methodology and ISO-certified development process.
- Successfully closed more than 13,000 support cases across 34 countries, and averaged less than five minutes' response time for high priority cases.
- Saved Oracle and SAP clients who have adopted Rimini Street support over the last decade an estimated $1 billion in total maintenance costs.
- Achieved a successful outcome in the Oracle vs. Rimini Street trial, including Oracle's admission that third-party support is lawful, the jury finding "innocent" copyright infringement and the jury rejecting Oracle's claims of "willful" copyright infringement, tortious conduct, lost profits, and punitive damages.
- Commemorated its 10 year anniversary of redefining the independent enterprise software support industry.
- Named to the JMP Securities "Hot 100" list of The Best Privately Held Software Companies for the fourth consecutive year.
- Named to Inc. magazine's 2015 Inc. 5000 list of the fastest-growing companies in America for the fifth consecutive year.
- Launched the Rimini Street Foundation to invest back into communities around the world with in-kind donations, employee time and financial donations - wherever Rimini Street has operations and employees.
"Rimini Street executed well against its global business plan for the fourth quarter and full fiscal year 2015," said Seth Ravin, Rimini Street CEO. "We continue to see strong, growing global demand for Rimini Street's support services and solutions that can save clients up to 90 percent in operating costs over a decade. In 2016, Rimini Street plans to continue its aggressive investment in new markets, new services and expanded global sales and service capabilities, with a relentless, continued focus and commitment to deliver the best support value and service available in the marketplace. Rimini Street clients, which include more than 125 Fortune 500 and Fortune Global 100 companies, are continuing to drive innovation and business growth with the savings from their switch to Rimini Street support."
About Rimini Street, Inc.
Rimini Street is the global leader in providing independent enterprise software support services. The company has redefined enterprise support services since 2005 with an innovative, award-winning program that enables Oracle and SAP licensees to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for at least 15 years. Nearly 1,300 global, Fortune 500, midmarket, and public sector organizations from a broad range of industries have selected Rimini Street as their trusted, independent support provider. To learn more, please visit http://www.riministreet.com.
This press release may contain forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "plan," "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.
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