Rimini Street Announces Preliminary Fourth Quarter and Full Year 2014 Financial Results
Full Year Net Revenues of $86.7 Million, Up 42% Year Over Year
Full Year Annualized Subscription Revenues of $107.1 Million, Up 43% Year Over Year
Deferred Revenue of $82.8 Million, Up 41% Year Over Year
Full Year Revenue Retention Rate of 95%
LAS VEGAS, January 29, 2015 - 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 fourth quarter and full year ended December 31, 2014.
Rimini Street's fourth quarter and full fiscal year 2014 results included record highs in net revenues, annualized subscription revenues, deferred revenues, active clients and number of customers electing multi-year, non-cancelable service periods.
- Net revenues for the fourth quarter 2014 were $25.4 million, an increase of 47% from the same quarter in 2013.
- Net revenues for the full fiscal year 2014 were $86.7 million, an increase of 42% from fiscal year 2013.
- Annualized subscription revenue as of December 31, 2014, was $107.1 million, an increase of 43% from December 31, 2013 and the first time annualized subscription revenue has surpassed $100 million.
- Deferred revenue as of December 31, 2014, was $82.8 million, an increase of 41% from December 31, 2013.
- Billings for the full fiscal year 2014 were $110.7 million, an increase of 39% from fiscal year 2013.
The above information is preliminary and subject to completion of quarter- and year-end financial reporting processes and review.
"The strong demand worldwide for Rimini Street independent maintenance and support is reflected in our fiscal fourth quarter and full-year 2014 numbers and growth," said Seth Ravin, CEO, Rimini Street. "As we celebrate our 10-year anniversary in 2015 with nearly one thousand clients, including more than 100 of the Fortune 500 and Fortune Global 100 organizations, we remain laser-focused on helping clients achieve maximum value from their IT investments, while executing against our global business plan for growth and profitability."
Fiscal 2014 and Recent Highlights:
- Expanded footprint in EMEA and APAC regions, including a new Regional Headquarters facility in the UK and expanded service delivery capabilities in EMEA, the launch of local operations and expanded software support capabilities in Japan, and a new facility opening in Bengaluru and expanded facility in Hyderabad for Rimini Street Labs Operation
- Expanded EMEA and APAC coverage with first signed clients in Finland and the Philippines
- Launched support for several new products, including Oracle E-Business Suite Payroll support for the U.S. and UK, stand-alone support for Oracle Database and Middleware products, and Rimini Street Cloud Services with initial offerings of Cloud Support Packages for Salesforce.com and Workday products
- Launched and expanded Rimini Street Technology Support Services and delivered its first set of products, including the Rimini Street COBOL Compiler® for PeopleSoft products and Rimini Street Smart Proxy Server® for browser compatibility
- Extended guaranteed support availability for all software releases in use by clients to 15 years after contracting with Rimini Street for Oracle and SAP support
- Awarded a place on the UK government's Enterprise Application Support Services agreement (EASS) for the public sector
- Achieved new milestone with more than 85,000 global tax, legal and regulatory updates delivered across more than 70 countries
- Won Gold and Bronze Stevie® Awards in the 2014 International Business Awards for third consecutive year for outstanding customer service department, customer service team of the year and best website
- 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
- Recognized once again by employees with a prestigious Bay Area “Top Workplace” award
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.
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