Rimini Street Announces Preliminary Fiscal 2016 Q3 Financial Results
Revenue of $41 million, up 32% year over year
Deferred revenue of $129 million, up 44% year over year
Billings of $41 million, up 43% year over year
1,600 signed clients to date, up 37% year over year
LAS VEGAS, October 11, 2016 - Rimini Street, Inc., the leading global provider of independent enterprise software support services for SAP SE's (NYSE:SAP) Business Suite, BusinessObjects and HANA Database software and Oracle Corporation's (NYSE:ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion, Oracle Retail, Oracle Agile PLM and Oracle ATG Web Commerce software, today announced preliminary financial results for its fiscal 2016 Q3 ending September 30, 2016.
Record Quarterly Transactions and Continued Strong Growth
The Company closed a record number of new quarterly client transactions worldwide, up 77% year over year to 149. Total signed clients for Rimini Street as of September 30, 2016 increased by 37% year over year to 1,600.
At the close of its fiscal 2016 Q3, ending September 30 2016, Rimini Street's quarterly revenue increased 32% year over year to a record $41 million, and its annual run-rate revenue exceeded $163 million. Fiscal 2016 Q3 marked the Company's 43rd consecutive quarter of revenue growth with a 38% average annual growth rate since 2012.
Other notable quarterly results include:
- Deferred revenue for 2016 Q3 increased 44% year over year to $129 million.
- Billings for 2016 Q3 increased 43% year over year to $41 million.
- Active worldwide employees as of September 30, 2016 increased 30% year over year to 832.
The above information is preliminary and subject to the completion of quarter-end financial processes and review.
Rimini Street 2016 Q3 Notable Achievements:
- Launched support for its 13th product line, Oracle ATG Web Commerce, expanding the options available for Oracle licensees to switch to Rimini Street support. Oracle ATG Web Commerce is one of the primary frameworks for constructing and deploying commerce websites across some of the largest organizations in the world.
- Resolved remaining post-trial motions in Oracle vs Rimini Street, confirming that Oracle software licensees are the ultimate winners with free market choice to shop a variety of different support vendors, services offerings and pricing models.
- Increased investment in Latin America to meet growing demand in the market, and announced that the Company is now servicing more than 100 clients across the region.
- Launched local operations in South Korea, and appointed a new country manager to lead the growth and development in the region.
- Implemented a new, even more responsive Service Level Agreement for all clients, featuring a guaranteed 15-minute or less response time for Priority 1 critical cases, and a guaranteed response of 30 minutes or less for Priority 2 cases.
- Named as an Inc. 5000 company for the sixth consecutive year, and recognized as one of America's fastest-growing private companies with three-year revenue growth of 172%.
- Announced that client Pioneer Corporation expanded the global scope of its Rimini Street support for SAP to include operations in Japan, China and Brazil. Pioneer Electronics in the United States has been leveraging independent SAP support from the Company since 2009.
- Closed a record number of support cases - over 5,000 cases across 30 countries - and achieved an average client satisfaction score of 4.8 out of 5.0 (where 5 is "excellent") for service delivery and resolution.
- Listed as a 2016 Bay Area Top 75 Software Company by the San Francisco Business Times.
- Delivered more than 120,000 tax, legal and regulatory updates to date worldwide through Rimini Street's patent-pending research technology, methodology and ISO 9001-certified development process.
- Selected for the UK government's G-Cloud 8 Framework, enabling the Company to provide its award-winning service to public sector organizations looking for cloud technology and support services.
- Presented at 11 CIO, IT and procurement leaders events around the world, including Gartner's IT Financial, Procurement and Asset Management Summits in the United Kingdom and the United States, and IDC's CIO Summit in Australia.
"Once again, we over-achieved on our operating plan this quarter, and our fiscal 2016 Q3 results continue to demonstrate the global market's strong and growing demand for Rimini Street's ultra-responsive, premium enterprise software support services," said Seth Ravin, Rimini Street CEO. "We continue to invest in expanded global operations and resources to address the needs of Oracle and SAP licensees around the world. Rimini Street is helping clients maximize the return on their existing enterprise software investments, while freeing up funds for innovation agility that drives growth and competitive advantage for their businesses."
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 a minimum of 15 years. Over 1,600 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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