Rimini Street Reports Record Results for Fourth Quarter and Full-Year 2012
Largest Sales Quarter in Company History with 61-Percent Invoicing Growth; Annual Revenue Growth Exceeds 30 Percent
LAS VEGAS, January 14, 2013 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including SAP AG (NYSE:SAP) software and Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database and Hyperion software, today announced results for its fiscal fourth quarter and full fiscal year ended December 31, 2012. Highlights of the Company's fiscal fourth quarter results include a record number of new client transactions closed, resulting in the largest new sales quarter ever in the Company's history. Rimini Street's full fiscal year 2012 results include record highs in revenue, deferred revenue, average sales price, sales transactions over one million U.S. dollars, sales bookings and sales bookings backlog.
11 Consecutive Record Quarters and Continued Strong Annual Results
Rimini Street continued its fast-paced growth in the fiscal fourth quarter and fiscal 2012, achieving many new all-time company records.
For the fiscal fourth quarter, the Company surpassed all of its sales targets with more than $100 million added to sales bookings backlog and total invoicing of $26.6 million, a 61-percent invoicing increase over the year ago quarter. The Company also recorded $11.97 million in revenue, a nearly 30-percent increase on a year-over-year basis and a new company quarterly revenue record.
For the fiscal year 2012, the Company exceeded $43 million in revenue, a more than 30-percent increase on a year-over-year basis. Sales bookings backlog increased from $394 million to $558 million, a 41-percent increase on a year-over-year basis. Deferred revenue also increased more than 51 percent to nearly $44 million as of December 31, 2012, when compared on a year-over-year basis. The Company also reported continued strong client retention and exceeded its renewal targets, with a record number of clients executing multi-year renewals.
Large Organizations Are Fastest Growing Client Segment
Rimini Street has signed more than 550 total clients, including numerous large public and private sector organizations. Counted amongst Rimini Street's signed private sector clients are 69 of the Fortune 500 and 15 of the Global 100, which includes eight Fortune 500 added in the fiscal fourth quarter alone, and 17 Fortune 500 and two Global 100 clients added in fiscal 2012. Large public sector clients added in 2012 include a major agency of the U.S. federal government. The Company currently supports client operations in nearly 80 countries, with the capability of supporting clients in nearly 200 countries. Rimini Street has 245 employees throughout North America and subsidiaries in South America, Europe, South Asia and Asia-Pacific regions.
Strong Sales Across All Product Lines, Including Newly Launched Oracle Hyperion Support
For the fiscal fourth quarter, the Company reported a record 40 new client transactions worldwide and strong sales across each of its product lines, including SAP and Oracle's E-Business Suite, Database, PeopleSoft, JD Edwards and Siebel products. The Company also reported closing its first support agreements for its newest product line, Oracle Hyperion, which was launched in October 2012, and far exceeded sales targets for its other newer product lines - Oracle E-Business Suite and Oracle Database.
Fiscal fourth quarter transactions set several additional records: a record number of agreements in excess of one million U.S. dollars, record average sales prices for each product line, and a record number of contracts featuring multi-year, non-cancelable service periods.
Rimini Street also accomplished the following notable achievements in 2012:
- Announced tripling in sales for Rimini Street Support of Oracle applications in April 2012
- Announced tripling in revenue for Rimini Street Support of SAP applications in May 2012
- Expanded the Company's global workforce and global support capabilities with additional staff in the U.S. and Europe, launch of new subsidiaries and operations in India and Brazil, and the opening of innovative new facilities including Rimini Street Labs in Hyderabad, India and a Rimini Street Technology Center in Sao Paulo, Brazil
- Won several notable business and industry awards, including the Stevie® Award from the 2012 International Business Awards for Outstanding Customer Service and the 2012 Red Herring Top 100 Americas award for the leading private companies in North America
- Named to CIO UK's annual hotlist of top tech companies, "20 Companies to Watch in 2012," ranked number one Business of the West for 2012 by Business Leader magazine; named one of the Inc. 500/5000 fastest-growing private companies in the country for the second consecutive year by Inc. magazine; and named one of the top 200 technology companies by Lead 411
- Featured in U.S. and European investor events by leading global investment banks such as Cowen & Company, Macquarie, JMP Securities, Deutsche Bank, Canaccord Genuity, Citibank and UBS
"Rimini Street's record fiscal fourth quarter and full-year results continue to demonstrate that more and more Oracle and SAP clients around the world are benefiting from our innovative support offering that combines the most responsive, comprehensive and relevant support model available with up to 90 percent total cost savings when compared to the vendor's offering," said Seth Ravin, Rimini Street CEO. "Rimini Street remains solidly positioned as the industry leader in value-driven enterprise software support models, and we will continue to execute against our business plan for 2013 as we help many additional Oracle and SAP clients achieve their support and budgetary objectives and prepare for our planned IPO."
About Rimini Street, Inc.
Rimini Street is the leading third-party 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 annual support fees. Clients can remain on their current software release without any required upgrades or migrations for at least 10 years. Hundreds of 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.
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