Rimini Street Announces Preliminary Fiscal 2016 Q1 Financial Results
Revenue of $35.4 million, up 37% year over year
Deferred revenue of $111.2 million, up 28% year over year
Billings of $41.6 million, up 39% year over year
1,344 signed clients to date, up 31% year over year
LAS VEGAS, April 19, 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 preliminary financial results for its fiscal 2016 Q1 ending March 31, 2016.
Strong Momentum in Both Oracle and SAP Support
Rimini Street’s strong and steady growth in the first fiscal quarter of 2016 includes 74 new client transactions worldwide and top line growth across its major Oracle and SAP support product lines. Fiscal 2016 Q1 marks the Company’s 41st consecutive growth quarter since its inception in 2005.
- Revenue for 2016 Q1 increased 37% year over year to $35.4 million.
- Deferred revenue as of March 31, 2016 increased 28% year over year to $111.2 million.
- Billings for 2016 Q1 increased 39% year over year, to $41.6 million.
- Total signed clients to date as of March 31, 2016 increased 31% year over year to 1,344.
- Employee count as of March 31, 2016 increased 36% year over year to 696.
The above information is preliminary and subject to the completion of quarter-end financial processes and review.
Rimini Street 2016 Q1 Highlights:
- Announced strong momentum and expansion of operations in Japan to support the fast-growing client base and opened a second office located in Osaka to meet the rising demand for Rimini Street Oracle and SAP support in Western Japan.
- Announced strong momentum and expansion in Israel and Eastern Europe, including support for more than 55 clients across the region, as well as five of the 10 largest Israeli companies, and increased investment in local staff, support capabilities, and operations in the region.
- Closed nearly 4,500 support cases across 30 countries, and achieved a client satisfaction score of over 4.8 out of 5.0 for service delivery and resolution.
- Delivered more than 110,000 tax, legal and regulatory updates to date to clients worldwide through Rimini Street's patent-pending research technology, methodology and ISO-certified development process.
- Completed its third annual ISO 27001:2013 certification audit process for its Information Security Management System, achieving a result of "zero non-conformities" for the third consecutive year. ISO 27001:2013 is the most rigorous and recognized international standard for implementing and managing security controls that protect information assets, and Rimini Street remains the first and only ISO 27001:2013-certified provider of independent enterprise software support services.
- Honored with a prestigious Stevie Award for Customer Service Department of the Year, marking the fifth consecutive year the Company has received this sought-after award for delivering excellence in customer service and support.
- Presented at five banking and investment conferences and events for Roth Capital Partners, Needham & Company, Barclay's Capital, JMP Securities and Piper Jaffrey & Co.
- Presented at five CIO conferences across the globe, including Gartner's Enterprise Application & Architecture Summit in Japan.
"Our strong fiscal 2016 Q1 results reflect continued fast-growing global demand for Rimini Street's support services and the continued successful execution of our global operations and expansion plan," said Seth Ravin, Rimini Street CEO. "Oracle and SAP licensees continue making the switch to our support services at a record pace, enjoying premium, ultra-responsive services, and using the significant savings to fund new investments in innovation that drive growth and competitiveness for their organizations."
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. Over 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,” “plan,” “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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