Rimini Street Announces Preliminary Fiscal First Quarter 2015 Financial Results
Net Revenues of $25.9 Million, Up 40% Year over Year
Deferred Revenues of $86.8 Million, Up 43% Year over Year
Surpassed 1,000 Signed Clients Since Inception, Up 27% Year over Year
LAS VEGAS, April 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 its financial results for the three months ended March 31, 2015.
Rimini Street's first quarter results included record highs in net revenues and deferred revenues. Also, the number of clients electing multi-year, non-cancelable service periods is a record for fiscal first quarters.
- Net revenues for the first fiscal quarter of 2015 increased 40% year over year to $25.9 million
- Deferred revenues as of March 31, 2015 increased 43% year over year to $86.8 million
The above information is preliminary and subject to the completion of quarter-end financial processes and review.
Notable Q1 2015 Achievements:
- Surpassed 1,000 signed clients since inception
- Signed first client headquartered in China, a $40 billion chemical conglomerate
- Signed first client headquartered in South Africa, one of Africa’s largest steel distributors
- Signed 66 new transactions, a record number of new clients in a fiscal first quarter
- Hired 58 new employees worldwide, expanding the global workforce to more than 500 employees
- Resolved thousands of client support cases with an average response time of less than five minutes and average client satisfaction rating of 4.8 out of 5 (where 5 equals “excellent”)
- Delivered over 90,000 global tax, legal, and regulatory updates to date, across more than 100 countries
"We exceeded our fiscal first quarter plan and surpassed the milestone of 1,000 clients signed since inception, a direct result of the success and value Oracle and SAP licensees are achieving with a switch to Rimini Street's innovative and robust support offering," said Seth Ravin, CEO, Rimini Street. "Today, we further extend our vision by launching Rimini Street's next-generation enterprise software support model. We are grateful for and honored by the opportunity to serve each and every client who has made our global growth and success possible, and we remain committed to bringing the most innovative and cost-effective enterprise software support services to our current and future clients."
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 1,000 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 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.
# # #
Rimini Street and the Rimini Street logo are trademarks of Rimini Street, Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2015. All rights reserved.