Rimini Street Delivers Record 2009 Results
Company Continues Fight for Customer Choice as Oracle Files Complaint
Las Vegas, January 26, 2010 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including Oracle Corporation's (NASDAQ: ORCL) for Siebel, PeopleSoft, and JD Edwards software, and SAP AG (NYSE:SAP) software, today announced record annual results with 2009 revenue nearly triple 2008 results. Rimini Street also announced that it will vigorously respond to a complaint filed by Oracle Corporation and will fight to ensure enterprise software customers continue to have a variety of vendor and support options.
Strong Business Performance and Key Achievements
Continuing a track record of rapid growth since its inception in 2005, Rimini Street reported that sales, invoicing, and revenue all had very strong increases compared to the year-earlier period. Revenue for 2009 was 270 percent compared to revenues for the prior year. Average contract length increased 40% year-over-year from five years to seven years. Rimini Street increased its total client count in 2009 to nearly 300 clients and more than doubled its number of employees worldwide.
Other key Rimini Street achievements in 2009 include:
- Continued strong product-line expansion, with double-digit growth in Siebel and PeopleSoft clients, triple-digit growth in JD Edwards clients, and record sales pipeline for SAP R/3 4.x and ECC 6.0 licensees
- Launched a Global Client Care & Success organization to build upon outstanding client results, which includes more than a 92 percent client contract renewal rate, a 99 percent client satisfaction rating, as well as having received a client award for "IT Vendor of the Year"
- Increased global tax, legal, and regulatory coverage to more than 100 countries for SAP and Oracle's PeopleSoft and JD Edwards product lines
- Expanded global support operations with new office locations in Australia, Brazil, Germany, Singapore, The Netherlands, United Kingdom, and Miami, FL (for Latin America)
- Named a "Hot 100" Private Software Company by JMP Securities
- Accepted a minority investment from Adam Street Partners, a leading private equity firm
Rimini Street Will Vigorously Respond to Oracle Complaint
"Enterprise software customers, like in any truly competitive market, deserve the right to have a choice of support options and vendors," said Seth Ravin, president and CEO, Rimini Street. "I believe Oracle's actions are an attempt to forestall competition and limit market choices for its software licensees. Rimini Street offers valuable support options at more than a 50 percent savings compared to Oracle. Rimini Street's services are enjoyed by hundreds of clients around the world, including Global and Fortune 500 organizations, many government agencies, and small businesses trying to grow and hire new employees in these difficult economic times. Rimini Street has been a leader in fighting for customer choice and options, and we will continue to do so."
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 Siebel, PeopleSoft, JD Edwards, and SAP licensees to save at least 50% in annual support fees and to remain on their current software release without any required upgrades or migrations through 2020 and beyond. Hundreds of Global, Fortune 500, midmarket, and public sector organizations from virtually all industries have selected Rimini Street as their trusted, software vendor independent support provider. To learn more, please visit http://www.riministreet.com or call within the USA (888) 870-9692 or internationally +1 (702) 839-9671.
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 © 2010. All rights reserved.