Rimini Street Announces Fourth Quarter and Full Year 2013 Financial Results
Full Year Net Revenues of $61.1 Million, Up 40.3% Year Over Year
Full Year Annualized Subscription Revenues of $74.8 Million, Up 45.4% Year Over Year
Full Year Billings of $79.6 Million, Up 36.7% Year Over Year
Full Year Revenue Retention Rate of 94.2%, Up 0.5% Points Year Over Year
LAS VEGAS, March 3, 2014 - Rimini Street, Inc., the leading independent maintenance and support provider for enterprise software, including 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, Hyperion and Oracle Retail software, today announced its financial results for the fourth quarter and full year ended December 31, 2013.
"Our performance for the fiscal fourth quarter and full-year 2013 demonstrates increased demand and adoption of independent maintenance and support solutions," said Seth Ravin, CEO, Rimini Street. "We provide our clients a premium support model with guaranteed service levels, break/fix support and tax, legal and regulatory updates for their mission critical systems. Rimini Street is executing to its global business plan and remains singularly focused on delivering innovative service and value to its expanding client base around the world."
"We had record fourth quarter and full-year net revenues on solid global business momentum," said Ed Schaffer, CFO, Rimini Street. "Annualized subscription revenues grew 45.4% year-over-year to $74.8 million. We also made significant investments during the quarter and full year to expand our operations and capabilities globally."
Rimini Street's fourth quarter and full fiscal year 2013 results included record highs in net revenues, annualized subscription revenues, deferred revenues, active clients and number of customers electing multi-year, non-cancelable service periods.
- Net revenues for the fourth quarter were $17.3 million, an increase of 48.5% from the fourth quarter of fiscal 2012.
- For the full fiscal year 2013, the company reported net revenues of $61.1 million, an increase of 40.3% from the prior year.
- Annualized Subscription Revenue as of December 31, 2013, was $74.8 million, an increase of 45.4% from the prior year.
- Deferred revenue on the balance sheet as of December 31, 2013, was $58.8 million, an increase of 50.6% from the prior year.
Fiscal 2013 and Recent Highlights:
- Announced the expansion of Rimini Street's Board of Directors, including appointments of software industry veteran and former Sybase CFO Jack L. Acosta to serve as director and chairman of the audit committee, as well as Thomas Ashburn, former President of Worldwide Field Operations at BEA Systems, Inc. (acquired by Oracle), Steve Capelli, former President of Worldwide Field Operations at Sybase, Inc. (acquired by SAP) and Margaret "Peggy" Taylor, former Senior Vice President of Corporate Operations at PeopleSoft, Inc. (acquired by Oracle)
- Announced the following senior leadership appointments:
- Daniel B. Winslow, former state representative, judge and chief legal counsel to then-Massachusetts Gov. Mitt Romney, as General Counsel
- Jill Harrison as Managing Director, Europe
- Andrew Powell as Managing Director, Asia-Pacific and Middle East
- Launched support for several new products, including Company's first industry-specific support offering, Rimini Street Support for Oracle Retail products, starting with support for several of the acquired Retek applications, as well as support for SAP BusinessObjects
- Achieved ISO 27001 certification to become the first and only ISO 27001-certified provider of independent software support services
- Reached the milestone of 65,000 delivered global tax, legal and regulatory updates
- Won Gold, Silver and Bronze Stevie® Awards in the 2013 International Business Awards for second consecutive year for outstanding customer service, support and human resources
- Recognized once again as a 2013 Bay Area "Top Workplace" by the Bay Area News Group
About Rimini Street, Inc.
Rimini Street is the leading independent 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.
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.
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