Rimini Street Reports Record First Quarter 2013 Results
Quarterly Invoicing Surges Fifty-Seven Percent and Revenue Up More Than Thirty Percent
DENVER - Collaborate13, April 9, 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 first quarter ended March 31, 2013. Highlights of the Company's first quarter results include more than $91 million in new sales contracting activity, a nearly 50-percent increase over the year ago quarter. Rimini Street's fiscal first quarter results also include record highs in recognized revenue, deferred revenue, invoicing, sales contracting and sales bookings backlog.
First Quarter Results Demonstrate Strong and Accelerating Demand for Rimini Street Services
Rimini Street continued its fast-paced growth in the fiscal first quarter of 2013, closing deals in all application product lines and surpassing all sales targets.
Rimini Street achieved total invoicing of $16.9 million in the first quarter, a 57-percent increase over the year ago quarter and the most for any first quarter. The Company also recorded more than $13 million in recognized revenue, a 33-percent increase on a year-over-year basis, and a new company quarterly revenue record.
Sales bookings backlog increased from $445 million to nearly $632 million, a 41-percent increase on a year-over-year basis. Deferred revenue also increased nearly 60-percent to $47 million as of March 31, 2013 when compared on a year-over-year basis.
Rimini Street added two additional Fortune 500 clients amongst many other new client transactions in the first fiscal quarter. The Company has signed more than 600 total clients, including 71 of the Fortune 500 and 15 of the Global 100. The Company currently supports client operations in more than 70 countries, with the capability of supporting clients in nearly 200 countries. Rimini Street has 250 employees working in North America and subsidiaries in South America, Europe, South Asia and Asia-Pacific regions.
Other Notable Rimini Street Achievements in Q1 2013:
- Achieved twelve consecutive quarters of record-breaking results.
- Published client satisfaction ratings that remain at an industry-leading high of 99-percent.
- Announced doubling of new client sales in EMEA and additional investment in EMEA sales and support operations.
- Declared the end of full price software maintenance, based in part on a new research report from Constellation Research1, as licensees use competitive third-party support proposals to negotiate maintenance discounts from Oracle and SAP, or switch to value-based third-party software support for more savings, innovative features and responsive service. The Company streamlined the process for organizations to get their competitive proposal in two business days or less by simply filling out an online form at www.riministreet.com/proposal, or calling the Company.
- Completed Oracle Max Value 2013 Webinar Series, providing application strategy insights and recommendations to over 800 series registrants.
- Invited as a featured presenter at The CIO Event in UK with EMEA CIOs from leading Fortune 500 organizations.
- Featured in investor events by leading global investment banks, including Piper Jaffray and Deutsche Bank.
"Rimini Street continued to see strong and accelerating global demand for its third party support services in the fiscal first quarter, and we are investing in expanded global sales and service capabilities to meet growing market demand" said Seth Ravin, Rimini Street CEO. "We believe that the enterprise software support marketplace has reached a tipping point, and savvy clients are no longer paying Oracle or SAP full price for annual maintenance services. Instead, studies from leading analyst firms like Constellation Research and Cowen & Company are reporting that clients are getting discounted services from Oracle and SAP or switching to third party support for more responsive service and even more savings."
1Ray Wang, "The Positive Pricing Impact Of Third Party Maintenance For Oracle and SAP Customers," Constellation Research, March 13, 2013
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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