Rimini Street Announces Preliminary Fiscal 2017 Q1 Financial Results
Revenue of $49 million, up 42% year over year
Deferred revenue of $165 million, up 44% year over year
Total invoicing of $50 million, up 34% year over year
Nearly 1,900 total signed clients to date, up 40% year over year
LAS VEGAS, April 19, 2017 - Rimini Street, Inc., the leading global independent provider of enterprise software support services for SAP SE's (NYSE:SAP) Business Suite, BusinessObjects and HANA Database software and Oracle Corporation's (NYSE:ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion, Oracle Retail, Oracle Agile PLM and Oracle ATG Web Commerce software, today announced preliminary financial results for its fiscal 2017 Q1 ending March 31, 2017.
Record Revenue and Strong Momentum
The Company's 2017 Q1 marked its 45th consecutive quarter of sequential revenue growth, with record revenue of $49 million, an increase of 42% year over year, and annual run-rate revenue exceeding $196 million. The Company also achieved Q1 total invoicing of $50 million, an increase of 34% year over year.
Rimini Street signed 109 new client transactions in the quarter, representing a 47% increase year over year, and increased its total signed clients to date to 1,875, a 40% increase year over year.
Additional fiscal 2017 Q1 results:
- Deferred revenue increased 44% year over year to $165 million.
- Billings increased 16% year over year to $50 million.
- Worldwide active employee count increased 25% year over year to 866 professionals as of March 31, 2017.
The above information is preliminary and subject to the completion of the Company's fiscal quarter-end financial review.
2017 Q1 Notable Achievements and Highlights
- Announced the appointment of a new CFO, Thomas Sabol, to assume responsibility for all financial aspects of the Company. Sabol brings to this role extensive public company, financial and operational leadership experience at high-tech organizations.
- Doubled the number of Oracle and SAP clients signed in Israel and Eastern Europe, and announced continued strong growth and investment in this dynamic region.
- Closed a record number of support cases in one quarter - nearly 7,000 cases across 44 countries - and again achieved an average client satisfaction score of 4.8 out of 5.0 (5.0 being "excellent") for support provision. The Company also averaged less than a five minute response time for all Priority 1 cases.
- Honored with five awards for delivering excellence in customer service including Company of the Year, Most Customer-Friendly Company and Most Innovative Service, as well as two Stevie awards for Customer Service Leader of the Year, and Customer Service Department of the Year.
- Delivered more than 130,000 tax, legal and regulatory updates to date worldwide.
- Presented at 16 CIO and procurement leader events worldwide, including conferences in Sydney, Australia and São Paulo, Brazil, and Gartner's Enterprise Architect Summit in Tokyo, Japan.
- Contributed numerous volunteer hours and made financial contributions to charities around the world through the Rimini Street Foundation.
"Rimini Street's 2017 Q1 results and 45 consecutive quarters of growth reflect both the strong global demand for our premium-level, award-winning support and a focused execution against our business plan," said Seth Ravin, Rimini Street CEO. "Rimini Street continues to lead the enterprise software support market with the most innovative, value-driven and feature-rich support offerings available today."
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 a minimum of 15 years. Nearly 1,900 global Fortune 500, midmarket, public sector and other 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, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.
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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