Rimini Street Announces Preliminary Fiscal Second Quarter 2015 Financial Results
Net revenues of $27.8 million, up 36% year over year
Deferred revenues of $91.4 million, up 49% year over year
Billings of $32.4 million, up 55% year over year
Closed single largest Oracle support contract to date at $6.5 million first year fees
LAS VEGAS, July 8, 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, Hyperion and Oracle Retail software, today announced its preliminary financial results for the second quarter ending June 30, 2015.
Thirty Eight Consecutive Quarters of Growth
Rimini Street’s second quarter results demonstrated continued strong growth with record net revenues, deferred revenue and bookings backlog. In addition, billings were up significantly year over year, and the Company closed business across all Oracle and SAP product lines.
- Net revenues for the second fiscal quarter of 2015 increased 36% year over year to $27.8 million.
- Deferred revenues as of June 30, 2015 increased 49% year over year to $91.4 million.
- Billings for the second fiscal quarter of 2015 increased 55% year over year to $32.4 million.
- Total bookings backlog as of June 30, 2015 increased 33% year over year to $1.6 billion.
- Total signed clients as of June 30, 2015 increased 28% year over year to 1,080.
The above information is preliminary and subject to the completion of quarter-end financial processes and review.
Notable Achievements in Q2 2015:
- Launched Rimini Street’s next-generation comprehensive suite of enterprise software support services for Oracle and SAP licensees, including new and innovative features such as Security Support Services, Risk Avoidance Services and Innovation & Roadmap Services.
- Signed new reseller distribution agreements with two leading technology solution providers in Japan, expanding the Company’s local direct sales force reach and capabilities for delivering independent maintenance services across the region.
- Signed 54 new client transactions worldwide.
- Hired 92 new employees worldwide, expanding the global workforce to nearly 600 employees.
"We continue to execute according to our global business plan. Strong and growing worldwide demand for Rimini Street's Oracle and SAP support services has not only fueled North American sales growth, but higher-than-planned international sales has required us to accelerate international expansion to meet that demand," said Seth Ravin, CEO, Rimini Street. "We have built this Company from the ground up on a foundation of excellent client service, robust service offerings, and exceptional client value, and we remain as focused and committed to these core values today as the day we launched the Company a decade ago."
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 1000 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
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.