Rimini Street More than Quadruples Sales in First Half of 2009
Third-Party Software Support Leader Completes Private Equity Investment Round to Accelerate Global Expansion to Meet Strong Market Demand
Las Vegas, July 15, 2009 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, and JD Edwards software, and SAP AG (NYSE:SAP) software, today announced that, for the first half of 2009, the company continued its fast-paced growth by more than quadrupling sales bookings compared to the year-ago period. The company also announced it has accepted a strategic investment from leading private equity firm Adams Street Partners to accelerate the global expansion of Rimini Street's award winning third-party support programs.
Record Results and Key Achievements
For the first half of 2009, Rimini Street's sales bookings more than quadrupled compared to the first-half of 2008 and revenue and invoicing approximately tripled for the same period. In the second quarter alone, sales bookings jumped by more than six times quarter-over-quarter, while revenue and invoicing each more than tripled compared to the second quarter of 2008. Rimini Street's tremendous growth for the first half of the year follows record growth in 2008, when sales also more than quadrupled from the previous year.
Other key achievements in the first half of 2009 include:
- Launched SAP support service and announced signing of first SAP R/3 4.x and ECC 6.0 clients
- Expanded US-based operations infrastructure and increased staff by nearly 25%
- Expanded physical global support operations to Europe and Asia-Pacific
- Announced 400 percent year-over-year increase of JD Edwards customer base
- Named a "Hot 100" Private Software Company by JMP Securities
- Named "IT Vendor of the Year" ; by client Hastings Entertainment, Inc.
- Achieved over 90% client contract renewal rate and 98% client satisfaction rating
- Continued timely delivery of extensive tax and regulatory updates ahead of the software vendor's planned release date for similar updates
"Rimini Street offers a proven annual support program at a savings of at least 50% in annual support fees that all organizations should consider in their strategic IT planning," said Greg Clore, Vice President, Information Technology, Dave & Buster's. "Dave & Buster's trusts and relies on Rimini Street to provide support for our mission-critical PeopleSoft systems. Rimini Street has delivered a strong annual support value, including ultra-responsive service, significant annual cost savings, and the ability for Dave & Buster's to run our current releases through at least the year 2020 without any costly required upgrades."
Accelerated Global Expansion
In June, Rimini Street accepted a substantial investment from Adams Street Partners for a minority ownership stake in the Company. Adam Street Partners is a leading private equity investor with $19.9 billion under management. Rimini Street will strategically leverage the investment capital to accelerate international growth in order to meet fast-growing global demand for its third-party support services in Europe, Asia, and Latin America.
"Rimini Street is growing at an incredible pace and is the clear and dominant leader in the emerging third-party enterprise software support market," said Robin Murray, partner, Adams Street Partners. "Rimini Street offers a compelling value proposition, innovative service model, a long track record of excellence in service delivery and quality deliverables, and very impressive client success and satisfaction. We join the analyst community in believing that Rimini Street is leading the way in a new, multi-billion dollar market as enterprise software licensees look to maximize the return on their current software investments. We are excited to help Rimini Street aggressively expand its global presence and capability to meet growing global demand for its award-winning service."
"Rimini Street continues to execute according to its global business plan, meeting and exceeding client commitments and achieving extremely high client satisfaction and renewal rates," said Seth Ravin, president and CEO, Rimini Street. "We are pleased to have so many new clients and employees joining the Rimini Street family as we accelerate the delivery of our services globally. Our planned global expansion is ahead of schedule as organizations around the world are increasingly turning to Rimini Street as their provider of choice for annual support across all our product lines, including our recently announced support program for SAP."
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, mid-market, and public sector organizations from nearly 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 (888) 870-9692.
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 © 2009. All rights reserved.