Rimini Street Achieves Record Results in First Half 2008
Company Announces Record Number of New Clients and Over 400% Year-Over-Year Revenue Growth; Expands Operations and Launches Support for SAP Products
Las Vegas, July 28, 2008 - Rimini Street, Inc., the leading independent maintenance and support provider for Siebel, PeopleSoft, JD Edwards (NASDAQ: ORCL) software, today announced that it achieved record results in the first half of 2008, again surpassing operating plans and sales goals. Building on strong annual growth since inception and record setting growth in 2007, first half 2008 results set an all time record for new clients, sales bookings, invoicing, and revenue. Rimini Street also announced expansion plans to begin providing support services for SAP(NYSE: SAP) software based on strong demand from SAP licensees.
Record Growth and Key Achievements
For the first half of 2008, Rimini Street's revenue, bookings, and invoicing all more than doubled compared to previous record results achieved in the first half of 2007. First half 2008 revenue increased over 400% and sales bookings and invoicing increased over 200% compared to the same period last year. Based on these strong first half results, Rimini Street is poised to exceed 2008 operating plans.
Key achievements in the second quarter of 2008 include:
- Delivered tax and regulatory updates, ahead of Oracle's planned release date for similar updates
- Resolved hundreds of client support cases within guaranteed response time of 30 minute or less
- Announced expansion of Rimini Street Support to cover SAP products
- Record numbers of new clients selected Rimini Street to replace costly Oracle software support
- Record numbers of new clients migrated from SAP/TomorrowNow to Rimini Street's more robust, next-generation support service offering featuring several premium services at no additional cost
Dozens of SAP/TomorrowNow Fortune 500, mid-market, and public sector clients have already successfully completed migrations to Rimini Street using the company's proven "Easy as 1-2-3"TM transition process, with many more migrations in-process.
"Rimini Street managed a seamless transition from TomorrowNow and their support services so far have been very good," said Ron Higa, Accounting Manager, JalPak International, a former SAP/TomorrowNow client.
To keep pace with the growing demand for Rimini Street services, and to deliver even more innovative services to the enterprise software community, the company significantly expanded its infrastructure and workforce during the second quarter. New hires are highly experienced functional, technical, and support operations experts, including senior veterans of PeopleSoft, Siebel, JD Edwards, Oracle, SAP, and other leading software and service firms. Rimini Street plans to continue its aggressive recruiting and hiring of the best and most experienced talent in the industry and has recently opened fifty new job requisitions.
"Rimini Street is committed to delivering the best support value and service in the enterprise software support market, and we remain focused on our goal of assuring the success and satisfaction of every client," said Seth Ravin, president and CEO, Rimini Street. "We will continue executing to our business plan, and expect to continue our fast-paced growth in the years ahead by always putting client needs first and continuously earning the privilege and responsibility of being a trusted provider."
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, next-generation 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. 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 (702) 839-9671.
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 © 2008. All rights reserved.