Rimini Street Expands APAC Investment to South Korea and Appoints IT Industry Veteran to Lead New Operations
Leading global provider of enterprise software support for SAP and Oracle products builds on 90% APAC region revenue growth and fast-growing base of 25 clients with South Korean operations
LAS VEGAS, August 16, 2016 - 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 and Oracle Agile PLM software, today announced its expanded investment and presence in the APAC region with the launch of its local operations in South Korea. Rimini Street also announced the appointment of Sangyoul Kim as country manager, South Korea. In this newly created role, Mr. Kim is responsible for leading the growth and development in the region, which represents the twelfth largest economy in the world and a large market opportunity for the Company. Rimini Street's expansion to South Korea is driven by strong local demand for its award-winning, premium enterprise software support that delivers a comprehensive, hyper-responsive, support alternative as compared to expensive Oracle and SAP vendor maintenance. Rimini Street's investment in South Korea builds on the Company's accelerating growth trajectory in the APAC region that includes a 90% increase in APAC revenue for the 12-month period ending June 30, 2016, compared with the prior 12-month period. Rimini Street's support is available immediately for South Korean companies.
Strong Demand Drives Rimini Street Expansion into South Korea
South Korea is one of the most highly developed information and communications technology markets in the world and has been part of the Company's planned growth strategy in the APAC region. The region is rapidly growing for Rimini Street, with a 117% increase in total signed clients to date for the 12-month period ending June 30, 2016, compared with the prior 12-month period.
Rimini Street has opened its local office in Gangnam District, Seoul, and already supports a fast-growing base of 25 clients with South Korean operations, including large established global brands such as NCH Corporation, Transaction Network Services and EBSCO. These enterprises benefit from significant annual savings compared to software vendor maintenance fees, and enjoy ultra-responsive support with an average engineer response time of less than five minutes for urgent cases.
New Leader Brings Enterprise Software and CIO Experience
As Rimini Street South Korea's new country manager, Sangyoul Kim will lead the sales and delivery of Rimini Street's award-winning premium software support service. Mr. Kim is a seasoned IT industry veteran with more than 20 years of experience in software implementation, software upgrades, consulting, outsourcing, sales, and delivery, working with many of South Korea's leading IT and industrial companies.
Mr. Kim held management positions at EDS Korea and A.T. Kearney, and most recently served as executive vice president of ISTN, where he was responsible for IT service sales and delivery. He also served previously as executive vice president of DBCS, overseeing IT service sales and delivery and as the CIO of Hanwha Group, where he was responsible for strategic IT investments and innovation initiatives for more than 15 Hanwha affiliates. During his career, Mr. Kim has provided IT consulting services to many well-known South Korean companies including Samsung, Hyundai, LG, Lotte Group and Korea Telecom. Mr. Kim served as an officer in the ROK Army, and received M.S. and Ph.D. degrees in Industrial Engineering from Seoul National University.
"Economic challenges, increased global competition, and a need for growth are forcing South Korean companies to achieve cost reduction, enable business innovation and improve efficiencies. Accordingly, CIOs are finding it increasingly hard to justify the high cost of their SAP and Oracle enterprise software maintenance and support in comparison to the value received. IT leaders in South Korea want to invest in big data, cloud, IoT and other disruptive technologies to help their organizations drive greater growth, but are struggling to find the IT budgets required to make these important, game-changing investments," said Mr. Kim. "This is why there is such strong demand for Rimini Street independent software support in South Korea as a solution to these challenges. Rimini Street is the global leader in independent maintenance services for more than a decade, proven at over 1,450 successful clients, including over 135 Fortune 500 and Fortune Global 100 clients. We look forward to enabling South Korean businesses to benefit from Rimini Street's premium, hyper-responsive support model that provides support for a guaranteed minimum of 15 years without any required upgrades, and that can save clients up to 90 percent in total maintenance costs."
"For over a decade, Rimini Street has been focused on developing and delivering the most robust and innovative independent software support program available today, and we are pleased to officially launch our local operations in South Korea, led by our new country manager, Sangyoul Kim. South Korea is the third largest economy in Asia, and is already demonstrating strong demand for our support services," said Seth Ravin, CEO, Rimini Street. "We have helped numerous SAP and Oracle licensees around the world maximize their IT investments and realize greater innovation agility, and look forward to continuing our expansion and presence in accordance with our global business plan."
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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. Over 1,450 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 http://www.riministreet.com.
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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