Rimini Street Reports Record Third Quarter 2012 Results
Company Achieves Highest Quarterly Revenue Ever and More than $500M in Sales Bookings Backlog
LAS VEGAS, October 2, 2012 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including SAP AG (NYSE:SAP) software and Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database and Oracle Hyperion software, today announced results for its fiscal third quarter ended September 30, 2012. Highlights of the Company's third quarter results include the highest quarterly revenue in the Company's history and growth of 60 percent in sales bookings backlog on a year-over-year basis.
Strong Third Quarter Sales Performance
Rimini Street over-achieved in many of its fiscal third quarter targets and also achieved many new all-time company records in the third fiscal quarter of 2012. In the third quarter, Rimini Street exceeded quarterly client retention and renewal targets, and also over-achieved in year-to-date 2012 invoicing. The Company also completed significant sales transactions in all Oracle and SAP application product lines supported by Rimini Street.
Third quarter revenue was more than $11 million, a new company quarterly revenue record and a 32-percent increase year-over-year. Rimini Street also completed the third quarter with a record sales booking backlog of more than $500 million dollars. Additionally, the Company reported growth of more than 30-percent in deferred revenue.
Rimini Street has signed nearly 525 total clients, including 61 of the Fortune 500 and 15 of the Global 100. The Company currently supports client operations in more than 70 countries, with the capability of supporting clients in nearly 200 countries. The Company has 230 employees in the Americas, Europe and Asia-Pacific regions.
Rimini Street also accomplished the following notable achievements in Q3 2012:
- Achieved ten consecutive quarters of record-breaking results, including all-time highs in quarterly revenues compared to the year ago quarters
- Won Stevie® Award from 2012 International Business Awards for Outstanding Customer Service
- Ranked number one Business of the West for 2012 by Business Leader magazine
- Named to Inc. magazine's list of the Fastest-Growing Private Companies for second consecutive year
- Featured at several key investor events, including the Canaccord Genuity 32nd Annual Growth Conference and the Citi Technology Research Conference
- Completed equity investor tour hosted by Cowen Securities
"Licensees who switch from Oracle and SAP to Rimini Street are able to achieve their strategic goals of significant savings, more responsive and robust support service, and better operational stability," said Seth Ravin, Rimini Street CEO. "With a strong Q4 pipeline across all product lines and continued expansion of our global workforce, we look forward to helping more organizations around the world drive greater ROI from their existing Oracle and SAP software investments."
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 Oracle and SAP licensees to save 50 percent on annual support fees and save up to 90 percent on total support costs over a decade. Clients can remain on their current software release without any required upgrades or migrations for at least 10 years. Hundreds of global, Fortune 500, midmarket, and public sector organizations from virtually all industries have selected Rimini Street as their trusted, independent support provider. To learn more, please visit http://www.riministreet.com or call within the USA 888-870-9692 or internationally 702-839-9671.
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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 © 2012. All rights reserved.