Rimini Street Announces Preliminary Fiscal Third Quarter 2015 Financial Results
Revenue of $30.8 million, up 38% year over year
Deferred revenue of $89.1 million, up 53% year over year
Billings of $28.6 million, up 48% year over year
1,164 total signed clients to date, up 31% year over year
LAS VEGAS, October 13, 2015 - Rimini Street, Inc., the leading independent provider of enterprise software support services for SAP SE's (NYSE:SAP) Business Suite and BusinessObjects 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 preliminary financial results for the fiscal third quarter ending September 30, 2015.
Strong and Steady Growth
Rimini Street’s third quarter results continued the Company’s upward trend with record revenue, deferred revenue and bookings backlog, and marked the Company’s 39th consecutive quarter of growth. The Company completed 84 new client transactions worldwide.
- Revenue for the third fiscal quarter of 2015 increased 38% year over year to $30.8 million.
- Deferred revenue as of September 30, 2015 increased 53% year over year to $89.1 million.
- Billings for the third fiscal quarter of 2015 increased 48% year over year to $28.6 million.
- Bookings backlog for the third fiscal quarter of 2015 increased 19% year over year to $1.7 billion.
- Total signed clients to date as of September 30, 2015, increased 31% year over year to 1,164.
- Hired 73 new employees worldwide, expanding the global workforce 12.9% to nearly 640.
The above information is preliminary and subject to the completion of quarter-end financial processes and review.
Notable Achievements in Q3 2015:
In addition to its outstanding financial performance, Rimini Street also noted key achievements from the quarter, including:
- Closed more than 3,600 support cases across 33 countries, and averaged less than a 5 minute response time for high priority cases.
- Delivered more than 100,000 tax, legal, and regulatory updates to date to clients worldwide.
- Launched support for Oracle Agile PLM software, the ninth Oracle product supported by the Company and the 11th product supported overall.
- Appointed new country leadership in Japan, and Latin America, and next phase investment and expansion plans for each region.
- Expanded operations into the Greater China region, including China, Hong Kong and Taiwan, and appointed a new General Manager to lead this effort.
- Expanded its worldwide headquarters and workforce in Las Vegas.
- Named to the JMP Securities "Hot 100" list of The Best Privately Held Software Companies for the fourth consecutive year.
- Named to Inc. magazine's 2015 Inc. 5000 list of the fastest-growing companies in America for the fifth consecutive year.
- Won two Stevie Awards for customer service and IT support, marking the fourth year in a row Rimini Street has been recognized as a winner for its dedication to providing outstanding client support services to its Oracle and SAP clients.
- Named a Business Excellence Award honoree by the Las Vegas Chamber of Commerce in the "Innovators" category.
- Received a Certificate of Recognition from the Governor of the State of Nevada for being named one the fastest-growing companies in America by Inc. magazine and for "driving economic growth in the Silver State."
- Launched the Rimini Street Foundation to invest back into communities around the world where Rimini Street has operations and employees.
- Presented at more than 10 CIO conferences and two Gartner industry events in six countries.
“We continued to execute on our worldwide growth and expansion plan in FYQ3 2015, including making key global investments in top leadership talent, expansion of our service capabilities and staff, and launching new service offerings such as support for Oracle Agile PLM software,” said Seth Ravin, Rimini Street CEO. “We are also proud to lead the industry in our breadth of value-driven support services and our commitment to delivering an excellent client service experience for Oracle and SAP licensees worldwide.”
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 1,150 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,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “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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