Rimini Street Increases Revenue in Europe by 67% and Expands European Operations
Opens new office in Sweden and increases headcount by 51% year over year
LAS VEGAS and LONDON, November 10, 2016 - Rimini Street, Inc., the leading global provider of independent 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, Oracle Agile PLM and Oracle ATG Web Commerce software, today announced its expanded presence and investment in Europe in response to increasing demand for the Company's premium-level Oracle and SAP enterprise software support. The Company announced that its revenue in the region increased by 67% for the 12-month period ending September 30, 2016. Rimini Street also increased its total signed clients in the region by 41% year over year as of September 30, 2016. To meet this growing client demand, the Company expanded its presence in Europe with a new office in Stockholm, Sweden and doubled its current office space in London, England. Rimini Street also increased its workforce by 51% year over year as of September 30, 2016.
Market Conditions a “Perfect Storm” in the Region
A common denominator throughout the region is the pressure CIOs face to maximize the ROI across their entire IT landscape. At the same time, CIOs are getting the directive from their CEO and the business that they need to invest more in digital transformation initiatives such as mobile, big data, and cloud that will help the business grow and evolve to stay competitive. According to Gartner’s annual CIO Agenda Report, of the CIOs surveyed in Germany, 42% expect their IT budgets to remain flat1. In France, 24% of the CIOs surveyed said that they are faced with a decrease of their IT spending2. And according to a recent study conducted by Deloitte, 58% of UK CFOs expected Brexit to lower their capital spending for the next three years3. The challenge of reducing spend on capital investment such as existing IT infrastructure, while at the same time searching for ways to liberate funds that can be redirected into strategic growth initiatives, has accelerated demand for Rimini Street’s award-winning enterprise software support. Clients immediately save 50% on their annual maintenance fees by making the switch from the vendor to Rimini Street, and can save up to 90% on their total cost of maintenance which frees up precious funds for other key initiatives.
“With Oracle, we were always tiptoeing around any customizations that we added because invariably we were told, ‘we can’t help you since you’ve customized that particular part of the application.’ This meant we had to employ a self-support approach, which increased our total cost of maintenance beyond even the high annual support fees from the vendor,” said Randy Martin, director of Corporate Systems, Atkins. “With Rimini Street, customization support is included as a standard component of their service and support model. In addition, by making the move to Rimini Street support we have been able to redirect resources to more strategic initiatives across the organization.”
Rimini Street opened its European headquarters in London in 2012, and recently doubled the size of its office to accommodate growth. The Company opened its office in Stockholm in May 2016. Rimini Street now services more than 168 global organizations with operations in Europe including local brands Albani Group GmbH, Atkins Global PLC, Aurivo Co-operative Society Ltd, Brand Energy and Infrastructure Services, Cape PLC, and Vinci Energies Systemes d’Information.
“We have had significant growth throughout Europe as CIOs continue to recognize the importance of shifting investment from maintenance to digitalization for their companies’ future,” said Jill Harrison, managing director, Rimini Street Europe. “Our conversations with CIOs are focused on how they can maximize the ROI on their stable, ERP system and at the same time liberate funds and free up resource for more strategic programs that will really make a difference for their business. Independent support from Rimini Street helps these companies break free from the mandatory evolution path the vendors dictate they follow—a path that creates significant burden on their resources and provides little value to their business.”
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 1,600 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.
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 © 2016. All rights reserved.
1 Gartner, February 2016 CIO Agenda: A Germany and DACH Region Perspective.
2 Gartner, February 2016 CIO Agenda: A France Perspective.
3 Deloitte, The Deloitte CFO Survey, Q2 2016.