Rimini Street Doubles Revenue in Third Quarter 2009
Company Appoints Former Sybase CFO and Senior VP/General Manager of EMEA Pieter Van Der Vorst as Chief Financial Officer
Las Vegas, November 17, 2009 - Rimini Street, Inc., the leading third-party maintenance and support provider for enterprise software, including Oracle Corporation's (NASDAQ: ORCL) Siebel, PeopleSoft, and JD Edwards software, and SAP AG (NYSE:SAP) software, today reported continued strong growth in the third quarter of 2009 compared to both the prior quarter and the year ago quarter, including doubling of revenue compared to the year ago quarter. Simultaneously, Rimini Street named technology finance and operations veteran Pieter Van Der Vorst as chief financial officer.
Rimini Street Continues Strong Growth
Rimini Street achieved strong operational results in the third quarter of 2009 as revenue increased by approximately 200% compared to the year ago quarter and sales bookings, invoicing, and revenue all demonstrated continued sequential quarter-over-quarter growth. Invoicing more than doubled in Q3, 2009 compared to the prior calendar quarter. Worldwide employee headcount also more than doubled compared to the year ago quarter.
Other key Rimini Street achievements in the third quarter of 2009 include:
- Global expansion of full tax and regulatory coverage to more than 100 countries for SAP and Oracle's PeopleSoft and JD Edwards product lines
- General availability of SAP support following the successful launch of the SAP Charter Customer Program with double-digit, global client participation and a strong, growing sales pipeline
- Announced multi-million dollar investment in the global expansion of JD Edwards support
- Expanded Siebel support capabilities and client footprint in Europe
- Resolved hundreds of support cases and delivered hundreds of tax, legal and regulatory updates
"Rimini Street executed well in the third quarter of 2009," said Seth Ravin, president and CEO, Rimini Street. "We are focused on delivering service excellence, high quality deliverables, and the best value in the support industry. Our success in meeting these paramount objectives can be measured in our strong renewal rates over 90 percent, client satisfaction rates near 100 percent, enthusiastic client reference support, and the largest sales pipeline in our history. With our newly announced Global Client Care and Success organization, we are committed to delivering even more value in 2010 with new, innovative value-driven account management services that will be provided to every Rimini Street client at no additional cost."
Pieter Van Der Vorst Named Rimini Street CFO
Rimini Street today also announced the appointment of former Sybase (NASDAQ: SY) executive Pieter Van Der Vorst as its chief financial officer. Van Der Vorst will help Rimini Street navigate the next phase of its growth into a fully global provider of enterprise software support services.
Van Der Vorst joins Rimini Street from Sybase, where he most recently served as senior vice president and general manager of Sybase's $300 million EMEA (Europe, Middle East and Africa) operations. Immediately prior to his operational role in Europe, Van Der Vorst was chief financial officer of Sybase for over seven years. Earlier in his career, he served in a variety of tax-related roles at Cetus Corporation, Spectra-Physics, Levi Strauss & Company, and Price Waterhouse (now PriceWaterhouseCoopers).
"Rimini Street is tapping an incredible business opportunity with a full-service, third-party software support program that emphasizes extending the life of proven, stable software releases instead of forced product upgrades," said Van Der Vorst. "I'm excited to become part of Rimini Street's experienced management team and look forward to supporting the rapid, global expansion of Rimini Street's business operations."
"Pieter's extensive background as both a proven financial leader of a well-known public enterprise software company and experienced global business operations executive will be invaluable to Rimini Street as we accelerate the expansion of our award-winning support services to meet growing client demand around the world," continued Ravin."The decision of Pieter and other senior executives from well-known public enterprise software companies to join Rimini Street is a significant endorsement of the tremendous market opportunity for third-party enterprise software support and Rimini Street's leadership position, with hundreds of satisfied clients around the world and a reputation for consistent, year-over-year service excellence."
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 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. Hundreds of Global, Fortune 500, midmarket, 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 (888) 870-9692.
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 © 2009. All rights reserved.