Search Icon

Rimini Street Announces Fiscal 2017 Q2 Financial Results

Revenue of $52 million, up 37% year over year
Annualized subscription revenue of $208 million, up 37% year over year
Deferred revenue of $170 million, up 29% year over year
Year to date gross profit of 63%, up from 58% year over year
Announced signing of definitive merger agreement with GP Investments Acquisition Corp.

LAS VEGAS, August 10, 2017 Rimini Street, Inc. (“Rimini Street” or the “Company”) a global provider of enterprise software products and services, and a leading independent support provider for Oracle and SAP products, today announced results for its fiscal 2017 Q2 ending June 30, 2017.

2017 Q2 Financial Highlights

Fiscal 2017 Q2 marked Rimini Street’s 46th consecutive quarter of sequential revenue growth. Results included record quarterly revenue of $52 million, a quarterly increase of 37% year over year, and annualized subscription revenue of $208 million, up 37% year over year. Additional 2017 Q2 financial highlights include:

  • Deferred revenue of $170 million, an increase of 29% year over year
  • Revenue retention rate of 94% for the 12 months ended June 30, 2017
  • Gross profit for the first six months of 2017 of 63%, up from 58% for the same period a year ago

Rimini Street signed 100 new clients in the quarter and ended the quarter with over 1,330 active clients, an increase of 39% year over year, and increased its worldwide employee headcount by 17% year over year to a total of 909 professionals, as of June 30, 2017.

2017 Q2 Business Highlights

  • Announced a definitive merger agreement with GP Investments Acquisition Corp. (NASDAQ: GPIA) which will result in the combined company trading on NASDAQ Global Markets under the new ticker symbol “RMNI” at closing. The merger is expected to close in September 2017 and will provide the combined company with additional resources to strengthen its balance sheet, pay down debt, gain access to public capital, and expand its service offerings and capabilities worldwide.
  • Expanded availability of support for six new database products including IBM DB2, Microsoft SQL Server and SAP’s Sybase family of database products. The Company now services a portfolio of 19 product lines.
  • Launched Rimini Street Advanced Database Security, a next-generation security solution that protects databases from both known and unknown vulnerabilities.
  • Recognized as a “Top Workplace” by the Bay Area News Group for the fourth time based on Company culture, work environment, communication policies and employee benefits.
  • Certified as a Tier 1 Vendor in Israel for Application Support Outsourcing by analyst firm STKI, and cited as the fastest-growing IT vendor in Israel and the only independent software support provider to achieve STKI Tier 1 Vendor status.
  • Honored with seven Stevie awards in the 2017 American Business Awards program, including Most Innovative Tech Company of the Year.
  • Recognized by the 2017 Asia-Pacific Stevie Awards for Innovation in Customer Service Management, Planning & Practice, distinguishing the achievements of Rimini Street’s Global Support Department in customer service and innovation.
  • Made the San Francisco Business Times’ “Top Software Companies in the Greater Bay Area” list for the second consecutive year.
  • Closed a Company record number of support cases in one quarter with over 7,000 cases closed across 44 countries, and again achieved an average client satisfaction score of 4.8 out of 5.0 (where 5.0 is “excellent”). The Company also averaged less than five minutes response time for all Priority 1 cases.
  • Presented at 19 CIO and IT and procurement leader events worldwide, including Gartner’s CIO Summits in Canada and Germany, and IDC’s CIO Summits in Korea and New Zealand.
  • Funded and staffed numerous Rimini Street Foundation charitable activities in communities around the world.

“Rimini Street continued to execute its global business plan with a relentless focus on delivering high quality, ultra-responsive support to its global clients, while expanding its product and service portfolio, growing its global workforce and delivery capabilities, and achieving record quarterly revenue with our 46th consecutive quarter of revenue growth,” said Seth Ravin, Rimini Street CEO. “Following the completion of our signed merger agreement with GP Investments Acquisition Corp., we expect to further execute against our business plan with the increased global resources and capabilities we believe will result from a combination of the two companies.”

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 3,500 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit https://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the duration of and economic, operational and financial impacts on Rimini Street’s business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt Rimini Street’s business or that of its current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; Rimini Street’s need and ability to raise additional equity or debt financing on favorable terms and Rimini Street’s ability to generate cash flows from operations to help fund increased investment in Rimini Street’s growth initiatives; the sufficiency of Rimini Street’s cash and cash equivalents to meet its liquidity requirements; the terms and impact of Rimini Street’s outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of Rimini Street’s recently introduced products and services, including its Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services Rimini Street expects to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those risks discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 5, 2020 and as updated from time to time by other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2020 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

Investor relations contact:

Dean Pohl

Rimini Street, Inc.

+1 925-523-7636 dpohl@riministreet.com
Media relations contact:

Michelle McGlocklin

Rimini Street, Inc.

This website has been built using modern web standards not fully supported by your browser. Please consider updating your browser.

Upgrade Today