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Rimini Street Announces Preliminary Fiscal 2016 Q2 Financial Results

Revenue of $39.1 million, up 41% year over year
Deferred revenue of $128.5 million, up 41% year over year
Billings of $56.4 million, up 74% year over year
1,451 signed clients to date, up 34% year over year

LAS VEGAS, July 14, 2016Rimini Street, Inc., the leading global independent provider of 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 and Oracle Agile PLM, today announced preliminary financial results for its fiscal 2016 Q2 ending June 30, 2016.

Continued Record Results with Accelerating Growth

Rimini Street’s second fiscal quarter of 2016 included an all-time quarterly record of 107 new client transactions worldwide, up 98% year over year. Total clients signed as of June 30, 2016 increased by 34% year over year to 1,451.

The Company’s annual revenue has been growing at an average rate of 37% since 2010, which has increased to an average rate of 38% since 2012. At the close of its fiscal 2016 Q2, ending June 30 2016, the Company’s quarterly revenue increased 41% year over year to $39.1 million and its annual run-rate revenue approached $160 million. Fiscal 2016 Q2 also marked the Company’s 42nd consecutive quarter of growth since its inception in 2005.

Other notable results include:

  • Deferred revenue as of June 30, 2016 increased 41% year over year to $128.5 million.
  • Billings for 2016 Q2 increased 74% year over year, to $56.4 million.
  • Total signed clients to date as of June 30, 2016 increased 34% year over year to 1,451.
  • Employee count as of June 30, 2016 increased 33% year over year to 781.

The above information is preliminary and subject to the completion of quarter-end financial processes and review.

Rimini Street 2016 Q2 Notable Achievements:

  • Closed a new $125 million financing round led by Colbeck and a syndicate of lenders that will help fuel the acceleration of Rimini Street’s global growth and product expansion plans.
  • Appointed several new senior executives around the world, including Keith Costello as senior vice president, Global Client Engagement, to support the Company’s continued, fast-paced global expansion.
  • Launched support for its 12th product line, SAP HANA Database, expanding the options available for SAP licensees to switch to Rimini Street’s award-winning support.
  • Closed nearly 5,000 support cases across 30 countries, and achieved an average client satisfaction score of 4.8 out of 5.0 (where 5 is “excellent”) for service delivery and resolution.
  • Delivered more than 115,000 tax, legal and regulatory updates to date worldwide through Rimini Street’s patent-pending research technology, methodology and ISO 9001-certified development process.
  • Completed the annual ISO 27001 third party audit process, once again achieving a perfect audit score with zero non-conformities.
  • Conducted an Executive Briefing roadshow, meeting with CIOs to show them how to navigate the challenges and costs associated with SAP’s roadmap by switching to Rimini Street support, and how Rimini Street can enable their innovation agility goals by creating an opportunity to redirect their budget and resources towards digital technologies that support business demands today.
  • Presented and featured at 15 CIO and procurement leader conferences around the world, including Forrester’s Forum for Business Technology Leaders in the United States, Gartner’s IT Management Summit in Japan, and IDC’s CIO Summit in Australia.
  • Presented at the Needham Emerging Technology Conference in the United States.

“Our strong fiscal 2016 Q2 results are a reflection of the global market’s fast-growing, accelerating demand for Rimini Street’s ultra-responsive, premium level enterprise software support services. We over-achieved against our fiscal 2016 Q2 new and renewal sales plan, and all of our service delivery operational metrics,” said Seth Ravin, Rimini Street CEO. “IT budgets remain largely flat to only single-digit growth, and CIO’s need to cut excessive spending on ERP systems to free up additional budget funds for innovation that will enable growth, while at the same time obtaining more comprehensive, relevant and value-driven ERP system support. Rimini Street is meeting this market demand with support solutions for Oracle and SAP products that reduce a licensee’s total maintenance costs by up to 90%, while providing a breadth of premium support services and responsiveness that far exceeds that of standard software vendor maintenance offerings.”

To learn more, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

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. Over 2,000 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries rely on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com/, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

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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 forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. 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, 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 (including our pending appeal of the permanent injunction) or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our 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 our recently introduced products and services, including our 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 we expect 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 discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 7, 2019, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 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.

+1 203 347-4446 dpohl@riministreet.com
Media Relations Contact
Michelle McGlocklin

Rimini Street, Inc.

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