Rimini Street Announces Preliminary Fiscal 2016 Q3 Financial Results

Revenue of $41 million, up 32% year over year
Deferred revenue of $129 million, up 44% year over year
Billings of $41 million, up 43% year over year
1,600 signed clients to date, up 37% year over year

LAS VEGAS, October 11, 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, Oracle Agile PLM and Oracle ATG Web Commerce software, today announced preliminary financial results for its fiscal 2016 Q3 ending September 30, 2016.

Record Quarterly Transactions and Continued Strong Growth

The Company closed a record number of new quarterly client transactions worldwide, up 77% year over year to 149. Total signed clients for Rimini Street as of September 30, 2016 increased by 37% year over year to 1,600.

At the close of its fiscal 2016 Q3, ending September 30 2016, Rimini Street’s quarterly revenue increased 32% year over year to a record $41 million, and its annual run-rate revenue exceeded $163 million. Fiscal 2016 Q3 marked the Company’s 43rd consecutive quarter of revenue growth with a 38% average annual growth rate since 2012.

Other notable quarterly results include:

  • Deferred revenue for 2016 Q3 increased 44% year over year to $129 million.
  • Billings for 2016 Q3 increased 43% year over year to $41 million.
  • Active worldwide employees as of September 30, 2016 increased 30% year over year to 832.

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

Rimini Street 2016 Q3 Notable Achievements:

  • Launched support for its 13th product line, Oracle ATG Web Commerce, expanding the options available for Oracle licensees to switch to Rimini Street support. Oracle ATG Web Commerce is one of the primary frameworks for constructing and deploying commerce websites across some of the largest organizations in the world.
  • Resolved remaining post-trial motions in Oracle vs Rimini Street, confirming that Oracle software licensees are the ultimate winners with free market choice to shop a variety of different support vendors, services offerings and pricing models.
  • Increased investment in Latin America to meet growing demand in the market, and announced that the Company is now servicing more than 100 clients across the region.
  • Launched local operations in South Korea, and appointed a new country manager to lead the growth and development in the region.
  • Implemented a new, even more responsive Service Level Agreement for all clients, featuring a guaranteed 15-minute or less response time for Priority 1 critical cases, and a guaranteed response of 30 minutes or less for Priority 2 cases.
  • Named as an Inc. 5000 company for the sixth consecutive year, and recognized as one of America’s fastest-growing private companies with three-year revenue growth of 172%.
  • Announced that client Pioneer Corporation expanded the global scope of its Rimini Street support for SAP to include operations in Japan, China and Brazil. Pioneer Electronics in the United States has been leveraging independent SAP support from the Company since 2009.
  • Closed a record number of support cases – over 5,000 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.
  • Listed as a 2016 Bay Area Top 75 Software Company by the San Francisco Business Times.
  • Delivered more than 120,000 tax, legal and regulatory updates to date worldwide through Rimini Street’s patent-pending research technology, methodology and ISO 9001-certified development process.
  • Selected for the UK government’s G-Cloud 8 Framework, enabling the Company to provide its award-winning service to public sector organizations looking for cloud technology and support services.
  • Presented at 11 CIO, IT and procurement leaders events around the world, including Gartner’s IT Financial, Procurement and Asset Management Summits in the United Kingdom and the United States, and IDC’s CIO Summit in Australia.

“Once again, we over-achieved on our operating plan this quarter, and our fiscal 2016 Q3 results continue to demonstrate the global market’s strong and growing demand for Rimini Street’s ultra-responsive, premium enterprise software support services,” said Seth Ravin, Rimini Street CEO. “We continue to invest in expanded global operations and resources to address the needs of Oracle and SAP licensees around the world. Rimini Street is helping clients maximize the return on their existing enterprise software investments, while freeing up funds for innovation agility that drives growth and competitive advantage for their businesses.”

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. 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:

Janet Ravin

Rimini Street, Inc.

+1 702-285-3532 pr@riministreet.com