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Rimini Street Announces Preliminary Fourth Quarter and Full Fiscal Year 2016 Financial Results

Full fiscal year revenue of $161 million, up 36% year over year
Full fiscal year annualized subscription revenue of $188 million, up 42% year over year
Deferred revenue of $164 million, up 53% year over year
Billings of $218 million, up 56% year over year
More than 1,750 total signed clients to date, up 39% year over year

LAS VEGAS, February 2, 2017 Rimini 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 its preliminary financial results for the fourth quarter and full fiscal year ending December 31, 2016.

Record Results and 44 Consecutive Quarters of Growth

The Company’s fourth quarter of 2016 marked its 44th consecutive quarter of growth, and fourth quarter and full fiscal year 2016 results include new records in revenue, full year annualized subscription revenue and deferred revenue.

Rimini Street also completed a record number of new client transactions worldwide in the fourth quarter with 166 clients signed, representing a 57% increase year over year.  Additionally, for the full fiscal year, the Company completed a record 496 new client transactions, a 60% increase year over year, and increased its total signed clients to date by 39% year over year to 1,763.

Additional fourth quarter and full fiscal year results:

  • Revenue for the fourth quarter of 2016 increased 42% year over year to $47 million.
  • Annualized subscription revenue for the fourth quarter of 2016 increased 42% year over year to $188 million.
  • Revenue for full fiscal year 2016 increased 36% year over year to $161 million.
  • Deferred revenue for full fiscal year 2016 increased 53% year over year to $164 million.
  • Billings for the full fiscal year 2016 increased 56% year over year to $218 million.
  • Hired 197 new employees worldwide in fiscal year 2016, expanding the global workforce 30% year over year to over 850 professionals.

The above information is preliminary and subject to the completion of our year-end financial audit.

Fiscal 2016 Achievements and Highlights

  • Invested in growth and expansion worldwide including:
  • Launched support for two new product lines – SAP HANA Database and Oracle ATG Web Commerce – expanding the Company’s portfolio to 13 products, and increasing the opportunities for Oracle and SAP licensees to switch to Rimini Street support.
  • Set a new industry standard for premium enterprise software support with the unilateral implementation of improved Service Level Agreements for all clients at no additional cost, featuring a guaranteed 15-minute or less response time for Priority 1 critical cases and a 30-minute or less response for Priority 2 urgent cases.
  • Closed a record number of support cases – more than 19,000 cases across 42 countries – and achieved an average client satisfaction score of 4.83 out of 5.0 (score of 5.0 being “excellent”) for service delivery and resolution.
  • Delivered more than 125,000 tax, legal and regulatory updates to date, to clients worldwide through the Company’s innovative combination of patent-pending tax, legal and regulatory technology, a proven methodology and ISO 9001-certified development processes.
  • Closed a $125 million debt financing round and closed a $10 million Series C equity round?.
  • Achieved a perfect “zero non-conformities” ISO 27001:2013 information security certification score for the third consecutive year. Rimini Street remains the first and only ISO 27001-certified provider of independent enterprise software support services.
  • Honored with 13 awards in 2016 including being named as an Inc. 5000 Company for the sixth consecutive year, and receiving a Best in Business award for Company of the Year.
  • Received five awards for excellence in customer service including four Stevie International Business Awards for IT Department of the Year, Customer Service Department of the Year, and Customer Service Team of the Year for Siebel and SAP.
  • Partnered with over 60 charities around the world and donated hundreds of hours of volunteer service through the Rimini Street Foundation, a forum for investing back into communities around the world with in-kind donations, employee time and financial contributions.

“Our fiscal 2016 fourth quarter and full fiscal year results demonstrate a continued growing global demand for Rimini Street’s award-winning support services and a solid execution against our global business plan,” said Seth Ravin, Rimini Street CEO. “Over 1,750 Oracle and SAP clients, including more than 155 of the Fortune 500 and Global 100, have already chosen Rimini Street as their trusted partner and premium support provider since the Company’s inception more than a decade ago. As we execute our 2017 global business plan, we maintain our relentless focus and commitment to providing our clients with the best value and highest level of support available in the industry.”

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 http://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.

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