Search Icon

Rimini Street Closes New $125 Million Financing Round Led by Colbeck

Financing fuels accelerating global growth and expansion of leading independent enterprise software support services

LAS VEGAS, June 28, 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 that it recently closed a new $125 million financing that will be used to accelerate the Company’s next phase of global growth and product portfolio expansion. The new financing round was led by Colbeck and includes a syndicate of lenders.

New Financing Will Fuel Accelerated Growth and Expansion
Rimini Street is the leading global provider of independent enterprise software support with more than 10 years of delivery experience and over 1,400 signed clients to date, including more than 130 Fortune 500 and Global 100 organizations. The Company’s annual revenue has been growing at an average rate of 36% since 2010, which has accelerated to an average rate of 39% since 2012. At the close of its fiscal Q1 ending March 31 2016, the Company reported an annual run-rate revenue approaching $150 million and marked its 41st consecutive quarter of growth. In addition, in Q1 2016, Rimini Street’s employee count and total signed clients grew 36% and 31% year over year, respectively. In January 2016, Rimini Street announced that it had achieved the significant market milestone of saving Oracle and SAP clients more than $1 billion in total maintenance costs since the Company’s inception.

“We have been watching Rimini Street lead a very large, multi-billion dollar global market opportunity for independent enterprise software maintenance with their vision, industry leadership, and impressive execution and growth,” said Jason Colodne, managing partner, Colbeck. “Rimini Street delivers an extremely high value service with a strong, unparalleled reputation for quality support, deliverables and client satisfaction. This new financing package will help the Company more fully capitalize on the accelerating demand for their enterprise software support solutions around the world.”

“Rimini Street continues to execute its global business plan, delivering its award-winning premium support service with excellent and consistent client satisfaction, success rates and financial results. We are pleased to welcome our new financial partners who will help us take advantage of the opportunities created by accelerating global demand in our next phase of growth,” said Seth Ravin, chief executive offer and chairman of the board, Rimini Street. “As organizations around the world switch from vendor support to Rimini Street support at a rapidly growing rate, we are increasing our investments in the service programs that will help our clients fully realize the value of their SAP and Oracle enterprise software spend. Clients can save up to 90 percent in total operating costs and enable needed innovation through the re-allocation of budget and resources. Rimini Street has engineered its support model from the ground up to help our clients achieve the maximum ROI from their existing IT investments – this was our mission when we launched Rimini Street in 2005, and remains our passionate mission today.”

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.

About Colbeck
Founded in 2009 by Jason Colodne and Jason Beckman, Colbeck manages private equity-style direct lending funds and has a core focus of investing and advising on strategic finance solutions. Colbeck also provides strategic and operational advisory services.

© 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