|[May 01, 2014]
Rimini Street Announces First Quarter 2014 Financial Results
LAS VEGAS --(Business Wire)--
Rimini Street, Inc., the leading independent provider of enterprise
software support for SAP (News - Alert) AG's (NYSE: SAP) Business
Suite and BusinessObjects
software and Oracle (News - Alert) Corporation's (NYSE: ORCL) Siebel,
Retail software, today announced its financial results for the three
months ended March 31, 2014.
Rimini Street's first quarter results included record highs in net
revenues, deferred revenues, active clients and number of clients
electing multi-year, non-cancelable service periods.
Net revenues for the first quarter of 2014 increased 40.6% year over
year to $18.5 million
Deferred revenues as of March 31, 2014, increased 40.0% year over year
to $60.7 million
Active support clients as of March 31, 2014, increased 37.7% year over
year to more than 550
"Our performance for the fiscal first quarter exceeded sales plan for
both new clients and renewing clients," said Seth
Ravin, CEO, Rimini Street. "During the quarter, Rimini Street
further extended its market-leadership position with the launch of
several new, innovative services into the marketplace and announced that
our technology solutions now allow Rimini Street to extend guaranteed
support availability for all software releases in use by our clients to
15 years after switching to Rimini Street Support. We also continued to
invest significantly in innovative support solutions that provide
additional value to our clients operating in evolving hybrid IT
environments. Operationally, we continued executing to our global
business plan with investments and expansion in North America, Latin
America, Europe, Asia-Pacific and the Middle East."
"Our fiscal first quarter results reflect strong revenue growth and
operational execution," said Ed
Schaffer, CFO, Rimini Street. "We continued our focus on growing
top-line revenues with significantly expanded investments in sales and
marketing programs and personnel across all operating theatres,
maintained healthy gross margins and made significant investments to
expand our global operations and service delivery capabilities."
Fiscal Q1 2014 Highlights:
Launched local operations and expanded software support capabilities
Signed first major Saudi Arabian client in the Middle East theatre
Launched and expanded Rimini Street Technology Support Services and
delivered the following:
Rimini Street COBOL Compiler® for PeopleSoft products
Rimini Street Smart Proxy Server® for web current and future
Delivered stand-alone support for Oracle Database and Middleware
Launched Rimini Street Cloud Services (CS), a new service designed to
help Oracle and SAP licensees integrate cloud applications into new
hybrid IT landscapes that combine on-premise and cloud components.
Cloud Services delivered the following initial offerings:
Cloud Support Package for Salesforce.com (News - Alert) (NYSE: CRM)
Cloud Support Package for Workday (NYSE: WDAY) products
Extended guaranteed support availability for all software releases in
use by clients to 15 years after contracting with Rimini Street for
Oracle and SAP support
Participated and presented at several premier CIO and IT executive
events, including UBM Tech's InformationWeek Conference where both
Seth Ravin, CEO, and Sebastian Grady, President and COO, presented, as
well as the COLLABORATE 14 Conference and several other events
About Rimini Street, Inc.
Rimini Street is the leading independent provider of enterprise software
support services. The company is redefining enterprise support services
with an innovative, award-winning program that enables Oracle and SAP
licensees to save up to 90 percent on total support costs over a decade,
including saving 50 percent on their annual support fees. Clients can
remain on their current software release without any required upgrades
or migrations for at least 15 years after switching to Rimini Street.
Hundreds of clients, including global, Fortune 500, midmarket, and
public sector organizations from across a broad range of industries have
selected Rimini Street as their trusted, independent support provider.
To learn more, please visit www.riministreet.com�or
call within the USA 888-870-9692 or internationally +1 702-839-9671.
This press release may contain forward-looking statements. The words
"believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are subject
to risks and uncertainties, and are based on various assumptions. If the
risks materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. Rimini Street assumes no obligation to
update any forward-looking statements or information, which speak only
as of the date of this press release.
Rimini Street and the Rimini Street logo are trademarks of Rimini
Street, Inc. All other company and product names may be trademarks of
their respective owners. Copyright © 2014. All rights reserved.
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