Rimini Street Reports Record Results for Fourth Quarter and Full-Year 2012
Largest Sales Quarter in Company History with 61-Percent Invoicing Growth;
Annual Revenue Growth Exceeds 30 Percent
LAS VEGAS -- January 23, 2013
Rimini Street, Inc., the leading third-party maintenance and support provider
for enterprise software, including SAP AG (NYSE:SAP) software and Oracle
Corporation’s (NASDAQ: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite,
Oracle Database and Hyperion software, today announced results for its fiscal
fourth quarter and full fiscal year ended December 31, 2012. Highlights of the
Company’s fiscal fourth quarter results include a record number of new client
transactions closed, resulting in the largest new sales quarter ever in the
Company’s history. Rimini Street’s full fiscal year 2012 results include
record highs in revenue, deferred revenue, average sales price, sales
transactions over one million U.S. dollars, sales bookings and sales bookings
11 Consecutive Record Quarters and Continued Strong Annual Results
Rimini Street continued its fast-paced growth in the fiscal fourth quarter and
fiscal 2012, achieving many new all-time company records.
For the fiscal fourth quarter, the Company surpassed all of its sales targets
with more than $100 million added to sales bookings backlog and total
invoicing of $26.6 million, a 61-percent invoicing increase over the year ago
quarter. The Company also recorded $11.97 million in revenue, a nearly
30-percent increase on a year-over-year basis and a new company quarterly
For the fiscal year 2012, the Company exceeded $43 million in revenue, a more
than 30-percent increase on a year-over-year basis. Sales bookings backlog
increased from $394 million to $558 million, a 41-percent increase on a
year-over-year basis. Deferred revenue also increased more than 51 percent to
nearly $44 million as of December 31, 2012, when compared on a year-over-year
basis. The Company also reported continued strong client retention and
exceeded its renewal targets, with a record number of clients executing
Large Organizations Are Fastest Growing Client Segment
Rimini Street has signed more than 550 total clients, including numerous large
public and private sector organizations. Counted amongst Rimini Street’s
signed private sector clients are 69 of the Fortune 500 and 15 of the Global
100, which includes eight Fortune 500 added in the fiscal fourth quarter
alone, and 17 Fortune 500 and two Global 100 clients added in fiscal 2012.
Large public sector clients added in 2012 include a major agency of the U.S.
federal government. The Company currently supports client operations in nearly
80 countries, with the capability of supporting clients in nearly 200
countries.Rimini Streethas 245 employees throughout North America and
subsidiaries in South America, Europe, South Asia and Asia-Pacific regions.
Strong Sales Across All Product Lines, Including Newly Launched Oracle
For the fiscal fourth quarter, the Company reported a record 40 new client
transactions worldwide and strong sales across each of its product lines,
including SAP and Oracle’s E-Business Suite, Database, PeopleSoft, JD Edwards
and Siebel products. The Company also reported closing its first support
agreements forits newest product line,Oracle Hyperion, which was launched in
October 2012, and far exceeded sales targets for its other newer product lines
- Oracle E-Business Suite and Oracle Database.
Fiscal fourth quarter transactions set several additional records: a record
number of agreements in excess of one million U.S. dollars, record average
sales prices for each product line, and a recordnumber of
contractsfeaturingmulti-year,non-cancelable service periods.
Rimini Street also accomplished the following notable achievements in 2012:
*Announced tripling in sales for Rimini Street Support of Oracle
applications in April 2012
*Announced tripling in revenue for Rimini Street Support of SAP
applications in May 2012
*Expanded the Company’s global workforce and global support capabilities
with additional staff in the U.S. and Europe, launch of new subsidiaries
and operations in India and Brazil, and the opening of innovative new
facilities including Rimini Street Labs in Hyderabad, India and a Rimini
Street Technology Center in Sao Paulo, Brazil
*Won several notable business and industry awards, including the Stevie®
Award from the 2012 International Business Awards for Outstanding Customer
Service and the 2012 Red Herring Top 100 Americas award for the leading
private companies in North America
*Named to CIO UK’s annual hotlist of top tech companies, “20 Companies to
Watch in 2012,” ranked number one Business of the West for 2012 by
Business Leader magazine; named one of the Inc. 500/5000 fastest-growing
private companies in the country for the second consecutive year by Inc.
magazine; and named one of the top 200 technology companies by Lead 411
*Featured in U.S. and European investor events by leading global investment
banks such as Cowen & Company, Macquarie, JMP Securities, Deutsche Bank,
Canaccord Genuity, Citibank and UBS
“Rimini Street’s record fiscal fourth quarter and full-year results continue
to demonstrate that more and more Oracle and SAP clients around the world are
benefiting from our innovative support offering that combines the most
responsive, comprehensive and relevant support model available with up to 90
percent total cost savings when compared to the vendor’s offering,” said Seth
Ravin, Rimini Street CEO. “Rimini Street remains solidly positioned as the
industry leader in value-driven enterprise software support models, and we
will continue to execute against our business plan for 2013 as we help many
additional Oracle and SAP clients achieve their support and budgetary
objectives and prepare for our planned IPO.”
About Rimini Street, Inc.
Rimini Street is the leading third-party 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 annual support fees. Clients can remain on their current
software release without any required upgrades or migrations for at least 10
years. Hundreds of global, Fortune 500, midmarket, and public sector
organizations from virtually all industries have selected Rimini Street as
their trusted, independent support provider. To learn more, please
visitwww.riministreet.comor call within the USA 888-870-9692 or
internationally +1 702-839-9671.
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 © 2013. All rights reserved.
Rimini Street, Inc.
Alma Park, +1 323-229-7282
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