Rimini Street Reports Record First Quarter 2013 Results
Quarterly Invoicing Surges Fifty-Seven Percent and Revenue Up More Than Thirty
DENVER -- April 9, 2013
COLLABORATE 13 -- 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 first quarter ended March 31, 2013. Highlights of the
Company’s first quarter results include more than $91 million in new sales
contracting activity, a nearly 50-percent increase over the year ago quarter.
Rimini Street’s fiscal first quarter results also include record highs in
recognized revenue, deferred revenue, invoicing, sales contracting and sales
First Quarter Results Demonstrate Strong and Accelerating Demand for Rimini
Rimini Street continued its fast-paced growth in the fiscal first quarter of
2013, closing deals in all application product lines and surpassing all sales
Rimini Street achieved total invoicing of $16.9 million in the first quarter,
a 57-percent increase over the year ago quarter and the most for any first
quarter. The Company also recorded more than $13 million in recognized
revenue, a 33-percent increase on a year-over-year basis, and a new company
quarterly revenue record.
Sales bookings backlog increased from $445 million to nearly $632 million, a
41-percent increase on a year-over-year basis. Deferred revenue also increased
nearly 60-percent to $47 million as of March 31, 2013 when compared on a
Rimini Street added two additional Fortune 500 clients amongst many other new
client transactions in the first fiscal quarter. The Company has signed more
than 600 total clients, including 71 of the Fortune 500 and 15 of the Global
100. The Company currently supports client operations in more than 70
countries, with the capability of supporting clients in nearly 200
countries.Rimini Streethas 250 employees working in North America and
subsidiaries in South America, Europe, South Asia and Asia-Pacific regions.
Other Notable Rimini Street Achievements in Q1 2013:
*Achieved twelve consecutive quarters of record-breaking results.
*Published client satisfaction ratings that remain at an industry-leading
high of 99-percent.
*Announced doubling of new client sales in EMEA and additional investment
in EMEA sales and support operations.
*Declared the end of full price software maintenance, based in part on a
new research report from Constellation Research^1, as licensees use
competitive third-party support proposals to negotiate maintenance
discounts from Oracle and SAP, or switch to value-based third-party
software support for more savings, innovative features and responsive
service. The Company streamlined the process for organizations to get
their competitive proposal in two business days or less by simply filling
out an online form at www.riministreet.com/proposal, or calling the
*Completed Oracle Max Value 2013 Webinar Series, providing application
strategy insights and recommendations to over 800 series registrants.
*Invited as a featured presenter at The CIO Event in UK with EMEA CIOs from
leading Fortune 500 organizations.
*Featured in investor events by leading global investment banks, including
Piper Jaffray and Deutsche Bank.
“Rimini Street continued to see strong and accelerating global demand for its
third party support services in the fiscal first quarter, and we are investing
in expanded global sales and service capabilities to meet growing market
demand,” said Seth Ravin, Rimini Street CEO. “We believe that the enterprise
software support marketplace has reached a tipping point, and savvy clients
are no longer paying Oracle or SAP full price for annual maintenance services.
Instead, studies from leading analyst firms like Constellation Research and
Cowen & Company are reporting that clients are getting discounted services
from Oracle and SAP or switching to third party support for more responsive
service and even more savings.”
^1 Ray Wang, "The Positive Pricing Impact Of Third Party Maintenance For
Oracle and SAP Customers," Constellation Research, March 13, 2013
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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