Rimini Street, the leading independent provider of enterprise software support for SAP AG's (NYSE: SAP) Business Suite and BusinessObjects software and Oracle's (NYSE: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion and Oracle Retail software, today announced its financial results for the three months ended 30 June 2014.
Rimini Street's second quarter results included record highs in net revenues, deferred revenues, active clients and number of clients electing multi-year, non-cancellable service periods.
* Net revenues for the second quarter of 2014 increased 37% year over year to $20.4 million
* Deferred revenues as of 30 June 2014, increased 33% year over year to $61.2 million
* Active support clients as of 30 June 2014, increased 30% year over year to 574
"Our performance for the fiscal second quarter exceeded sales plan for both new clients and renewing clients," said Seth Ravin, CEO, Rimini Street. "Accordingly, we accelerated our global investment and expansion to meet the growing needs of our expanding client base around the world."
"Our fiscal second quarter results reflect continued strong revenue growth and global execution," said Ed Schaffer, CFO, Rimini Street. "We continued our planned investments in global sales, marketing and service delivery capability across all operating theatres and implemented new patent-pending technology to drive innovation, scalability and continued long-term gross margin expansion."
Fiscal Q2 2014 highlights:
* Opened new regional headquarters facility and expanded service delivery capabilities in EMEA
* Expanded Rimini Street Labs operation with new facility opening in Bengaluru and expanded the existing Hyderabad facility
* Announced that we have signed more than 100 SAP support clients
* Participated and presented at several premier CIO and IT executive events, including Evanta's CFO Summit, Forrester's Forums for Technology Management Leaders in London and Orlando, and several other conferences
* Once again recognised by employees with a prestigious Bay Area "Top Workplace" award
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Rimini Street
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% on total support costs over a decade, including saving 50% 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 organisations 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.
Forward-looking statements
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 materialise 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.
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