Rimini 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, Oracle Agile PLM and Oracle ATG Web Commerce software, announced its preliminary financial results for the fourth quarter and full fiscal year ending December 31, 2016.
Record Results and 44 Consecutive Quarters of Growth
The Company’s fourth quarter of 2016 marked its 44th consecutive quarter of growth, and fourth quarter and full fiscal year 2016 results include new records in revenue, full year annualized subscription revenue and deferred revenue.
Rimini Street also completed a record number of new client transactions worldwide in the fourth quarter with 166 clients signed, representing a 57% increase year over year. Additionally, for the full fiscal year, the Company completed a record 496 new client transactions, a 60% increase year over year, and increased its total signed clients to date by 39% year over year to 1,763.
Additional fourth quarter and full fiscal year results:
- Revenue for the fourth quarter of 2016 increased 42% year over year to $47 million.
- Annualized subscription revenue for the fourth quarter of 2016 increased 42% year over year to $188 million.
- Revenue for full fiscal year 2016 increased 36% year over year to $161 million.
- Deferred revenue for full fiscal year 2016 increased 53% year over year to $164 million.
- Billings for the full fiscal year 2016 increased 56% year over year to $218 million.
- Hired 197 new employees worldwide in fiscal year 2016, expanding the global workforce 30% year over year to over 850 professionals.
The above information is preliminary and subject to the completion of our year-end financial audit.
Fiscal 2016 Achievements and Highlights
- Invested in growth and expansion worldwide including:
- Announced strong momentum and expansion of operations in Japan, Israel and Eastern Europe, Latin America, Europe, and Australia and New Zealand, including opening new offices in Osaka, Melbourne and Stockholm to support the growing global demand for Rimini Street services.
- Launched local operations in Seoul, South Korea, and appointed a new country manager to lead the operation.
- Launched support for two new product lines – SAP HANA Database and Oracle ATG Web Commerce – expanding the Company’s portfolio to 13 products, and increasing the opportunities for Oracle and SAP licensees to switch to Rimini Street support.
- Set a new industry standard for premium enterprise software support with the unilateral implementation of improved Service Level Agreements for all clients at no additional cost, featuring a guaranteed 15-minute or less response time for Priority 1 critical cases and a 30-minute or less response for Priority 2 urgent cases.
- Closed a record number of support cases – more than 19,000 cases across 42 countries – and achieved an average client satisfaction score of 4.83 out of 5.0 (score of 5.0 being “excellent”) for service delivery and resolution.
- Delivered more than 125,000 tax, legal and regulatory updates to date, to clients worldwide through the Company’s innovative combination of patent-pending tax, legal and regulatory technology, a proven methodology and ISO 9001-certified development processes.
- Closed a $125 million debt financing round and closed a $10 million Series C equity round.
- Achieved a perfect “zero non-conformities” ISO 27001:2013 information security certification score for the third consecutive year. Rimini Street remains the first and only ISO 27001-certified provider of independent enterprise software support services.
- Honored with 13 awards in 2016 including being named as an Inc. 5000 Company for the sixth consecutive year, and receiving a Best in Business award for Company of the Year.
- Received five awards for excellence in customer service including four Stevie International Business Awards for IT Department of the Year, Customer Service Department of the Year, and Customer Service Team of the Year for Siebel and SAP.
- Partnered with over 60 charities around the world and donated hundreds of hours of volunteer service through the Rimini Street Foundation, a forum for investing back into communities around the world with in-kind donations, employee time and financial contributions.
“Our fiscal 2016 fourth quarter and full fiscal year results demonstrate a continued growing global demand for Rimini Street’s award-winning support services and a solid execution against our global business plan,” said Seth Ravin, Rimini Street CEO. “Over 1,750 Oracle and SAP clients, including more than 155 of the Fortune 500 and Global 100, have already chosen Rimini Street as their trusted partner and premium support provider since the Company’s inception more than a decade ago. As we execute our 2017 global business plan, we maintain our relentless focus and commitment to providing our clients with the best value and highest level of support available in the industry.”
About Rimini Street, Inc.
Rimini Street is the global leader in providing independent enterprise software support services. The company has redefined enterprise support services since 2005 with an innovative, award-winning program that enables Oracle and SAP licensees to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,750 global Fortune 500, midmarket, and public sector organizations from a broad range of industries have selected Rimini Street as their trusted, independent support provider. To learn more, please visit http://www.riministreet.com.
This press release may contain forward-looking statements. The words “believe,” “may,” “will,” “plan,” “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 © 2017. All rights reserved.
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