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Rimini Street, Inc., established in 2005, is a pioneering independent provider of enterprise software support services. The company specializes in offering third-party support for Oracle and SAP enterprise software, significantly reducing annual support fees by 50% compared to traditional support programs. Rimini Street’s support services are not only cost-effective but also award-winning, making them a preferred choice for organizations looking to optimize their IT budgets without compromising service quality.
Rimini Street’s comprehensive support solutions enable clients to efficiently run, manage, support, customize, configure, connect, protect, monitor, and optimize their enterprise applications, databases, and technology software platforms. The company’s product portfolio includes support for Oracle E-Business Suite, Oracle Database, PeopleSoft, and SAP Business Suite, among others.
The company is widely recognized by clients and industry analysts such as Gartner, Forrester, and Nucleus for its leadership in a rapidly growing market. Rimini Street has an impressive client base nearing 1,000 clients, showcasing its accelerating growth and strong market presence. The company has also been acknowledged in various industry recognitions, including being named to CIO UK’s “20 Companies to Watch in 2012” hotlist.
With a solid value proposition that resonates with CIOs and CFOs, particularly in an environment of tight IT budgets and flat global economic growth, Rimini Street provides proven methods to cut costs while enhancing service levels. This unique positioning creates a significant market opportunity with tens of thousands of qualified target prospects.
Rimini Street’s financial health is bolstered by its growing client base and revenue streams, predominantly derived from the United States. The company continues to expand its market reach and enhance its service offerings, making it a formidable player in the enterprise software support industry.
A new survey conducted by Rimini Street (NASDAQ: RMNI) in Q3 2024 reveals significant insights into VMware customers' perspectives following Broadcom's acquisition. The study, which surveyed over 110 VMware customers, shows that 79% are satisfied with their current perpetual licenses, and 99% would consider continuing to use their current software if support was available.
Key findings indicate that 98% of respondents are exploring VMware alternatives for at least part of their infrastructure, while 92% expect price increases within 18 months. The survey also highlights that 71% of respondents see cloud-native solutions as the primary influence on the hypervisor market, with 70% citing AI as a major impact.
Rimini Street (Nasdaq: RMNI) has launched Rimini Connect™ Console, a centralized management tool for its interoperability solutions suite. The console provides single-pane-of-glass configuration and monitoring capabilities, initially available for Rimini Connect™ for Browsers. Key features include simplified monitoring, real-time deployment visibility, in-depth log analysis, and streamlined administration tasks. The solution helps organizations avoid costly upgrades while maintaining compatibility with modern technology stacks.
The announcement highlights Officeworks, an Australian retailer, as a success case, where Rimini Connect for Browsers enabled seamless transition during Microsoft's Internet Explorer 11 retirement without business interruption.
Gunung Raja Paksi (GRP), a leading Indonesian private steel manufacturer, has selected Rimini Support™ for S/4HANA to support its mission-critical systems. The partnership enables GRP to fund and staff its smart factory project as part of Industry 4.0 initiatives. The company benefits from 50% savings on annual support fees and up to 90% on total support costs, with 24/7 support including 10-minute response time guarantees for priority cases. GRP utilizes SAP as its backbone system for data collection, which feeds into AI systems for analytical reporting and strategic decision-making.
Rimini Street (Nasdaq: RMNI) has expanded its database security services with the enhanced Rimini Protect™ Advanced Database Security Suite (ADSS). The suite builds upon their Advanced Database Security solution, offering new modules including Database Assessment, Database Discovery, Custom Rules, and a planned Security Rule SDK for 2025. The expanded capabilities provide over 7,000 security verifications, compliance benchmarks, and protection against zero-day threats for Oracle, SAP, IBM, PostgreSQL, and other databases. Ricoh Company reports significant cost savings and enhanced security through implementing Rimini Street's services for their Oracle Database.
Rimini Street (NASDAQ: RMNI) reported Q3 2024 financial results with revenue of $104.7 million, down 2.6% year-over-year. The company posted a net loss of $43.1 million compared to net income of $6.8 million in the same period last year. Key metrics include gross margin of 60.7%, subscription revenue of $100.4 million (95.9% of total revenue), and Active Clients of 3,097. The company announced plans to wind down Oracle PeopleSoft services, which accounted for approximately 8% of revenue in the first nine months of 2024. Due to ongoing litigation with Oracle, Rimini Street has suspended guidance.
ServiceNow (NYSE: NOW) and Rimini Street (NASDAQ: RMNI) announced an expanded partnership to help organizations maximize value from existing ERP systems while enabling innovation. The partnership combines ServiceNow's AI Platform with Rimini Street's enterprise software support, offering an alternative to costly 'rip and replace' or limiting 'lift and shift' approaches. The solution includes the Now Platform for business transformation, Rimini Support for optimizing current software, and Rimini Manage for application management, promising significant savings and productivity gains in weeks rather than years.
Rimini Street (Nasdaq: RMNI), a global provider of enterprise software support and innovation solutions, has announced it will report third quarter 2024 earnings after market close on October 30, 2024. The company will host a conference call and webcast at 5:00 p.m. Eastern / 2:00 p.m. Pacific time to discuss the results and provide an outlook for the fourth quarter of 2024.
Investors can access the live webcast through Rimini Street's Investor Relations site or directly via the provided webcast link. For those preferring to dial in, the conference can be accessed by calling 1-800-836-8184. A replay of the webcast will be available for one year following the event.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Mercury NZ has selected Rimini Support™ and Rimini Watch™ for SAP as part of its strategic move to achieve cost efficiencies and retain stability of its core IT systems. This decision comes after Mercury NZ's acquisition of the Trustpower retail business. Mercury NZ, a leading retailer of energy and telecommunications utility products in New Zealand, has been using SAP systems for nearly 20 years.
The partnership with Rimini Street has provided Mercury NZ with significant savings, allowing them to invest in platform modernization and innovation. Rimini Street's support has replaced SAP's Solution Manager, enabling Mercury NZ to monitor business processes, diagnose performance, and proactively mitigate issues. The company credits Rimini Street with providing peace of mind and assurance for their business continuity, praising the high-touch, responsive team of engineers who deliver outstanding support and collaborate with other vendors.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Standard Foods has selected Rimini Support™ for SAP. This partnership has enabled Standard Foods to achieve significant cost savings, improve support quality for its SAP systems, and reallocate IT resources towards projects driving profitability and growth. Jerry Lee, IT director at Standard Foods, highlighted that Rimini Street halved their annual support costs and improved SAP system performance.
The partnership allows Standard Foods to focus on data initiatives, including AI and machine learning projects for supply chain optimization. By integrating AI with real-time data, the company has enhanced decision-making across its supply chain. The flexibility provided by Rimini Street also alleviates pressure to upgrade to S/4HANA, as Standard Foods now has full control of its IT roadmap.
Rimini Street, Inc. (Nasdaq: RMNI) announces successful global adoption of its VMware support, security and consulting services by clients across four continents. The company's VMware clients are experiencing improved service levels and peace-of-mind as they extend the life and value of their VMware perpetual licenses. This comes in response to Broadcom's acquisition of VMware and subsequent changes to licensing models, including a sudden transition to subscription-based licensing and forced bundling of products.
Rimini Street's VMware services, launched in May 2024, have quickly gained traction across multiple industries. Clients are selecting Rimini Street to avoid significant price increases and gain time to assess options. Alcatel-Lucent Enterprise, a leading provider of networking and communication solutions, has praised Rimini Street's VMware support experience as 'the best we've ever had'.
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