Homeplus Co. Switches to Rimini Street Support for its Oracle Applications and Database Software

Rhea-AI Summary

Rimini Street, a leading provider of third-party support for enterprise software, has announced that Homeplus Co. Ltd, a major Korean retailer, has transitioned to Rimini Street Support for its Oracle systems. This move is expected to save Homeplus 50% in annual maintenance costs and extend the lifecycle of its Oracle infrastructure by at least 15 years. The cost savings will be redirected towards modernizing its hardware. Rimini Street's dedicated support ensures high-quality assistance, including support for custom code tailored to Homeplus's specific needs.

Positive

• Homeplus Co. Ltd will save 50% on annual maintenance costs.
• Transition to Rimini Street Support extends Oracle system lifecycle by a minimum of 15 years.
• Cost savings are directed towards hardware infrastructure modernization.

Negative

• None.

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that Homeplus Co. Ltd, a leading Korean grocery and outlet retailer based in Seoul, has switched to Rimini Street Support for its Oracle eBusiness Suite, Oracle Retail Warehouse Management and Oracle Database software. In addition to saving 50% of its annual maintenance costs that they were previously paying the vendor, the company can now maintain its core mission-critical Oracle system for a minimum of 15 years from the time that they switched to Rimini Street Support. The company plans to divert its significant cost savings and liberated IT resources to invest in the modernization of its hardware infrastructure.

Homeplus Co. Switches to Rimini Street Support for its Oracle Applications and Database Software (Photo: Business Wire)

Help Extend the Life and ROI of Existing Software to Fund Business Initiatives

Homeplus Co. Ltd. was founded in 1997 and now has more than 140 branches and 25,000 employees in South Korea. The company operates its supermarket chain “Homeplus Express,” convenience store “365 Plus” and online shopping services for everything from groceries to clothes and appliances. In 2019, the company’s CIO began to look for ways to optimize costs after reviewing the high costs of the organization’s Oracle maintenance and support compared to the low quality of support received in return. Additionally, the company has heavily customized its Oracle EBS and Retail Warehouse Management applications, and needed a much higher level of support, including support for custom code, than what was being provided by the vendor. Homeplus Co. began self-supporting its Oracle system to save on costs but realized it needed technical support beyond its IT department’s skill set. After doing a thorough review of their options, including returning to expensive vendor support, Homeplus ultimately switched to Rimini Street Support after confirming the high-quality support and expertise they would receive from their dedicated primary support engineer and the Rimini Street team’s technical experts.

“We switched to Rimini Street to optimize our IT spend and receive a premium level of support and maintenance for our complete Oracle system,” stated Homeplus Co. Ltd’s chief information officer. “The retail industry is facing additional challenges due to the global pandemic, and Rimini Street’s dedicated level of support allows us to divert our IT resources to implementing our hardware infrastructure modernization project as part of our current business transformation priorities.”

Expert Engineers With Significant Oracle Software Experience

Homeplus Co., along with all Rimini Street clients, is assigned a Primary Support Engineer, backed by a team of functional and technical experts, who have an average of more than 15 years’ experience in the client’s software system. All clients also benefit from the Company’s industry-leading service level agreements of 10-minute response times for critical Priority 1 cases and 15-minute response time for Priority 2 issues.

“We are pleased to partner with Homeplus Co. to enhance their digital competitiveness and enable them to step off the vendor’s upgrade cycle to take control of their IT roadmap,” said Hyungwook “Kevin” Kim, regional general manager, Korea, Rimini Street. “With third-party support from Rimini Street, nearly 200 leading retailers worldwide have significantly reduced their enterprise software support and related maintenance costs to address their near-term budget challenges and invest in digital transformation programs that drive competitive advantage and growth.”

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 3,700 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the duration of and operational and financial impacts on our business of the COVID-19 pandemic and related economic impact, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 5, 2020, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2021 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

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FAQ

What significant cost savings did Homeplus Co. achieve by switching to Rimini Street Support for RMNI?

Homeplus Co. is expected to save 50% on annual maintenance costs after switching to Rimini Street Support.

How long can Homeplus Co. maintain its Oracle systems with Rimini Street Support?

Homeplus Co. can maintain its Oracle systems for a minimum of 15 years following the switch to Rimini Street Support.

What are the benefits of Rimini Street Support for Homeplus Co.?

Rimini Street Support offers high-quality assistance, including support for custom code and rapid response times of 10 minutes for critical issues.

What will Homeplus Co. do with the savings from switching to Rimini Street Support?

Homeplus plans to invest the cost savings in modernizing its hardware infrastructure.

What is Rimini Street's role in the enterprise software market?

Rimini Street is a leading third-party support provider for Oracle and SAP software products.