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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.
Rimini Street, Inc. (NASDAQ: RMNI) has secured a pivotal contract with Kooksoondang, a prominent Korean rice wine producer, transitioning from annual vendor support to Rimini Street for SAP ECC software management. This shift is aimed at enhancing support quality without vendor-forced upgrades for the next 15 years, while simultaneously reducing costs to funnel resources into strategic initiatives. Rimini Street provides a dedicated support engineer and guarantees a 10-minute response time for critical issues, ensuring operational stability as Kooksoondang invests in digital transformation projects.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Officeworks successfully utilized Rimini Connect™ for Browsers to adapt its SAP systems post the retirement of Microsoft IE11. This solution enabled Officeworks to maintain critical CRM and customer support functionalities without a costly system upgrade. The partnership allowed Officeworks to avoid disruptions and continue its IT roadmap while ensuring browser compatibility. Daniel Benad from Rimini Street emphasized the importance of avoiding technology-driven operational issues.
Rimini Street (Nasdaq: RMNI) has launched Rimini Connect, a suite of innovative integration and interoperability solutions designed to address complex software environments. The solutions aim to help organizations manage compatibility issues without costly upgrades or migrations. With over 800 engineers, Rimini Street has been successful in resolving integration challenges for its clients, potentially saving them millions in costs and labor. The initial offerings include solutions for Browsers, Operating Systems, and Email, all supporting seamless operations while adapting to evolving technological environments.
Rimini Street (NASDAQ: RMNI) has been named a supplier on the Crown Commercial Service's G-Cloud 13 framework, enabling UK public sector organizations to achieve up to 90% savings on support costs for Oracle and SAP products. This announcement underscores Rimini Street's position as a leading third-party support provider and its ongoing commitment to delivering significant value to clients, allowing them to optimize services and reallocate resources for transformation initiatives amidst economic challenges.
Rimini Street (NASDAQ: RMNI) has announced that Taeyoung Engineering & Construction, a leader in South Korean civil engineering, will replace its costly vendor support for Oracle ERP systems with Rimini's services. This decision aims to reduce operating costs and enhance support quality, enabling Taeyoung to invest savings into strategic infrastructure projects. The switch is expected to maintain stable operations for an additional 15 years without required upgrades, allowing Taeyoung's IT team to focus on innovation.
Rimini Street reported Q3 2022 revenue of $101.9 million, a 6.6% increase year over year. The company maintained a Revenue Retention Rate of 94% and had 3,010 active clients, up 7.8% year over year. Despite challenges like currency exchange impacts, the company achieved a gross margin of 61.5%. However, it faced a net loss of $0.4 million, down from a $1.9 million profit in the same quarter last year. For Q4 2022, Rimini Street projects revenue between $103 million and $105 million.
Rimini Street (NASDAQ: RMNI) announces a significant partnership with Southern Cross Electrical Engineering (SCEE) to support its Oracle applications during its business expansion. This collaboration allows SCEE to redirect budget and IT resources towards innovation, addressing challenges posed by the industry-wide IT skills shortage. By switching to Rimini Street, SCEE mitigates high vendor support costs and avoids unnecessary upgrades. The transition is anticipated to enhance operational efficiency and empower strategic initiatives, including a hybrid cloud service for better collaboration.
Rimini Street, Inc. (NASDAQ: RMNI) will announce its third quarter 2022 earnings on November 2, 2022, after market close. A conference call and webcast discussing the results will follow at 5:00 p.m. Eastern / 2:00 p.m. Pacific. The event will be available live on the company's Investor Relations site. Rimini Street is a leading provider of enterprise software support services for Oracle and SAP, serving over 4,800 organizations worldwide, including Fortune 500 companies. Further details are accessible on their official website.
Rimini Street, Inc. (Nasdaq: RMNI) announced an event where over 300 employees handmade 500 fleece blankets for local foster children in Las Vegas on October 6, 2022. These blankets are intended to help foster children feel welcomed during their transition. The initiative also includes crafting 100 smaller blankets for the Las Vegas SPCA. Rimini Street covered all expenses connected to the project. The company has a history of community support, engaging in philanthropic activities that benefit various charitable organizations globally.
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