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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 (RMNI) reported strong second quarter results with record revenue of $91.6 million, a 16.9% year-over-year increase. Annual Recurring Revenue reached $362.1 million, up 16.4%. The company achieved a gross margin of 62.2% and an impressive billings growth of 44.4%. Active clients rose by 22.5% to 2,645. Operating cash flow generated was $22.7 million. The company maintains full-year guidance of $370 million to $380 million in revenue, aiming for $1 billion by 2026.
Rimini Street (Nasdaq: RMNI) announced the successful closure of a $90 million senior secured credit facility, aimed at enhancing financial flexibility. Approximately $88 million from this financing was allocated to redeem Series A Preferred stock, while the remainder will cover transaction costs. The facility includes lenders Capital One and Fifth Third Bank, with loans bearing interest at LIBOR plus a margin of 1.75% to 2.50%. This transaction is expected to yield annual savings of approximately $24 million, significantly reducing the company's financing costs.
Rimini Street, Inc. (Nasdaq: RMNI) will report its second quarter 2021 earnings on August 4, 2021, after market close. The company, a leader in third-party support for Oracle and SAP software, will hold a conference call at 5:00 p.m. ET to discuss its financial results. Rimini Street provides enterprise software support services that help organizations save costs and enhance business performance. With over 4,000 clients globally, including Fortune 500 companies, Rimini Street continues to solidify its position in the enterprise software market.
Rimini Street (Nasdaq: RMNI) announced a $90 million senior secured credit facility, with $88 million earmarked for redeeming Series A Preferred stock. This transaction is expected to close on July 20, 2021, pending standard conditions. The new financing will reduce the company's capital costs significantly, saving approximately $24 million in annual interest. Additionally, it will decrease the fully diluted share count by about 9%, potentially increasing earnings per share. The facility includes financial covenants to maintain liquidity and leverage ratios.
Rimini Street, Inc. (Nasdaq: RMNI) announces the County of Fresno transitioned to its support services for Oracle software. This shift will save the county $800,000 annually in Oracle support costs, allowing for reduced service rates and increased funding for community projects. The county can now maximize their Oracle investment for 15 years without the need for expensive upgrades. Rimini Street offers faster response times and expert support, significantly enhancing the county’s IT operation efficiency and compliance with legislative requirements.
Rimini Street, Inc. (Nasdaq: RMNI) has appointed Daniel Benad as group vice president and regional general manager for the OCEANIA region. In this role, he will oversee all business operations in Australia, New Zealand, and the South Pacific. Benad, who joined Rimini Street in 2020, takes over from Emmanuelle Hose, now managing the EMEA region. The company aims to enhance its growth strategy to achieve $1 billion in annual revenue by 2026, supporting over 160 organizations in the region with enterprise software solutions.
Rimini Street, Inc. (Nasdaq: RMNI) has appointed Emmanuelle Hose as group vice president and theatre general manager for Europe, Middle East, and Africa (EMEA). Hose, who previously managed the Oceania region, aims to drive revenue growth and expand the client base in EMEA. The company supports over 300 organizations in the region. Emphasizing the importance of maximizing existing enterprise application value, Hose will ensure clients can effectively fund digital transformation amidst rising demand for third-party support services.
Rimini Street (Nasdaq: RMNI) announced that quantiQ, a leading Brazilian chemical distributor, has switched to Rimini Street Support for SAP S/4HANA, resulting in a 75% cost saving on support. This financial relief will enable quantiQ to invest in innovations like a new customer portal and automated processes to enhance operational efficiency. Rimini Street's support promises enhanced service quality and faster response times, thus positioning quantiQ as a leader in digital transformation within its industry.
Rimini Street (Nasdaq: RMNI) announced that IATA, the commercial aviation trade association, has opted for Rimini Street's support and Application Management Services for its SAP applications. This strategic move aims to enhance IATA's IT service delivery, reduce costs, and improve operational scalability as the aviation sector recovers from the COVID-19 pandemic. IATA's IT director highlighted the swift and seamless onboarding process, noting immediate improvements in support and management, demonstrating trust in Rimini Street’s capabilities to meet evolving business demands.
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