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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 (Nasdaq: RMNI) has successfully completed repurchases of $15 million par value of Series A preferred stock, costing $13.45 million, or 89.7% of par value. The repurchases, made on October 30, 2020, and January 5, 2021, aim to lower cost of capital, enhance cash flow, and reduce obligations related to Series A preferred stock. The transaction terms also waived make-whole dividends until the non-call date of July 19, 2021. CEO Michael L. Perica mentioned ongoing evaluations of capital markets for further opportunities to optimize the company’s structure for shareholders.
Rimini Street, Inc. (Nasdaq: RMNI) has announced its agenda for the Investor Day on February 1, 2021, set to be presented via live webcast. The event will feature key discussions led by top executives, including CEO Seth A. Ravin, focusing on the company's vision and strategy to achieve $1 billion in revenue by 2026. Other topics include marketing strategies, client case studies, and plans for sales growth and service delivery improvements.
Rimini Street, Inc. (Nasdaq: RMNI) will host an Investor Day on February 1, 2021, via live webcast. The event will feature CEO Seth A. Ravin and senior leadership discussing the company's vision, products, business model, and financial strategy. Attendees will have the opportunity to engage in a Q&A session. A detailed agenda will be released on January 5, 2021. Rimini Street is known for providing third-party support for Oracle and SAP software, offering services that help enterprises save costs and improve outcomes.
Rimini Street (Nasdaq: RMNI) announced it secured three contracts to provide enterprise software support to Brazilian government agencies, including the Chamber of Deputies and the Superior Labor Court. This move aligns with Brazil's efforts to optimize IT costs as mandated by the Ministry of Economy in 2019, encouraging public organizations to seek cost-effective alternatives to traditional software support. Rimini Street aims to enhance competitiveness in the public sector by offering innovative solutions and efficient support services, addressing the need for better management of public resources.
Rimini Street, Inc. (Nasdaq: RMNI) reported strong third-quarter results for 2020, achieving record revenue of $82.5 million, up 19.3% year-over-year. The company also reported a 33.3% increase in calculated billings and a revenue retention rate exceeding 90%. Active clients rose 16.4% to 2,365. Rimini Street raised its full-year revenue guidance to between $321.5 million and $322.5 million. Despite a decline in gross margin to 61.2%, net income and operating income improved, with net income of $3.3 million compared to $1.4 million last year.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Pulse Electronics transitioned to Rimini Street support for its SAP systems, allowing cost savings to be redirected towards enhancing business intelligence and AI technologies. This shift also enables Pulse to avoid a costly migration to S/4HANA, thus regaining control over its IT roadmap. Pulse's IT director highlighted that the switch has led to improved support services with significant financial benefits, particularly during economic uncertainties.
Rimini Street, Inc. (Nasdaq: RMNI) will announce its third-quarter 2020 earnings on November 5, 2020, after market close. A conference call and webcast will take place the same day at 5:00 p.m. Eastern / 2:00 p.m. Pacific time to discuss the results. The live event can be accessed via Rimini Street's Investor Relations site. The company is recognized as a premier provider of enterprise software support services, focusing on Oracle and SAP products, with a strong client base exceeding 3,500 organizations globally.
Rimini Street, a leading provider of enterprise software support, announced participation in multiple upcoming conferences. Seth A. Ravin, CEO, and Michael L. Perica, CFO, will hold meetings on November 11 at the Roth Technology Virtual Event, November 12 at the Benchmark Company Technology Virtual One-on-One Investor Conference, and November 17 at the 11th Annual Craig-Hallum Alpha Select Conference. Rimini Street specializes in third-party support for Oracle, SAP software, and Salesforce, aiming to help organizations reduce costs and enhance innovation.
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