Rimini Street, Inc., the leading independent provider of enterprise software support for SAP AG’s (NYSE: SAP) Business Suite and BusinessObjects software and Oracle Corporation’s (NYSE: ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion and Oracle Retail software, today announced its financial results for the three months ended March 31, 2014.
Rimini Street's first quarter results included record highs in net revenues, deferred revenues, active clients and number of clients electing multi-year, non-cancelable service periods.
△ Net revenues for the first quarter of 2014 increased 40.6% year over year to $18.5 million
△ Deferred revenues as of March 31, 2014, increased 40.0% year over year to $60.7 million
△ Active support clients as of March 31, 2014, increased 37.7% year over year to more than 550
“Our performance for the fiscal first quarter exceeded sales plan for both new clients and renewing clients,” said Seth Ravin, CEO, Rimini Street. “During the quarter, Rimini Street further extended its market-leadership position with the launch of several new, innovative services into the marketplace and announced that our technology solutions now allow Rimini Street to extend guaranteed support availability for all software releases in use by our clients to 15 years after switching to Rimini Street Support. We also continued to invest significantly in innovative support solutions that provide additional value to our clients operating in evolving hybrid IT environments. Operationally, we continued executing to our global business plan with investments and expansion in North America, Latin America, Europe, Asia-Pacific and the Middle East.”
“Our fiscal first quarter results reflect strong revenue growth and operational execution,” said Ed Schaffer, CFO, Rimini Street. “We continued our focus on growing top-line revenues with significantly expanded investments in sales and marketing programs and personnel across all operating theatres, maintained healthy gross margins and made significant investments to expand our global operations and service delivery capabilities.”
