Rimini Street Announces Preliminary Fourth Quarter and Full Year 2014 Financial Results
30 January 2015 - 9:02AM
Business Wire
Full Year Net Revenues of $86.7 Million, Up 42%
Year Over Year
Full Year Annualized Subscription Revenues of
$107.1 Million, Up 43% Year Over Year
Deferred Revenue of $82.8 Million, Up 41% Year
Over Year
Full Year Revenue Retention Rate of 95%
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 preliminary financial results for the fourth quarter and
full year ended December 31, 2014.
Rimini Street's fourth quarter and full fiscal year 2014 results
included record highs in net revenues, annualized subscription
revenues, deferred revenues, active clients and number of customers
electing multi-year, non-cancelable service periods.
- Net revenues for the fourth quarter
2014 were $25.4 million, an increase of 47% from the same quarter
in 2013.
- Net revenues for the full fiscal year
2014 were $86.7 million, an increase of 42% from fiscal year
2013.
- Annualized subscription revenue as of
December 31, 2014, was $107.1 million, an increase of 43% from
December 31, 2013 and the first time annualized subscription
revenue has surpassed $100 million.
- Deferred revenue as of December 31,
2014, was $82.8 million, an increase of 41% from December 31,
2013.
- Billings for the full fiscal year 2014
were $110.7 million, an increase of 39% from fiscal year 2013.
The above information is preliminary and subject to completion
of quarter- and year-end financial reporting processes and
review.
“The strong demand worldwide for Rimini Street independent
maintenance and support is reflected in our fiscal fourth quarter
and full-year 2014 numbers and growth,” said Seth Ravin, CEO,
Rimini Street. “As we celebrate our 10-year anniversary in 2015
with nearly a thousand signed clients, including more than 100 of
the Fortune 500 and Fortune Global 100 organizations, we remain
laser-focused on helping clients achieve maximum value from their
IT investments, while executing against our global business plan
for growth and profitability.”
Fiscal 2014 and Recent Highlights:
- Expanded footprint in EMEA and APAC
regions, including a new Regional Headquarters facility in the UK
and expanded service delivery capabilities in EMEA, the launch of
local operations and expanded software support capabilities in
Japan, and a new facility opening in Bengaluru and expanded
facility in Hyderabad for Rimini Street Labs Operation
- Expanded EMEA and APAC coverage with
first signed clients in Finland and the Philippines
- Launched support for several new
products, including Oracle E-Business Suite Payroll support for the
U.S. and UK, stand-alone support for Oracle Database and Middleware
products, and Rimini Street Cloud Services with initial offerings
of Cloud Support Packages for Salesforce.com and Workday
products
- Launched and expanded Rimini Street
Technology Support Services and delivered its first set of
products, including the Rimini Street COBOL Compiler® for
PeopleSoft products and Rimini Street Smart Proxy Server® for
browser compatibility
- Extended guaranteed support
availability for all software releases in use by clients to 15
years after contracting with Rimini Street for Oracle and SAP
support
- Awarded a place on the UK government's
Enterprise Application Support Services agreement (EASS) for the
public sector
- Achieved new milestone with more than
85,000 global tax, legal and regulatory updates delivered across
more than 70 countries
- Won Gold and Bronze Stevie® Awards in
the 2014 International Business Awards for third consecutive year
for outstanding customer service department, customer service team
of the year and best website
- Named by Inc. magazine for fourth
consecutive year as one of the fastest-growing private companies in
the U.S. with three-year revenue growth of 141 percent
- Recognized once again by employees with
a prestigious Bay Area “Top Workplace” award
About Rimini Street, Inc.
Rimini Street is the leading independent provider of enterprise
software support services. The company is redefining enterprise
support services with an innovative, award-winning program that
enables Oracle and SAP licensees to save up to 90 percent on total
support costs over a decade, including saving 50 percent on their
annual support fees. Clients can remain on their current software
release without any required upgrades or migrations for at least 15
years after switching to Rimini Street. Hundreds of clients,
including global, Fortune 500, midmarket, and public sector
organizations from across a broad range of industries have selected
Rimini Street as their trusted, independent support provider. To
learn more, please visit www.riministreet.com or call within
the USA 888-870-9692 or internationally +1 702-839-9671.
Forward-Looking Statements
This press release may contain forward-looking statements. The
words “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are subject to risks and uncertainties,
and are based on various assumptions. If the risks materialize or
our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. Rimini Street assumes no obligation to update any
forward-looking statements or information, which speak only as of
the date of this press release.
Rimini Street and the Rimini Street logo are trademarks of
Rimini Street, Inc. All other company and product names may be
trademarks of their respective owners. Copyright © 2015. All rights
reserved.
Rimini Street, Inc.Alma Park,
+1-323-229-7282apark@riministreet.com