Rimini Street Announces Fiscal 2017 Q2 Financial Results

Rimini Street Announces Fiscal 2017 Q2 Financial Results
2017-08-12
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Donia Al watan

Rimini Street, Inc. (“Rimini Street” or the “Company”) a global provider of enterprise software products and services, and a leading independent support provider for Oracle and SAP products, today announced results for its fiscal 2017 Q2 ending June 30, 2017.

2017 Q2 Financial Highlights

Fiscal 2017 Q2 marked Rimini Street’s 46th consecutive quarter of sequential revenue growth. Results included record quarterly revenue of $52 million, a quarterly increase of 37% year over year, and annualized subscription revenue of $208 million, up 37% year over year. Additional 2017 Q2 financial highlights include:

Deferred revenue of $170 million, an increase of 29% year over year Revenue retention rate of 94% for the 12 months ended June 30, 2017 Gross profit for the first six months of 2017 of 63%, up from 58% for the same period a year ago Rimini Street signed 100 new clients in the quarter and ended the quarter with over 1,330 active clients, an increase of 39% year over year, and increased its worldwide employee headcount by 17% year over year to a total of 909 professionals, as of June 30, 2017.

2017 Q2 Business Highlights

Announced a definitive merger agreement with GP Investments Acquisition Corp. (NASDAQ: GPIA) which will result in the combined company trading on NASDAQ Global Markets under the new ticker symbol “RMNI” at closing. The merger is expected to close in September 2017 and will provide the combined company with additional resources to strengthen its balance sheet, pay down debt, gain access to public capital, and expand its service offerings and capabilities worldwide. Expanded availability of support for six new database products including IBM DB2, Microsoft SQL Server and SAP’s Sybase family of database products. The Company now services a portfolio of 19 product lines. Launched Rimini Street Advanced Database Security, a next-generation security solution that protects databases from both known and unknown vulnerabilities. Recognized as a “Top Workplace” by the Bay Area News Group for the fourth time based on Company culture, work environment, communication policies and employee benefits. Certified as a Tier 1 Vendor in Israel for Application Support Outsourcing by analyst firm STKI, and cited as the fastest-growing IT vendor in Israel and the only independent software support provider to achieve STKI Tier 1 Vendor status. Honored with seven Stevie awards in the 2017 American Business Awards program, including Most Innovative Tech Company of the Year. Recognized by the 2017 Asia-Pacific Stevie Awards for Innovation in Customer Service Management, Planning & Practice, distinguishing the achievements of Rimini Street’s Global Support Department in customer service and innovation. Made the San Francisco Business Times’ “Top Software Companies in the Greater Bay Area” list for the second consecutive year. Closed a Company record number of support cases in one quarter with over 7,000 cases closed across 44 countries, and again achieved an average client satisfaction score of 4.8 out of 5.0 (where 5.0 is “excellent”). The Company also averaged less than five minutes response time for all Priority 1 cases. Presented at 19 CIO and IT and procurement leader events worldwide, including Gartner’s CIO Summits in Canada and Germany, and IDC’s CIO Summits in Korea and New Zealand. Funded and staffed numerous Rimini Street Foundation charitable activities in communities around the world. “Rimini Street continued to execute its global business plan with a relentless focus on delivering high quality, ultra-responsive support to its global clients, while expanding its product and service portfolio, growing its global workforce and delivery capabilities, and achieving record quarterly revenue with our 46th consecutive quarter of revenue growth,” said Seth Ravin, Rimini Street CEO. “Following the completion of our signed merger agreement with GP Investments Acquisition Corp., we expect to further execute against our business plan with the increased global resources and capabilities we believe will result from a combination of the two companies.”
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