Rimini Street Sets New Financial Highs
April 11, 2011 Dan Burger
While Oracle maneuvers to balance higher maintenance fees with some customers unwilling to pay those fees, Rimini Street keeps doing what it can to serve those customers a lower-cost maintenance deal. The businesses that Oracle has driven to the brink are the same ones that are helping Rimini Street set records.
Last week, Rimini Street reported that its Q1 revenue was the highest in the company’s history and its growth approached 100 percent in year-over-year quarterly sales bookings compared to the first quarter of 2010.
Rimini Street provides alternative service contracts for organizations using Oracle software brands such as Siebel, PeopleSoft, JD Edwards, and E-Business Suite. It also provides similar support alternatives to customers of SAP.
Because Rimini Street is not a public company it is not required to report its financial results. It is not shy, however, about releasing statements that reflect its apparent successes.
According to its latest statement, the company claims the combination of new sales and renewed contracts resulted in 23 signed contracts during its first quarter of 2011. It doesn’t reveal how many of these are new customers, but it indicates there was new business generated from both its Oracle and SAP product lines. Total bookings for the quarter exceeded $30 million, with total revenue topping $7.5 million according to the announcement.
Rimini Street’s top executive used this press release opportunity to provide the obligatory self-congratulating quote:
“Rimini Street continues to successfully execute to its global business plan as evidenced by our very strong first quarter 2011 results,” said CEO Seth Ravin in the statement. “We are well-positioned to achieve or exceed our plan for the remainder of 2011 with the largest sales pipeline in the company’s history and a highly experienced senior management team in place. We recognize that our success is a direct result of our clients’ success with Rimini Street services and we maintain our focus on delivering the best support value and most innovative services in the enterprise software industry.”
Ravin was a co-founder of TomorrowNow, the former SAP subsidiary that was Oracle’s target in its corporate theft suit against SAP. Oracle and Rimini Street are locked in a legal battle–Oracle claiming Rimini Street uses the same “corrupt business model” as TomorrowNow once did, and Rimini Street claiming innocence.