Rimini Adds Hyperion to 3rd Party Support Business
October 9, 2012 Alex Woodie
Rimini Street entered the dragon’s lair last week when it attended the annual Oracle OpenWorld conference in San Francisco. There, the Nevada company announced that it now intends to poach maintenance business from its host–that is, from Oracle–for the Hyperion business intelligence product line and the customers that use it. Rimini, which hopes to go public soon, also announced that it had another financially successful quarter.
Rimini says it will provide third-party maintenance and support services for the breadth of Oracle’s Hyperion products. This includes Hyperion Planning, Essbase, Financial Management, Financial Close Management, Strategic Finance, and Financial Management Analytics products.
Rimini says Hyperion users who tap it for maintenance and support will save 50 percent compared to the cost of maintenance and support from Oracle. That’s the same level of savings it touts for users of other products, including JD Edwards World and EnterpriseOne, E-Business Suite, PeopleSoft, Siebel, Oracle database, and ERP products from SAP.
Business appears to be going well for Rimini, as it has appeared to be for the last several years. The company says it brought in a record $11 million in revenue for the quarter ended September 30, which was a 32 percent increase from a year ago. It ended the third quarter with a sales booking backlog of more than $500 million dollars, $30 million more than it had at the end of June, and it said deferred revenue grew more than 30 percent.
The company ended the quarter with 525 clients, 25 more than it had at the end of June. The customer rolls included three more Fortune 500 clients, bringing the total of Fortune 500 clients to 61, and one more client on the Global 100 list, bringing that total to 15. It hired 10 more employees during the quarter, bringing Rimini’s global workforce to 230.
Everything seems to be going super for Rimini, so what’s next for the company? Rimini hasn’t been shy about touting its plans to eventually go public with an IPO, which would provide a big payday for its founder Seth Ravin, not to mention additional funding for expansion. (The forthcoming IPO is also one of the reasons that IT Jungle gives credence to the privately held company when it announces financial results, since it needs to abide by the same accounting rules governing public companies if it wants its past financial results to pass muster with super skeptical investors.)
Before it IPOs, however, there’s the thorny little issue of its dueling lawsuits with Oracle. When those lawsuits are resolved–either in court or, more likely, with an out of court settlement where nobody admits ever doing anything wrong–then the company will be free to move on its IPO. At this point, the earliest it looks like this could happen is the late 2013 or early 2014 timeframe, a company spokesman said.
This article was corrected. Rimini signed 25 new clients last quarter, not five. IT Jungle regrets the error.