Rimini Touts EMEA Growth, Shrugs Off Loss of GM
March 12, 2013 Alex Woodie
Despite losing its top European executive to its closest competitor in February, third-party maintenance provider Rimini Street nearly doubled the number of customers in the EMEA (Europe, Middle East, and Africa) region in 2012, the company announced last week.
Rimini Street’s EMEA business did well in fiscal 2012, according to several metrics published by the firm, which expects to go public later this year or next year. The company says that it doubled new client sales, that it grew new client invoicing by 117 percent, and that it had $42 million in new sales bookings, which is a 175 percent year-over-year increase.
Today, Rimini says it has 65 clients in EMEA, including Fortune 500 companies, some of which pay Rimini seven-figure sums for access to its maintenance and support services for ERP, CRM, and BI systems from Oracle and SAP. And the company says it’s investing in its EMEA operations to grow its third-party business this year.
One of the first areas of EMEA investment for Rimini is finding a new GM to replace Nigel Pullan, who left Rimini in February for Spinnaker Support. Pullan–a former JD Edwards executive who also worked at TomorrowNow–helped Rimini build its EMEA business.
Rimini executives brushed off the loss of Pullan to Spinnaker, which is less than one-third of Rimini’s size. Both companies claim they are growing quickly (the numbers are a little fuzzy, since both companies are private, although Rimini plays closer to the accounting rules required of public companies than Spinnaker). That claimed growth says more about the third-party maintenance and support business as a whole, and the maintenance practices and prices charged by Oracle and SAP, than the effectiveness or business practices of either Rimini or Spinnaker.
Seth Ravin, Rimini Street CEO, issued this statement: “In search of the industry’s most value-driven enterprise software support option, more and more organizations in EMEA and across the world continue to choose Rimini Street as their preferred annual support vendor over SAP and Oracle. We remain committed to growing our support capabilities across EMEA and other regions in order to meet the strong market demand for premium-level support services.”