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Rimini Street announces preliminary third quarter 2014 financial results [ITWeb]
(ITWeb Via Acquire Media NewsEdge) Rimini Street, the leading independent provider of enterprise software support for SAP AG's (NYSE: SAP) Business Suite (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fservices%2Fsupport-services%2Fsap&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Business+Suite&index=1&md5=de1732169f55896895fad6c3cf053405) and BusinessObjects (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fservices%2Fsupport-services%2Fbusinessobjects&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=BusinessObjects&index=2&md5=be831948bd4189d82ded77c27e93ef9c) software and Oracle Corporation's (NYSE: ORCL) Siebel (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fsiebel.htm&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Siebel&index=3&md5=5c41400407f77042748979773f3f875e), PeopleSoft (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fpeoplesoft.htm&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=PeopleSoft&index=4&md5=cedb79810adc9fbf9ea8f7a141532e06), JD Edwards (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fjdedwards.htm&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=JD+Edwards&index=5&md5=bc40fd06ba9d256f0c1f9473bf4b83e7), E-Business Suite (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Febs.php&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=E-Business+Suite&index=6&md5=c5ef888d978562a78ebb351ffc71e2a6), Oracle Database (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Foracledb.php&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Oracle+Database&index=7&md5=55c791bf5813fdcd9fe0602a36627b0f), Oracle Middleware (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fservices%2Fproducts-and-releases-supported%2Foracle-fusion-middleware&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Oracle+Middleware&index=8&md5=945b9282801b909f4cecf4e0679a8418), Hyperion (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fhyperion.php&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Hyperion&index=9&md5=3beb13fdd02c318b092534d2833f2230) and Oracle Retail (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fservices%2Fsupport-services%2Foracle-retail&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Oracle+Retail&index=10&md5=f22e13fae8e63e0b29f519b7bd8a9b00) software, today announced preliminary financial results for the third quarter ending 30 September 2014.
Rimini Street's third quarter results included record highs in net revenues and third quarter deferred revenues.
* Net revenues for the third quarter of 2014 increased 42% year over year to $22.4 million * Deferred revenues as of September 30, 2014 increased 25% year over year to $58.1 million * Total signed support clients to date increased 28% year over year to 890
The above information is preliminary and subject to completion of quarter-end financial reporting processes and review.
"Our performance for the fiscal third quarter set a new record in net revenues, exceeded our new client sales plan and included many notable achievements," said Seth Ravin (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fcompany%2Fcorporate-governance%2Fsenior-management-team%2Fseth-ravin&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Seth+Ravin&index=11&md5=187a1ede938fbf13cc5653e75777ce08), CEO, Rimini Street. "Rimini Street remains focused on ensuring our clients around the world get the maximum return on their existing SAP and Oracle investments with no required upgrades for a minimum of 15 years, enjoy premium support features and save up to 90% on annual support costs."
Notable Q3 2014 achievements:
* Signed the largest client support contract in company history * Signed the first US state to switch to Rimini Street support * Expanded EMEA and APAC coverage with first signed clients in Finland and the Philippines * Doubled the number of Oracle E-Business Suite and Oracle Technology clients (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fnews%2Fpress-releases%2F09292014-2&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Oracle+E-Business+Suite+and+Oracle+Technology+clients&index=12&md5=54f2047f50d949461cd69971d274f7c1) and grew annual revenues for the product lines by more than 300% in the past 12 months * Achieved new milestone with more than 80 000 global tax, legal and regulatory updates (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fservices%2Fsupport-program-features%2Fglobal-tax-legal-and-regulatory-update-services&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=80%2C000+global+tax%2C+legal+and+regulatory+updates&index=13&md5=256b45d65368e16067831be02537e0e3) delivered across more than 70 countries * Announced the availability of Oracle E-Business Suite Payroll support (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fnews%2Fpress-releases%2F09292014-3&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Oracle+E-Business+Suite+Payroll+support&index=14&md5=5dcf33196e375721473f95406d002874) for the US and UK * Won three Stevie Awards (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fnews%2Fpress-releases%2F08182014&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=three+Stevie%C2%AE+Awards&index=15&md5=6456f22be21660532b9c0656b060a9ad) in the 2014 International Business Awards for third consecutive year, including Gold Stevies for outstanding customer service department and best website, as well as a Bronze Stevie for customer service team of the year * Named by Inc. magazine for fourth consecutive year as one of the fastest-growing private companies in the US (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.riministreet.com%2Fnews%2Fpress-releases%2F09092014&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=fastest-growing+private+companies+in+the+U.S.&index=16&md5=cc7ed6beb2a1a5c56eefa65c23235bc9) with three-year revenue growth of 141% * Executive speaking engagements at major industry events, including the Gartner IT Financial, Procurement & Asset Management Summit 2014 * Conducted, compiled and published primary industry research report, "Oracle Applications Strategies for 2015 and Beyond (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Finfo.riministreet.com%2FSurvey-Report-2014.html&esheet=50962944&newsitemid=20141015006714&lan=en-US&anchor=Oracle+Applications+Strategies+for+2015+and+Beyond%E2%80%9D&index=17&md5=66168f107b1bab571243375bb86adddc)"
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