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Rimini Street Announces Preliminary Fourth Quarter and Full Fiscal Year 2016 Financial ResultsRimini Street, Inc., the leading global independent provider of enterprise software support services for SAP (News - Alert) SE's (NYSE:SAP) Business Suite, BusinessObjects and HANA Database software and Oracle (News - Alert) Corporation's (NYSE:ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion, Oracle Retail, Oracle Agile PLM and Oracle ATG Web Commerce software, today announced its preliminary financial results for the fourth quarter and full fiscal year ending December 31, 2016. Record Results and 44 Consecutive Quarters of Growth The Company's fourth quarter of 2016 marked its 44th consecutive quarter of growth, and fourth quarter and full fiscal year 2016 results include new records in revenue, full year annualized subscription revenue and deferred revenue. Rimini Street also completed a record number of new client transactions worldwide in the fourth quarter with 166 clients signed, representing a 57% increase year over year. Additionally, for the full fiscal year, the Company completed a record 496 new client transactions, a 60% increase year over year, and increased its total signed clients to date by 39% year over year to 1,763. Additional fourth quarter and full fiscal year results:
Fiscal 2016 Achievements and Highlights
"Our fiscal 2016 fourth quarter and full fiscal year results demonstrate a continued growing global demand for Rimini Street's award-winning support services and a solid execution against our global business plan," said Seth Ravin, Rimini Street CEO. "Over 1,750 Oracle and SAP clients, including more than 155 of the Fortune 500 and Global 100, have already chosen Rimini Street as their trusted partner and premium support provider since the Company's inception more than a decade ago. As we execute our 2017 global business plan, we maintain our relentless focus and commitment to providing our clients with the best value and highest level of support available in the industry." To learn more, follow @riministreet on Twitter (News - Alert) and find Rimini Street on Facebook and LinkedIn. About Rimini Street, Inc. Rimini Street is the global leader in providing independent enterprise software support services. The company has redefined enterprise support services since 2005 with an innovative, award-winning program that enables Oracle and SAP licensees to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,750 global Fortune 500, midmarket, and public sector organizations from a broad range of industries have selected Rimini Street as their trusted, independent support provider. To learn more, please visit http://www.riministreet.com. Forward-Looking Statements This press release may contain forward-looking statements. The words "believe," "may," "will," "plan," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties, and are based on various assumptions. If the risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Rimini Street assumes no obligation to update any forward-looking statements or information, which speak only as of the date of this press release. Rimini Street and the Rimini Street logo are trademarks of Rimini Street, Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2017. All rights reserved. View source version on businesswire.com: http://www.businesswire.com/news/home/20170202006155/en/ |