Rimini Street posts strong Q4, steams toward IPO

Summary:The third-party provider of maintenance and support services for SAP and Oracle business applications says its total net sales surged 40 percent in fiscal 2013 to more than $61 million, an all-time high.

Rimini-Street-reports-strong-fourth-quarter-fiscal-year-steams-toward-ipo

Rimini Street reported fourth-quarter sales of $17.3 million, up 48.5 percent from the year-ago quarter, capping a fiscal year in which it garnered total sales of $61.1 million – the most in company history.

The independent provider of maintenance and support services for SAP and Oracle applications also reported record highs in annualized subscriptions, deferred sales, active clients and customers electing to sign up for multiyear, non-cancelable service periods.

"Our performance for the fiscal fourth quarter and full-year 2013 demonstrates increased demand and adoption of independent maintenance and support solutions," CEO Seth Ravin said in a statement. "Rimini Street is executing to its global business plan and remains singularly focused on delivering innovative service and value to its expanding client base around the world."

In November, the company announced plans for an initial public offering.

 

Topics: CXO, Enterprise Software, Oracle, SAP

About

Larry Barrett is a freelance journalist and blogger who has covered the information technology and business sectors for more than 15 years. Most recently, he served as the online news editor for 1105 Media's Office Technology Group and as the online managing editor for SourceMedia's Investment Advisory Group publications Financial Pl... Full Bio

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