Rimini Street, a third party maintenance provider for Oracle and SAP applications, said its first quarter bookings, invoicing and revenue surged compared to a year ago.
On absolute terms, Rimini Street remains a small player. The company's recognized revenue was $13 million, up 33 percent from a year ago. However, Rimini is garnering a following and continues to be a threat to the maintenance revenue streams of both Oracle and SAP.
By the numbers for the first quarter:
- Invoicing was $16.9 million, up 57 percent from a year ago.
- Sales bookings backlog was $632 million, up 41 percent from a year ago.
- Deferred revenue was $47 million, up 60 percent from a year ago.
- The company added two more Fortune 500 customers and has 600 total customers.
Oracle is currently suing Rimini Street, which is confident it will win. Should Rimini win---the idea of third party maintenance support isn't in question---look for a bevy of rivals to surface.
In any case, Rimini is being closely watched by investment bankers and enterprise software customers looking to support legacy applications while plotting an eventual move to the cloud.