Rimini Street Q3 revenue jumps, launches Oracle support
Rimini Street, a third party enterprise maintenance support provider for legacy SAP and Oracle customers, said its bookings and revenue surged in the third quarter.
The company isn't massive, but it has the potential to be a real pain to the respective maintenance streams of Oracle and SAP. Indeed, Rimini announced support for Oracle's E-Business Suite and Database. Rimini Street offers support for Oracle E-Business Suite financial, human capital management, manufacturing, supply chain, customer relationship management and procurement product families and 11.5.9, 11.5.10, 12 and 12.1 releases.
According to Rimini, the company had $8.4 million in third quarter revenue. In addition, Rimini had $66 million in new sales bookings, up 160 percent from a year ago. Average contract term topped 12 years.
The company reiterated that it was looking to launch and IPO in the second quarter of 2012.
Backlog as of the third quarter was up 74 percent from a year ago to $321 million. Rimini reported deferred revenue of $21.4 million in the third quarter, up 33 percent.
Overall, Rimini signed has 450 customers and 200 employees around the world.