Rimini Street Q3 revenue up 40 percent

As of Sept. 30, deferred revenue was $46.5 million and the company signed 33 new deals in the third quarter.

Rimini Street on Wednesday said that it signed 33 new customers around the world and delivered third quarter revenue of $15.8 million, up 40 percent from a year ago.

The company, which provides third party maintenance for SAP and Oracle applications, said its deferred revenue also hit a new high. As of Sept. 30, deferred revenue was $46.5 million.

Rimini Street is likely to launch an IPO and has been delivering good growth in recent quarters. The company has been building out it portfolio of Oracle and SAP maintenance services.

In the long run, CEO Seth Ravin said Rimini can become a broader support company and diversify away from SAP and Oracle to offer white-label and software as a service support.

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