Rimini Street raises another $15M for global expansion

Summary:Rimini Street also revealed it plans to announce a new managing director for Europe later this week.

Rimini Street continues to gain momentum as the Las Vegas-headquartered business has closed a new $15 million financing round with Silicon Valley financiers Bridge Bank.

See also: TBM startup Apptio raises $45M; plans to expand global footprint

Executives boasted the latest financing round has now completed more than twelve consecutive "record" quarters.

For reference, Rimini Street offers third-party maintenance support for enterprise software, especially from the likes of SAP and Oracle, touting cost savings up to 90 percent on total support costs over the span of a decade.

The private company plans to use the extra funding to extend its global footprint following previously announced plans for expansion in Brazil and the Asia/Pacific region.

CEO Seth Ravin also hinted at bigger future plans in prepared remarks:

As a high-growth, pre-IPO company that is rapidly expanding operations and serving a global client base, Rimini Street wanted to select a partner in this financing round that would provide a flexible, cost effective, and tailored solution to support our accelerating global expansion.

Rimini Street also revealed it plans to announce a new managing director for Europe later this week.

Topics: Enterprise Software, Enterprise 2.0, SMBs, Start-Ups, Tech Industry

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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