Rimini Street reports 32 percent revenue increase in Q3

Rimini recently merged with the investment company GP Investments Acquisition Corp in an effort to expand into broader services.

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Rimini Street, providers of third party support for SAP and Oracle applications, reported its third quarter financial results on Thursday -- the first since the company went public through a hybrid merger/IPO process.

The Las Vegas-based company delivered a net loss of $9.04 million, or 9 cents a share, on revenue of $53.6 million, up 32 percent from a year ago.

Rimini said subscription revenue was $214.4 million for the quarter, up 32 percent from the same period last year. The company's active client base reached 1,459, an increase of 34 percent year over year.

Rimini recently merged with the investment company GP Investments Acquisition Corp. in an effort to expand into broader services. The merged, publicly-traded company retained the Rimini monicker with CEO Seth Ravin leading it.

"In addition to solid business execution, the combination of the $50 million equity raise from the recently completed merger with GPIAC, amendment of the company's financing agreement and transition to a public company structure provides Rimini Street with additional growth capital and financial flexibility to expand service offerings and capabilities in new markets and regions, strengthens our balance sheet, and provides the potential to accelerate our growth by facilitating additional sales opportunities," said Rimini Street CFO Tom Sabol.

Earlier this year, Rimini said it would expand its portfolio by offering support for a series of enterprise databases. In doing so, Rimini made good on the plan to support more enterprise software lines. The company also launched a database effort in partnership with McAfee, which allowed Rimini Street to monitor and analyze database traffic and block attacks via a technology called virtual patching.


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