Rimini Street reports a blockbuster quarter
Rimini Street, the U.S. enterprise software maintenance and support provider, announced this morning that it ended its fiscal second quarter 2013 with more than $140 million in new sales contracting activity and 57 new client transactions, making it the best sales showing since its founding in September 2005.
If you're unfamiliar with the company, it supports SAP's Business Suite and BusinessObjects software as well as Oracle's Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database and Hyperion software.
It has had, at times, somewhat contentious relationships with both companies. Despite this, it continues to nip at the heels (and revenues) of its larger peers.
But back to the numbers:
- That $140 million in new sales contracting activity is a 165-percent increase over the year ago quarter.
- Of the 57 new client transactions, four are Fortune 500 companies and one is a Global 100 company. That brings the company's total clients to 660: 75 from the Fortune 500 and 16 from the Global 100 lists.
- Total invoicing for the quarter was $15.7 million, a 64-percent increase over the year ago quarter
- Recognized revenue came to $14.9 million, a 41-percent increase on a year-over-year basis
- Sales bookings backlog increased from $472 million to $753 million, a 60-percent increase on a year-over-year basis.
- Deferred revenue totaled $48 million, an almost 68 percent increase on a year-over-year basis.
It's the thirteenth consecutive quarter where the company broke a financial record somewhere on the sheet—not a bad place to be as it looks overseas for growth with $15 million in additional funding in hand.
"Rather than staying with the status quo and paying expensive vendor annual maintenance fees, Oracle and SAP licensees are increasingly switching to Rimini Street," chief executive Seth Ravin said (with glee, most likely) in a statement, "saving 50 percent on their annual maintenance fees, avoiding costly and unnecessary forced-upgrades, and saving up to 90 percent on their total cost of maintenance."
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