Rimini Street, which provides third-party support for Oracle and SAP applications, continued growing at a rapid clip in the third quarter as the company nears the 900 customer mark.
The company reported third quarter sales of $22.4 million, up 42 percent from a year ago. Deferred revenue was $58.1 million. Signed customers in the quarter rose 28 percent from a year ago to 890.
But to gauge the interest in Rimini Street all you had to do was check out the company's booth at the Gartner Symposium/ITxpo, which is a major CIO gathering point. The common theme at Gartner among CIOs was buying time via Rimini's support. These execs were either buying time to ponder an Oracle or SAP upgrade, evaluating cloud options elsewhere or weighing just how long their legacy apps could last.
The upshot is that Rimini continues to land clients even as a lawsuit with Oracle seemingly never ends. Meanwhile, Rimini will also jab Oracle where possible.
A recent survey by Rimini found that 54 percent of 139 IT professional respondents found no business case to move to Oracle Fusion. Without a strong case to upgrade, Rimini will continue to build a business around third-party support for Oracle and SAP. Rimini's survey, not surprisingly, was a data point supporting its business, but nevertheless hits a nerve with IT buyers.