Rimini Street Q1 revenue up 37 percent on strong international growth

The company delivered preliminary first quarter revenue of $35.4 million, up 37 percent from a year ago.
Written by Natalie Gagliordi, Contributor

Rimini Street, providers of third party support for SAP and Oracle applications, reported preliminary first quarter revenue of $35.4 million, up 37 percent from a year ago.

In addition, Rimini said its deferred revenue was $111.2 million, up 28 percent from the previous year. Rimini also said that it had 1,344 signed support customers.

Rimini touted its expansion efforts in Japan and Israel as part of its overall revenue growth. The company said it opened a second office location in Osaka during the quarter and increased its staff across Eastern Europe and Israel to keep up with customer gains.

Rimini CEO Seth Ravin said Oracle and SAP licensees have set a "record pace" in making the switch to Rimini's support services from the more costly legacy vendors.

In an interview with ZDNet earlier this year, Ravin acknowledged the fact that Oracle third party support was growing at a faster rate than SAP in previous years.

"We service 10 Oracle product lines, so our total offerings under Oracle are cumulatively bigger than the SAP product line," Ravin said.

For most of last year, Rimini was embroiled in a legal skirmish with Oracle revolving around third party support and copyright infringement.

In October, Oracle was awarded $50 million in damages against Rimini, although it had previously sought nearly $250 million.

"Essentially, the trial confirmed the rights of Rimini and other third parties to compete and offer alternative maintenance programs for Oracle licensees," Ravin said when summarizing the outcome of the case.

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