Rimini Street, an enterprise software third party support provider, detailed its second quarter results and delivered solid growth.
The company, which supports Oracle and SAP software, said that it had $33 million in new sales bookings in the second quarter, a record for the time period.
Rimini is being sued by Oracle over third party support and the underdog vows to fight back. In the meantime, Rimini is posting strong growth figures on a much smaller base relative to the maintenance revenue collected by Oracle and SAP.
Nevertheless, Rimini signed more than 400 customers in the second quarter.
By the numbers:
- The company's second quarter revenue topped $8 million, a company record.
- Invoicing for new deals in the second quarter was up 94 percent from a year ago.
- Average contract term was 11 years.
- Sales backlog for Rimini topped $264 million.
- Deferred revenue at Rimini as of the second quarter was more than $20 million.