By Freya Purnell
Independent enterprise software support provider Rimini Street has reported its second quarter 2014 financial results, with net revenues increasing 37 per cent year over year to $20.4 million.
Deferred revenues as of 30 June 2014 increased 33 per cent year over year to $61.2 million, and active support clients increased 30 per cent to 574.
The company also reported a record high in the number of clients electing multi-year, non-cancellable service periods.
Rimini Street CEO Seth Ravin said its performance for the fiscal second quarter exceeded its sales plan for both new and renewing clients.
“Accordingly, we accelerated our global investment and expansion to meet the growing needs of our expanding client base around the world,” Ravin said.
“We continued our planned investments in global sales, marketing and service delivery capability across all operating theatres and implemented new patent-pending technology to drive innovation, scalability and continued long-term gross margin expansion,” said Ed Schaffer, CFO, Rimini Street.
During the second quarter of 2014, Rimini Street opened a new regional headquarters and expanded its service delivery capabilities in EMEA, and grew the Rimini Street Labs operation with a new facility in Bengaluru and an expanded Hyderabad facility. More than 100 of Rimini Street’s support clients have SAP systems.
