Third party support provider Rimini Street has reported record highs in net revenues, annualized subscription revenues, deferred revenues, active clients and the number of clients electing multi-year, non-cancellable service periods, in its preliminary results for the fourth quarter and full year ending 31 December 2014.
The company, which provides support for SAP’s Business Suite and BusinessObjects software and Oracle’s Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion and Oracle Retail software, generated net revenues of $86.7 million for the full 2014 year, an increase of 42 per cent over 2013.
For the first time, annualised subscription revenue surpassed $100 million, reaching $107.1 million.
Seth Ravin, CEO, Rimini Street, said the numbers reflect strong worldwide demand for the company’s independent maintenance and support services.
During 2014, Rimini Street expanded its footprint in the EMEA and APAC regions, which included opening a new Regional Headquarters facility in the UK, launching local operations and expanded software support capabilities in Japan, and opening a new facility in Bengaluru and expanding its Hyderabad facility for Rimini Street Labs.
Among its other 2014 highlights, the company signed its first clients in Finland and the Philippines, and extended guaranteed support availability for all software releases in use by clients to 15 years after contracting with Rimini Street for Oracle and SAP support.
For the fourth consecutive year, Rimini Street was named one of the fastest-growing private companies in the US by Inc. magazine, with three-year revenue growth of 141 per cent.
