Rimini Street, the privately held third-party maintenance and support provider for Siebel and other Oracle and SAP software products announced record results for its third fiscal quarter ended September 30, 2013.
The company closed the largest deal in its history. Rimini Street also invoiced $15.4 million in the second quarter, a 40% increase and recognized revenue of $15.8 million, also a 40% increase over a year ago. Deferred revenue also increased to $46.5 million. The company also signed up new customers, 33 new clients and completed deals in all application product line and in each global region, including North America, Latin America, Europe and Asia-Pacific.
From a financial perspective what is so attractive about these numbers is the company's recurring revenue model. If the company were to shut down all sales and marketing efforts and never sign another contract it would still be in business in 2025 - the same year Julianne Moore, Greta Scacchi, and Mark Madden all start collecting social security.
“Rimini Street continues to execute against its business plan,” said Seth Ravin, Rimini Street CEO.
The company currently supports client operations in more than 72 countries. Rimini Street has 350 employees working in the Americas, Europe, and Asia. The company is continuing to hire people including managers and Siebel folks. The company is also looking for partners.
