digibyte - Rimini Street has another record quarter, announces next generation services
- Summary:
- Rimini Street posts another record quarter, expands its range of offerings to reflect the needs of the digital enterprise.
Rimini Street is going from strength to strength as it both prepares for an IPO at some stage and makes ready to take on Oracle in its ongoing lawsuit. In the last quarter it posted the following top line results:
Net Revenues of $25.9 Million, Up 40% Year over Year
Deferred Revenues of $86.8 Million, Up 43% Year over Year
Surpassed 1,000 Signed Clients Since Inception, Up 27% Year over Year
The net revenue number is interesting because as 2014 progressed, it looked increasingly like the company would break the magic $100 million revenue mark. That didn't happen but this quarter suggests Rimini Street will hit something around $120 million. The good news is that deferred revenue grew sequentially from 41% to 43%, implying that the size of contract it is executing is expanding.
On the new products side, Rimini Street announced:
...the launch of three major new support components: Security Support Services, Risk Avoidance Services, and Innovation & Roadmap Services.
These new services are seen as a direct response to the changing enterprise software landscape where ERPs are being locked down for extended periods of time, yet still need to be in compliance but also responsive to new requirements such as cloud and the growth of the digital enterprise. So for example, Rimini Street is offering consulting services for both technology and innovation alongside hardware, database and software security services that compliment the introduction of new technologies into the landscape.
We will learn more about what this means for customers in the coming days.