Rimini Street ended Q1 2014-15 on record highs. From the press release:
- Net revenues for the first quarter of 2014 increased 40.6% year over year to $18.5 million
- Deferred revenues as of March 31, 2014, increased 40.0% year over year to $60.7 million
- Active support clients as of March 31, 2014, increased 37.7% year over year to more than 550
The company didn't provide guidance for the full year but based up0n what we have seen to date, it seems they are pushing hard to get closer to the magic $100 million that IPO candidates like to tout. Based on current estimates, we calculate Rimini Street will close out the year with revenue of around $85 million (see image below)
At the year end, Rimini Street reported annualized billings at $79.6 million with net revenue at $61.1 million.
Perhaps of greater importance, Rimini Street talked about expanding activities into both Asia Pacific and Middle East regions while also expanding services to include support for hybrid cloud/on-premise customers.
Disclosure: Rimini Street is a partner at time of writing.
Featured image via Bloomberg TV