LAS VEGAS--(BUSINESS WIRE)--Rimini Street, Inc. (Nasdaq: RMNI), a global provider of business software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that September marks the 15th anniversary of the Company’s founding in 2005 to redefine the enterprise software support market. The Company set out to deliver a premium, ultra-responsive support model, and bring choice and value to software licensees around the world. Since its inception, Rimini Street has continually set the premium standard on what Oracle and SAP licensees should expect from their support experience. The Company is responsible for delivering a long history of innovative “firsts” for the enterprise software support market, including guaranteed ultra-responsive SLA’s, support for customizations at no additional cost, support for at least 15 years without required upgrades or updates and saving clients nearly $5 billion in total maintenance and support costs.
15 Years of Innovation and Client Success
Rimini Street entered the market in 2005 offering a disruptive 50% savings compared to the software vendor’s annual support fee and a better, more comprehensive support model. In addition to receiving a premium support experience, every Rimini Street client is guaranteed support on their current platform for a minimum of 15 years from the time that they switched support providers, regardless of the software release they are currently running. Software licensees are no longer required to implement updates, upgrade their system, or perform a full migration to a new platform to be able to receive full support. Unneeded upgrades and migrations are a time-consuming, costly and highly disruptive process and switching to Rimini Street improves the operational efficiencies of both the enterprise software system and the IT organization, allowing the client’s internal support teams to focus on priority projects that support competitive advantage and growth.
To date, the Company has helped more than 3,500 clients solve their enterprise software roadmap and support challenges, enabling them to save up to 90% in total maintenance costs and giving them funding for their business transformation needs. Rimini Street has helped IT departments across the globe become valuable, strategic partners to their business, rather than be viewed as a cost center.
“We switched our enterprise software support to Rimini Street in 2015 and have not looked back. The Company has closely partnered with our organization, and on more than one occasion delivered on our needs beyond what we were expecting,” said Ron Abreu, director, Global IT, SWM International. “The combination of their responsive service and cost savings was important to us. To date we have been able to extend the life expectancy of our legacy systems and reduce our total cost of ownership. Switching to Rimini Street Support was an important part of this success.”
People, Process and Technology Innovation Drive Award-Winning Support Model
Rimini Street’s unique, award-winning enterprise software support model puts its highly experienced engineers, with an average of 15 years’ experience in the client’s specific software system, on the front lines with clients ensuring a personalized, ultra-responsive approach to all support cases. The Company fosters a client-obsessed culture which prioritizes client-centric KPIs to ensure that everyone across the service delivery organization is working together toward a common goal. Rimini Street continues to regularly achieve an average client satisfaction rating of 4.8 out of 5.0, where 5.0 is “excellent,” and in the second quarter of 2020, the Company delivered more than 104,000 case update communications to its clients on time. In addition, Rimini Street was the first third-party support provider to deliver SLAs based on client update communications, as well as for response times. Recently the Company further enhanced its industry-leading SLA for all clients with a 10-minute guaranteed response time for critical Priority 1 cases and a 15-minute response time for all Priority 2 cases.
“Our experience with Rimini Street over the seven plus years of our support partnership has been their continual commitment to going above and beyond to deliver value back to our organization – something that we never experienced with the original software vendor,” said Dennis Ratliff, IT Applications/Development, Viking Range. “Not only have we been a client for the last seven years, but we have also had the same Primary Support Engineer during this time, and we appreciate the longevity and personal connection we have established with the Company as a result. In addition, we have saved numerous IT personnel hours over the years courtesy of our Rimini Street support team who are dedicated to helping us find a solution, even when the issue is not part of our ERP system. They are truly a trusted advisor and partner.”
Rimini Street has won numerous industry awards for delivering excellence and innovation in customer service – 24 awards for customer service in 2019 alone – largely due to its combined approach of putting proven, experienced engineers on the front lines, its strength in processes that are also ISO 9001 and ISO 27001-compliant, and the Company’s patented and patent pending purpose-built support solutions and technologies. The Company recently won two awards for innovation and achievement in customer success with its patent pending Rimini Street Artificial Intelligence Support Applications (AI Applications), which has already reduced software case resolution time for clients by 23%. The AI Applications are a result of the Company’s continued investment in optimizing support processes and ensuring global service delivery outcomes at scale.
Building Trusted Partnerships
All Rimini Street clients benefit from an assigned senior Primary Support Engineer (PSE), who is backed by a team of functional and technical experts that form specialized teams as needed to resolve complex client cases, available to the client 24/7/365. The Company has nearly 700 professionals in its Global Service Delivery organization, based in 17 countries serving clients around the world, including 200 full-time employees on its Tax, Legal and Regulatory Compliance team. Support engineers have specific application and technology experience that enables the Company to overlap skillsets to ensure optimal, global resource assignments.
Third-Party Enterprise Software Support Market is Now Mainstream
According to a Gartner research note, the third-party enterprise software support market is expected to grow from $351 million in 2019 to $1.05 billion by 2023 – a 200% increase.1 And according to a recent Valoir report, “The third-party support market is becoming mainstream. What was once considered a cost-cutting tactic for IT leaders has become a strategic tool for effective application IT portfolio management, enabling companies to reduce risk and support greater innovation.”2 Rimini Street is the leader in the third-party enterprise software support space with more than an 80% worldwide market share, as evidenced by the Company’s 2019 fiscal year revenue of $281.1 million in comparison to Gartner’s total revenue of $351 million market in 2019, and its active and to date client count, number of full-time employees and breadth of product support portfolio. The Valoir report also cites Rimini Street’s depth of knowledge about SAP and Oracle applications, modules and databases as well as its expertise in tax, legal and regulatory updates, and a large, global engineering team that can work a case 24/7/365 with its “Follow the Sun” support model.
The Rimini Street Foundation
In 2015, Rimini Street launched the Rimini Street Foundation, a reflection of the values, hearts and passion of the Company and its employees. A program funded entirely by Rimini Street, the Foundation shares Rimini Street’s success with charitable organizations around the world via financial donations, employee volunteer hours and/or donations in kind. The program mantra is “The More we Grow, the More we Can Give” and to date, the Foundation has provided financial aid to more than 100 charities across six continents and contributed thousands of employee volunteer hours.
“When we founded Rimini Street, it was with a single mission in mind – to redefine the enterprise software support industry by delivering a higher quality, better value option than what the industry was getting from the software vendors,” said Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “Over our 15 years, we have celebrated many significant milestones and have grown and changed as an organization. However, one thing has never changed – our passionate, unwavering commitment to our clients. We built Rimini Street on a commitment to service excellence and delivery of the best support experience available to enterprise software licensees. It’s all about our clients, and we look forward to achieving another 15 years of growth and success by helping our clients grow, prosper and achieve success.”
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 3,500 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. All statements pertaining to Rimini Street’s expectations regarding the expected use of proceeds from the offering described in this press release constitute forward-looking statements. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the duration of and economic, operational and financial impacts on Rimini Street’s business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt Rimini Street’s business or that of its current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; Rimini Street’s need and ability to raise additional equity or debt financing on favorable terms and Rimini Street’s ability to generate cash flows from operations to help fund increased investment in Rimini Street’s growth initiatives; the sufficiency of Rimini Street’s cash and cash equivalents to meet its liquidity requirements; the terms and impact of Rimini Street’s outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of Rimini Street’s recently introduced products and services, including its Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services Rimini Street expects to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those risks discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 5, 2020 and in the prospectus supplement dated August 14, 2020 relating to the underwritten public offering of Rimini Street’s common stock that closed on August 18, 2020 and as updated from time to time by other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.
© 2020 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.
1 Gartner, “Predicts 2020: Negotiate Software and Cloud Contracts to Manage Marketplace Growth and Reduce Legacy Costs,” Jo Liversidge, Frances Karamouzis, et al., December 18, 2019.
2 “Third-Party Support Goes Mainstream,” a Valoir Report, May 2020.