Menu
Rimini Street revenue climbs to US$326M

Rimini Street revenue climbs to US$326M

Says its on track to achieve strategic $1B revenue plan

Credit: Dreamstime

Third-party Oracle and SAP software support and services provider Rimini Street has revealed its revenue increased by 16.3 per cent to US$326.8 million for its full 2020 financial year ending 31 December. 

Adjusted earnings before tax were at US$42.6 million, up from US$22 million in 2019, while operating income fell from US$22.1 million to US$17.9 million. 

Rimini Street co-founder, CEO and chairman Seth Ravin said the company had continued to execute well against its strategic growth plan to achieve US$1 billion in annual revenue by 2026 during the fourth quarter. 

 “We achieved record quarterly and full-year results for revenue, new sales invoicing, calculated billings, backlog and total gross profit and maintained a revenue retention rate of over 90 per cent,” Ravin said. 

“Throughout the year, we continued making investments - including key executive leadership additions -- to take advantage of growing global demand for Rimini Street’s support solutions, including our new application management, security, interoperability and professional services.”

Rimini Street is projecting full-year 2021 revenue guidance will sit in the range of US$370 million to US$380 million.

During the year, the company counted many significant customer wins including Airservices Australia; Elders; Downies Collectables; Hearing Australia and a whole of government volume sourcing agreement with the Australian government. It also secured a deal with Malaysian auto manufacturer Proton. 

2020 also saw Rimini Street launch the global availability of its Support for SAP S/4HANA extending its support service licenses and announced Artificial Intelligence Support Applications as part of its continued investment in optimising support processes and service delivery outcomes at scale, globally. 


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Rimini Street

Events

Show Comments