Rimini Street goes for growth

Rimini Street has announced results for Q3 ending 30 September 2021, showing revenue of $95.6m, up 15.9 percent year-on-year.  

Subscription revenue accounted for 98.4 percent of total revenue. 

The company also saw quarterly billings of $73.7m, up 7.9 percent compared to last year. As of 30 September 2021, Rimini Street’s active clients totalled 2,793, a year-on-year increase of 18 percent. 

Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board, said: “For the third quarter, we achieved record revenue of $95.6m, up 15.9 percent year over year and at the high end of our guidance range and achieved a strong revenue retention rate of 93 percent, up from 92 percent last year, on subscription revenue. We see growing demand for Rimini Street’s expanding portfolio of enterprise software support solutions as we continue building and maturing our go to market capability to launch, sell and deliver our full solutions portfolio to new and existing clients globally and prepare the company for billion-dollar annual revenue operations by 2026.” 

Michael L. Perica, Rimini Street CFO, added: “For the third quarter, we delivered solid income statement and balance sheet results. We delivered a higher year over year gross margin, operating income and non-GAAP operating income and ended the quarter with more than $103m in cash.” 

 Rimini Street is guiding to a revenue range of $95.8m for Q4 2021, and narrowing its full year 2021 revenue guidance to be in the range of $371m to $372m.  

 

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