Rimini Street revenues on the up
Rimini Street has achieved record first quarter results, with the company reaching $78m in quarterly revenue – an increase of 18.5 percent compared to $65.9m for the 2019 first quarter. It also generated $26.3m of operating cash flow and strengthened the balance sheet with total cash of $58m at quarter end.
Seth A. Ravin, Rimini Street co-founder and CEO, said: “Prior to the pandemic, we were making investments to meet increasing global demand for our expanded product and service portfolio. This increased demand was reflected in our previously issued – and today re-affirmed – 2020 guidance for accelerated year on year revenue growth.
“We are now accelerating those investments to service additional opportunities resulting from the global economic slowdown. We remain committed to the long-term goals of improving free cash flow and growing GAAP profitability.”