Rimini Street revenue climbs to US$326M
- 04 March, 2021 14:15
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.