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Friday 10 August 2018

Q2: some adjustments but Rimini Street has places to go

logoIn some ways third party support provider Rimini Street is just getting started. Having begun with Oracle and SAP implementation support it has gradually been expanding the portfolio. It has added selected IBM and Microsoft products and in Q2 extended support offerings to Salesforce Sales and Service Clouds. Having previously provided additional Rimini Street extension services around database security it has just added mobility and analytics. With its merger-enabled public listing in late 2017 it is into its next phase of development, additionally boosted by the refinancing of its debt structure that completed in July.

Q2 (to 30 June 2018) continued its growth streak with revenue up 20% to $62.6m but the rate of growth has been moderating – from 41% in the year ago quarter to 22% in Q1. The company has a plan to address that – the funds freed up through the refinancing will be used for sales and marketing and to increase service delivery capacity and capability. Positive results are expected in 2019 but the company has also raised 2018 revenue guidance to $240m-$250m.

Net loss was largely consistent at $25.4m but the $6m operating loss contrasted with operating income of $7.5m in the year ago quarter, due to legal costs and increased sales and marketing.

Customer numbers continue to increase (up 21% to 1622 in Q2) and with support for more vendors’ products its addressable market is growing. Updated accreditation for the UK government's procurement system and selection as a third-party support provider under the Technology Services 2 (TS2) Framework for IT support procurement can only enhance its credibility. There are some adjustments to be made within Rimini Street but it has places to go and appears to have the means to get there. 

Posted by Angela Eager at '09:39' - Tagged: results   software   ApplicationServices  

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