New position announced as the company's first quarter results show high rate of growth.
Rimini Street, Inc., a third-party maintenance and support provider for enterprise software, including Oracle Corp.'s Siebel, PeopleSoft, JD Edwards and E-Business Suite software, and SAP AG software, has announced the appointment of Sebastian Grady, a 25-year veteran of the enterprise software industry, to the newly created position of president and COO.
As part of the company’s business plan, Seth Ravin, Rimini Street’s president and CEO since the company’s founding in 2005, created the new president and COO position in order to support the company’s expanded leadership needs for the next phase of rapid global growth. The president and COO will be responsible for driving and executing Rimini Street’s global growth and operating plan.
Grady brings more than two decades of enterprise software sales, service and leadership experience to Rimini Street, with extensive experience in the enterprise software maintenance business. Most recently, Grady spent more than six years as president and COO of two leading enterprise software companies, Saba Software and Altus Corp., where he was responsible for driving rapid revenue growth of 300 percent and 500 percent at each company, respectively. Grady provided global enterprise solutions for dozens of clients including Oracle, SAP, Cisco, GM, IBM and Symantec.
Prior to Saba and Altus, Grady held several executive positions at PeopleSoft Software, Inc., including vice president of global customer service, vice president of global support, and most recently vice president and general manager of the $600 million dollar Customer Sales division which included global annual support sales and telesales operations. Under Grady’s direction, the Customer Sales division became PeopleSoft’s largest and fastest-growing business unit.
“Sebastian is a proven leader who has delivered high growth through solid strategy and execution, and he also has considerable experience in selling and delivering enterprise software maintenance and services to organizations around the world,” said Ravin. “Sebastian will drive Rimini Street’s aggressive global growth plan and assure our clients continue enjoying the most innovative, responsive and value-driven enterprise software support services in the industry. With record 2010 results and the largest sales pipelines in the company’s history, Rimini Street is well-positioned to continue achieving its global growth plan in 2011 and beyond.”
“Rimini Street has developed and delivered innovative, ultra-responsive enterprise software support solutions that have already been selected by more than 400 global, Fortune 500, midmarket and public sector organizations,” said Grady. “Rimini Street is now moving forward with its next phase of global growth that will include new and expanded service offerings. I am delighted to join the company at this exciting time, and I look forward to building on our momentum to deliver strong company growth and continued world-class service to a fast-expanding global client base.”
First Quarter 2011 Results
Meanwhile, Rimini Street reported record first quarter 2011 results during which time it achieved the highest quarterly revenue ever and near 100 percent year-over-year growth. The company announced results for its fiscal first quarter ended March 31, 2011. Highlights of the Company’s first quarter results include the highest quarterly revenue in the company’s history and growth of nearly 100 percent in year-over-year quarterly sales bookings compared to the first quarter of 2010. The company’s fiscal first quarter results also include a record high sales bookings backlog of $238 million dollars and strong client renewal rates.
Strong Sales Momentum, Client Retention
The company over-achieved both its new client contract sales target, completing 23 transactions, and its client renewal target in the first quarter. Rimini Street closed new client transactions in each of its Oracle and SAP product lines, and delivered more than $30 million in sales bookings for the quarter. Sales bookings were the most ever for any Q1, at nearly a 100 percent increase on a year-over-year basis, with an average contract term of more than 11 years. First quarter revenue was more than $7.5 million, a new company quarterly revenue record.
The company has signed more than 400 total clients, including 38 of the Fortune 500 and 11 of the Global 100. The company currently supports client operations in more than 60 countries, with the capability of supporting clients in nearly 200 countries. The company has approximately 180 employees in North America, Europe and the Asia-Pacific regions.
Other notable Rimini Street achievements in Q1 include:
- Resolved over a thousand client support cases and continued to outperform Rimini Street’s guaranteed SLA response time of 30 minutes or less, with an average response time of 3.5 minutes from a senior engineer
- Delivered thousands of tax, legal and regulatory updates to clients ahead of the software vendor’s planned release date for similar updates
- Featured at several key investor events, including the 13th Annual Needham Growth Conference in New York, and hosted on equity investor tours in Boston and Chicago by leading investment banks, including Deutsche Bank and UBS
- Appointed 25-year software industry veteran Sebastian Grady to newly created position of president and COO
Company Reconfirms Guidance for a Strong 2011
"Rimini Street continues to successfully execute to its global business plan as evidenced by our very strong first quarter 2011 results," said Ravin. "We are well-positioned to achieve or exceed our plan for the remainder of 2011 with the largest sales pipeline in the company’s history and a highly experienced senior management team in place. We recognize that our success is a direct result of our clients’ success with Rimini Street services and we maintain our focus on delivering the best support value and most innovative services in the enterprise software industry."
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