Rimini Street Expands Investment and Operations in Eastern Europe
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced it has further expanded its operations in Eastern Europe to address the increasing demand for the Company’s award-winning, ultra-responsive support services in the region.
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Rimini Street Expands Investment and Operations in Eastern Europe (Photo: Business Wire)
Strong and Growing Demand in Eastern Europe
Rimini Street began selling in Russia in 2018, and recently expanded its client base there with new premier domestic clients like Bank Zenit and Ingosstrakh. The Company also recently launched sales in Poland, building on its growing presence in the region, and today, supports 86 organizations with operations in Eastern Europe. The Company has also hired new staff, including experienced local language engineers, to support the next phase of growth in this region.
Enabling a Business-Driven IT Roadmap
Around the world, CIOs are challenged with doing more with less, and are increasingly tasked by the CEO to support growth of the organization through innovation and digital transformation. However, according to industry analysts, as much as 90% of IT budgets are directed to daily IT operations, leaving as little as 10% for investment in strategic initiatives that help the company grow and maintain its competitive edge. In Russia specifically, while digital ambitions are high, 70% of Russian CIOs have not matured digital past the initiating phase1, indicating that lack of time, money and resource could be a contributing factor.
CIOs need to find more capacity in their IT roadmaps to fund and complete business transformation initiatives, but are often at the mercy of vendor-dictated roadmaps of mandatory upgrade cycles, forced migrations, and expensive recurring costs associated with maintaining their core enterprise system. Switching from software vendor support to Rimini Street support can significantly reduce the proportion of IT budget that is spent on daily operating costs, allowing much more budget to be invested for innovation, competitive advantage and growth. This shift allows the CIO to take back control of their IT roadmap and assure it is driven by the businesses’ needs going forward, rather than dictated by the software vendor.
“We established and are growing our presence in Eastern Europe to meet the strong and growing demand for better support options in the region for SAP and Oracle software,” said Jack Oster, general manager, Israel & Eastern Europe, Rimini Street. “The opportunity for Rimini Street’s unique support model and services is high across the region as CIOs struggle with the need to optimize service and costs across their IT landscape and expand their ability to deliver innovation to the business. They are looking for a more value-driven, flexible approach that doesn’t lock them in to one vendor and puts them back in control of their enterprise software roadmap.”
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company has redefined enterprise software support services since 2005 with an innovative, award-winning program that enables licensees of IBM, Microsoft, Oracle, Salesforce, SAP and other enterprise software vendors to save up to 90 percent on total maintenance costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,800 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries currently rely on Rimini Street as their trusted, third-party support provider. To learn more, please visit http://www.riministreet.com/, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (C-RMNI)
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; the final amount and timing of any refunds from Oracle related to our litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the success of our recently introduced products and services, including Rimini Street Mobility, Rimini Street Analytics, Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to products and services we expect to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those discussed under the heading “Risk Factors” in Rimini Street’s Annual Report on Form 10-K filed on March 14, 2019, and as updated from time to time by Rimini Street’s future Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.
© 2019 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.
1 Gartner: “2018 CIO Agenda: A Russia Perspective,” May 28, 2018
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