Company establishes new subsidiary, opens new office in Dubai and hires staff to support nearly 100 clients and increasing demand for its award-winning support services in the region
LAS VEGAS-Thursday 11 July 2019 [ AETOS Wire ]
(BUSINESS WIRE)-- 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 is significantly strengthening its investment in and commitment to the Middle East by establishing Rimini Street FZ–LLC, opening a new office in Dubai and hiring local staff. The Company’s increased investment is in response to its growing client base with operations in the Middle East and accelerating local demand for its portfolio of award-winning, ultra-responsive enterprise software support services.
Rimini Street Strengthens Middle East Commitment and Capabilities
Rimini Street has been present in the Middle East for over five years supporting nearly 100 organizations with operations in the region, including clients in the Gulf and Saudi Arabia. Rimini Street plans to add staff to market, sell and service clients in local language. The new Dubai office will provide clients with more comprehensive support services compared to standard vendor maintenance including support for customizations, interoperability and performance tuning. All Rimini Street clients are assigned a Primary Support Engineer (PSE) with deep experience in the clients’ software system, and who is backed by a team of experts 24/7/365. Clients also benefit from the Company’s industry-leading service level agreement, guaranteeing a 15-minutes response time for critical issues.
Middle East Need for Cost Optimization and Digital Transformation
By moving away from the vendor to Rimini Street support, organizations in the Middle East, and around the world, are able to immediately reduce their total cost of ownership on enterprise software support by up to 90% and reinvest the savings into innovation needed to drive competitive advantage and growth. Rimini Street clients are guaranteed a minimum of 15 years on their current production releases, from the time they switch to Rimini Street, without forced, unnecessary upgrades and migrations.
Earlier this year John Lovelock, research vice president and distinguished analyst at Gartner, explained the challenges facing organizations in the region: “Most organizations in the MENA region are paying off years of technology deficits, and implementing software systems that standardize and automate existing business processes…Only a few leading local organizations are overcoming technology hurdles, and moving more quickly toward artificial intelligence and digital business systems, and participation in digital business ecosystems.”1
“We are pleased to continue our expansion and increased investment across the Middle East,” said Mark Armstrong, general manager, Europe, Middle East & Africa, Rimini Street. “While Oracle and SAP are pushing their support customers on an expensive path to mandatory upgrades and updates that may deliver low return on investment compared to other innovation investments needed for competitive advantage and growth, our support clients want to extract as much value and leverage as possible from their significant existing enterprise software investments. Switching to Rimini Street support gives our clients significant cost savings, a more robust and responsive service model, and the ability to fund innovation and their digital transformation efforts.”
1 Gartner, Inc. “Gartner Says Middle East and North Africa IT Spending to Reach $160 Billion in 2019,” John Lovelock. March 4, 2019.
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 1,850 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. (IR-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 Quarterly Report on Form 10-Q filed on May 9, 2019, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, 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.
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