Rimini Street Inc
NASDAQ:RMNI
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Rimini Street Inc
NASDAQ:RMNI
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US |
Rimini Street Inc
Rimini Street helps companies keep using big enterprise software systems without buying support from the original software maker. Its main service is third-party maintenance and support for products from Oracle, SAP, and other large software vendors. Customers use Rimini Street when they want expert help, bug fixes, security support, and regulatory updates for software they already own. The company makes money by charging subscription-style fees for these support contracts and related services. Its main customers are businesses and public-sector organizations that run expensive back-office software for finance, HR, supply chain, and databases. Rimini Street also helps clients extend the life of older software systems, which can delay or avoid costly upgrades. What makes the business different is that it sits outside the original software vendor’s support model. Instead of selling new software licenses, it sells independent support for software that is already installed. That puts it in a niche part of the enterprise IT market where the customer goal is usually lower cost, longer system life, and more control over when to upgrade.
Rimini Street helps companies keep using big enterprise software systems without buying support from the original software maker. Its main service is third-party maintenance and support for products from Oracle, SAP, and other large software vendors. Customers use Rimini Street when they want expert help, bug fixes, security support, and regulatory updates for software they already own.
The company makes money by charging subscription-style fees for these support contracts and related services. Its main customers are businesses and public-sector organizations that run expensive back-office software for finance, HR, supply chain, and databases. Rimini Street also helps clients extend the life of older software systems, which can delay or avoid costly upgrades.
What makes the business different is that it sits outside the original software vendor’s support model. Instead of selling new software licenses, it sells independent support for software that is already installed. That puts it in a niche part of the enterprise IT market where the customer goal is usually lower cost, longer system life, and more control over when to upgrade.
Return to growth: Rimini Street said Q1 marked a return to top-line growth, with revenue up 1.2% year over year despite the drag from the PeopleSoft wind-down.
Bookings momentum: Billings rose 19.9% and the company signed 11 new client transactions over $1 million in TCV, totaling $33 million, up from 5 deals totaling $5.6 million a year ago.
Margin pressure: Gross margin and adjusted EBITDA fell year over year because of earlier-than-planned investments, including sales, federal, PE, and AI-related spending.
AI strategy: Management framed Rimini Street as both a software support company and an Agentic AI ERP company, saying the new AI vision is helping win larger, longer-term contracts.
Outlook held: The company kept full-year 2026 guidance unchanged and gave Q2 revenue guidance of $106 million to $108 million.
Balance sheet strength: Rimini Street ended the quarter with net cash of $73.8 million after making $10 million of voluntary debt paydowns.
