Here are 1-2 brief analogies to describe Rimini Street:

• The 'independent garage' for your company's critical SAP and Oracle enterprise software systems.
• The 'Geico' for enterprise software support, offering a lower-cost, more flexible alternative to traditional vendor maintenance plans.

• Third-Party Support for Enterprise Software: Rimini Street provides comprehensive, high-quality, and cost-effective annual support for various enterprise software systems (e.g., Oracle, SAP, Microsoft) as an alternative to the software vendor's own support.
• Application Management Services (AMS): These services manage the day-to-day operations, optimization, and functional and technical support for enterprise applications, often complementing their third-party support.
• Rimini Protect™ (Advanced Security Services): This offering delivers proactive and predictive security services specifically tailored to protect and enhance the security posture of their supported enterprise applications.
• Rimini Watch™ (Monitoring & Observability): An AI-powered service providing 24/7 monitoring and deep observability for mission-critical enterprise systems to predict and prevent potential issues.

Rimini Street (RMNI) primarily sells its enterprise software support and maintenance services to other companies.

According to their latest public filings (e.g., their 10-K), Rimini Street does not have any single customer that accounts for 10% or more of its total revenue. This indicates a highly diversified customer base, meaning they do not rely on a few major clients.

While specific major customer names are not disclosed due to this diversification, their customer base consists of large and mid-sized enterprises across a broad range of industries, including:

• Manufacturing
• Retail
• Finance
• Utilities
• Telecommunications
• Government
• Healthcare
• Higher Education
• Technology

• Amazon.com, Inc. (NASDAQ: AMZN)

Seth A. Ravin, CEO, President & Chairman of the Board

Seth A. Ravin is the founder of Rimini Street, launching the company in September 2005 with a mission to redefine enterprise software support, and has served as Chief Executive Officer and Chairman of the Board since then. He is credited with pioneering the independent enterprise software support industry. Before founding Rimini Street, Mr. Ravin held various executive roles at PeopleSoft, Inc. (acquired by Oracle), including vice president of the customer sales division, corporate director of customer services and programs, and corporate manager of upgrades and installations. He also served as President and a board director at TomorrowNow, Inc. (acquired by SAP) and as Vice President of Inside Sales for Saba Software, Inc.

Michael L. Perica, EVP & Chief Financial Officer

Michael L. Perica serves as Rimini Street's EVP & Chief Financial Officer, overseeing the company's financial strategy, operations, and capital markets activities. Prior to joining Rimini Street, Mr. Perica was CFO of the $1.4 billion Energy Systems Global business unit at EnerSys (NYSE: ENS). He joined EnerSys following its $750 million acquisition of Alpha Technologies, where he served as CFO and led the sell-side process for Alpha Technologies, a provider of power conversion equipment, services, and software. His previous experience also includes serving as CFO of Channell Commercial Corporation and 12 years in capital markets at various Wall Street investment banks, culminating as Senior Vice President and Head of Research at Brean Murray, Carret & Co. (now Brean Capital).

Vijay Kumar, EVP & Chief Operating Officer

Vijay Kumar is the EVP & Chief Operating Officer at Rimini Street, responsible for leading product management, service strategy, and offerings, and overseeing the company's Global Capability Centers. He also focuses on driving operational efficiency, scaling the business to increase profitability, and accelerating top-line revenue growth. Mr. Kumar brings over 25 years of experience in building and scaling go-to-market, post-sales, services, and product organizations, with expertise across enterprise software, SaaS, product management, professional services, and global support, including B2B, B2C, and AI platforms. Before Rimini Street, he was Senior Vice President at Genesys Cloud.

David Rowe, EVP & Chief Marketing Officer

David Rowe serves as EVP & Chief Marketing Officer at Rimini Street, where he is responsible for the company's global marketing strategy and execution. He also spearheads initiatives to reinvent, transform, and scale Rimini Street's business towards billion-dollar revenue operations. Mr. Rowe is an experienced executive leader with more than 30 years in the enterprise software industry, known for formulating, building, and marketing technology solutions for both large international software firms and high-growth technology start-ups. He was also previously listed as EVP of Global Transformation.

Eric Helmer, EVP & Global Chief Technology Officer

Eric Helmer holds the position of EVP & Global Chief Technology Officer at Rimini Street. In this role, he is responsible for driving the company's technology strategy and ensuring that IT initiatives align with business goals. His responsibilities include overseeing the development and implementation of innovative solutions aimed at enhancing operational efficiency and customer satisfaction.

The key risks to Rimini Street's business operations and financial performance include the ongoing impact of its litigation and settlement with Oracle, challenges related to revenue decline and achieving consistent growth, and intense competition within the enterprise software support market.

1. Ongoing Impact of Litigation and Settlement with Oracle: Rimini Street has been involved in a prolonged legal battle with Oracle, which has significantly shaped its business. While a settlement has been reached, requiring Rimini Street to wind down its PeopleSoft support operations by July 2028, this transition is expected to lead to significant reductions in Oracle PeopleSoft-related revenue, potentially impacting overall revenue by 6-8%. Despite the settlement providing some financial relief and operational clarity, the phased exit from PeopleSoft support introduces near-term revenue risks.
2. Revenue Decline and Challenges in Achieving Consistent Growth: Rimini Street has experienced recent revenue dips, including a decline from $107.5 million to $104.7 million in a recent period, suggesting potential financial instability. The company's ability to achieve and maintain profitability is dependent on effectively managing growth strategies, which encompass pricing, market expansion, and product development. Furthermore, the reported revenue retention rate of 88% for Q1 2025 is lower than the mid-90s typically aimed for by subscription-heavy enterprise software vendors, indicating a challenge in retaining customers.
3. Intense Competition: Rimini Street operates in a competitive market, facing challenges from original equipment manufacturers (OEMs) like Oracle and SAP, who offer their proprietary support services. The company also competes with various other third-party support providers and consulting firms. The dynamic nature of this competition, influenced by technological advancements and evolving market trends, requires Rimini Street to strategically navigate this environment to ensure its long-term success.

The accelerating enterprise-wide shift from on-premise legacy enterprise software to cloud-native SaaS platforms. Rimini Street's primary value proposition traditionally lies in extending the life and providing cost-effective support for on-premise versions of software like Oracle EBS or SAP ECC. As companies increasingly adopt pure SaaS solutions (e.g., Workday, Salesforce, Oracle Fusion Cloud, SAP S/4HANA Cloud), the need for third-party support for the underlying infrastructure and customization of an on-premise installation diminishes or disappears entirely, as the SaaS vendor provides integrated support and updates. While Rimini Street is diversifying its offerings to include cloud support and managed services, a significant and rapid contraction of the traditional on-premise market due to accelerated cloud migration could challenge their core business model and growth trajectory.

Rimini Street (RMNI) operates in two primary addressable markets: third-party enterprise software support and application management services (AMS).

For its application management services (AMS), the global market is approximately $82 billion and is projected to grow by over 5% annually. This market size pertains to worldwide operations.

Rimini Street is also recognized as a leading global independent provider of third-party enterprise software support for platforms such as Oracle, SAP, and VMware. While a specific total addressable market size for third-party support was not explicitly provided, Rimini Street pioneered this market in 2005, primarily offering support for Oracle systems and expanding to include SAP, Salesforce, and AWS. This service allows clients to significantly reduce software support costs, potentially up to 90%.

1. Expansion of Product and Service Offerings: Rimini Street is actively expanding its portfolio beyond its traditional Oracle and SAP third-party support. This includes growth in VMware support contracts, new offerings like Rimini Custom™, and the launch of innovative Agentic AI ERP solutions, often in partnership with companies like ServiceNow. These expanded services aim to broaden market appeal and enhance service delivery, attracting new clients and increasing revenue diversification.
2. Growth in Customer Acquisition and Contract Value: The company continues to focus on signing new client sales transactions and increasing the total contract value (TCV) of these agreements. This is demonstrated by an increase in TCV for new client sales and a record remaining performance obligation (RPO) backlog, which indicates strong future revenue potential from existing and new contracts.
3. Leveraging Direct and Indirect Sales Channels and International Expansion: Rimini Street is investing in the expansion and maturation of both its direct sales force and indirect channel partnerships. These initiatives aim to provide expanded sales reach and leverage, particularly through alliances and channel programs globally. The company also plans to continue expanding its sales leadership in international regions.
4. Entry into the U.S. Federal Government Market: Rimini Street has secured a GSA Multiple Award Schedule (MAS) contract, providing access to the substantial U.S. federal IT modernization market. This strategic move is expected to be a significant catalyst for revenue growth, allowing federal agencies to leverage Rimini Street's cost-effective support for Oracle, SAP, and VMware software.
5. Resolution of Oracle Litigation: The resolution of a long-standing litigation with Oracle has eliminated a significant overhang, which is expected to unlock new market segments and accelerate Rimini Street's sales pipeline.

Share Repurchases

• Rimini Street's Board of Directors authorized a common stock repurchase plan of up to $50.0 million, with $40.4 million remaining available as of September 11, 2025.
• In September 2025, the company repurchased 891,000 shares of common stock for approximately $3.8 million.
• During 2022, Rimini Street repurchased $4.7 million of its common stock. The company initiated a common stock repurchase plan of up to $15 million in Q1 2022 and completed $3.2 million of repurchases during that quarter.

Share Issuance

• In August 2020, Rimini Street completed an underwritten public offering of 6,100,000 shares of common stock, generating gross proceeds of approximately $27.5 million and net proceeds of approximately $25.1 million. These net proceeds were intended for working capital and other general corporate purposes.