Software firm Rimini on-track of $1B revenue target

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 results for the first quarter ended March 31.

"For the first quarter, we remain on track to achieve our strategic growth plan to achieve $1 billion in annual revenue by 2026. We achieved record revenue of $87.9 million, up 12.6 percent year over year, a record active client count of 2,550, up 22.8 percent year over year, ended the quarter with strong billings growth of 24.2 percent and delivered a gross margin greater than 61 percent," stated Seth Ravin, Rimini Street co-founder, CEO and chairman of the board. "We also continued making investments to take advantage of growing global demand for Rimini Street's expanded breadth of support solutions, including our Support, Application Management, Security, Interoperability, Monitoring and Professional services."