Rimini Street raises $125m to up its software support fight against Oracle and SAP
Oracle and SAP third party support provider Rimini Street has closed a new $125 million financing round that will be used to “accelerate the company’s next phase of global growth” and “product portfolio expansion”.
The new financing round was led by Colbeck and includes a syndicate of lenders. Rimini Street says it has over 1,400 clients, including more than 130 Fortune 500 and Global 100 organisations.
In January 2016, Rimini Street claimed it had “saved” Oracle and SAP clients more than $1 billion in total maintenance costs since the company’s inception ten years ago.
“We have been watching Rimini Street lead a very large, multi-billion dollar global market opportunity for independent enterprise software maintenance with its vision, industry leadership, and impressive execution and growth,” said Jason Colodne, managing partner, Colbeck.
“Rimini Street delivers an extremely high value service with a strong, unparalleled reputation for quality support, deliverables and client satisfaction. This new financing package will help the company more fully capitalise on the accelerating demand for their enterprise software support solutions around the world.”
Seth Ravin, chief executive offer, Rimini Street, said: “As organisations around the world switch from vendor support to Rimini Street support at a rapidly growing rate, we are increasing our investments in the service programmes that will help our clients fully realise the value of their SAP and Oracle enterprise software spend.”