Rimini Street’s incoming senior vice president and CFO, Thomas Sabol, joins the SAP enterprise software support services provider following a banner year, with record-breaking revenue results and 44 consecutive quarters of growth. His 30 year track record with high-tech public companies is expected to take the company into its next phase of high-paced growth.
The company set several revenue records, reporting revenue of $161 million, up 36 per cent over a year earlier, full year annualised subscription revenue of $188 million, up 42 per cent over the previous year and deferred revenue of $164 million, up 53 per cent year over year.
“Our fiscal 2016 fourth quarter and full fiscal year results demonstrate a continued growing global demand for Rimini Street’s award-winning support services and a solid execution against our global business plan,” said Seth Ravin, CEO, Rimini Street.
In addition to record revenue growth, the company added support for SAP HANA Database to its existing support for SAP Business Suite and SAP Business Objects, while expanding its operations around the world, launching local operations in Seoul and increasing its workforce by 30 per cent. The company completed a record number of new client transactions worldwide in both the fourth quarter and for the full fiscal year, increasing its total signed clients to 1763, up 39 per cent from a year earlier and increasing billings for the full fiscal year to $218 million, up 56 per cent year over year.
Sabol’s most recent position as a management consultant providing M&A, CFO support and strategic planning assistance to several companies, followed successful CFO terms at Comverse (now Xura), Hypercom and Plexus Corp after beginning his career with Coopers & Lybrand. Sobal replaces the company’s previous CFO, Doug Zorn, who retired at the end of 2016.
“Rimini Street is a well-run, fast-growing company with a disruptive business model that has redefined the enterprise software support market – a model that greatly appeals to organisations of all sizes and industries around the world,” said Sabol.