Rimini Street, Inc.

What they do

Rimini Street replaces software vendor annual support with its own third-party support for Oracle, SAP, VMware and other products, generally guaranteed for up to 15 years and including support for customizations. It also sells managed services for Workday, Dayforce and ServiceNow, plus security, interoperability, observability and consulting offerings. The company frames these under its 'Rimini Smart Path' model of Support, Optimize and Innovate, including Rimini Agentic UX launched in December 2025 with ServiceNow.

Revenue drivers

• Rimini Support — Third-party support for Oracle, SAP, VMware and other enterprise software; the core offering and the largest contributor to subscription revenue, which was $103.2 million, or 92.9% of total revenue, in Q2 2026.
• Subscription revenue overall — Recurring support and managed services billed as subscriptions; $103.2 million in Q2 2026 versus $98.5 million a year earlier, with Annualized Recurring Revenue of $412.8 million.
• Managed services — Managed services for Workday, Dayforce and ServiceNow, part of the expanded Solutions Portfolio beyond core support; no separate revenue figure was disclosed in the excerpts.
• AI and adjacent solutions — Rimini Agentic UX (launched December 2025 with ServiceNow) and Rimini Govern for AI (launched July 2026), positioned as add-on innovation layers sold within existing IT budgets; no standalone revenue disclosed.

Recent performance

Second quarter 2026 revenue was $111.1 million, up 6.7% year over year, or up 10.0% on an adjusted basis excluding PeopleSoft. Subscription revenue was $103.2 million, 92.9% of total, and Annualized Recurring Revenue was $412.8 million while Adjusted ARR was $401.1 million, up 8.1%. Active clients rose 2.4% to 3,132, and Remaining Performance Obligations were $636.9 million, up 8.0%. Revenue retention was 90% for the trailing twelve months. Calculated billings fell 8.8% to $100.9 million, and management noted prior-year comparisons were affected by a litigation settlement benefit recognized in Q2 2025.

Strategy

Management is executing the Rimini Smart Path — Support, Optimize, Innovate — to move clients from core third-party support into higher-value managed services, security, interoperability, observability and consulting. It is investing in sales capacity, product innovation and AI offerings such as Rimini Agentic UX and Rimini Govern for AI, which it markets as innovation funded within existing IT budgets without ERP upgrades or migrations. The company continues to prepay debt while holding cash, and completed a wind-down of Oracle PeopleSoft support services as required by the July 2025 Settlement Agreement with Oracle-related parties, to be finished by July 31, 2028.

Risks

• Revenue decline and growth risk — Annual revenue fell from $431.5 million in 2023 to $428.8 million in 2024 and $421.5 million in 2025, and the company states that if revenue continues to decline or fails to grow enough to offset growth-related expenses, it may not maintain profitability.
• Oracle PeopleSoft wind-down — The July 2025 Settlement Agreement requires Rimini to complete a wind-down of Oracle PeopleSoft support by July 31, 2028, and the company expects associated future revenue loss and costs.
• Competition and pricing pressure — The company states it faces significant competition for each component of its Solutions Portfolio and may need to change its pricing models to compete successfully.
• Balance sheet and debt — At June 30, 2026 total liabilities of $400.9 million exceeded total assets of $384.3 million, producing shareholder equity of negative $16.7 million, with $46.6 million of long-term debt and a credit facility subject to financial and operational covenants.

Outlook

Management points to four consecutive quarters of improved growth metrics, expanding contracted revenue visibility and disciplined balance sheet management, and said it continues to deliver profitability and growth while investing in sales, product innovation and AI services. It has not provided a specific numeric revenue or earnings guidance figure in the excerpts provided.