Rimini Street CEO Visits Seoul, Addresses Changing IT Mission

Company significantly expands client base and investment in Korea, enables Korean CIOs to take control of their ERP roadmap

SEOUL, Korea, March 20, 2019 – 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, is committed to helping South Korean companies reduce ongoing IT operating costs and freeing up significant IT budget to invest in innovation, competitive advantage and growth, co-founder and CEO Seth A. Ravin explained during a press conference in Seoul. Mr. Ravin also highlighted continued strong and growing demand in Korea for the Company’s award-winning, ultra-responsive enterprise software support model, which is disrupting the $160 billion enterprise software maintenance market worldwide. As the 4th largest economy in Asia, and the 11th largest in the world, South Korea represents a large market opportunity for the Company.

Rimini Street is the leading third-party enterprise software support provider for Korean headquartered companies. The Company continues to increase its investment in Korean staff and capabilities, supports many global organizations with operations in South Korea, and supports a fast-growing list of well-known domestic Korean headquartered clients, including Seoul Semiconductor, CJOlivenetworks, LSIS, iMarketKorea, Jusung Engineering, SIFLEX, EC21, Kolon BENIT and Jeju Air.

A Changing IT Mission

During the presentation, Mr. Ravin highlighted key dynamics affecting CIOs today, which in turn are creating significant market opportunity for Rimini Street – both in Korea and around the globe. The first aspect is the shifting priority for CEOs. While cost efficiencies are still critical, growth has become the CEO’s top priority and many CEOs see technology investment as the key enabler of this growth. This mirrors findings in a recent report – “2018 CIO Agenda: A South Korea Perspective” – which states that for South Korean CIOs, growth/market share was most commonly cited as the top business objective for their organization, followed by innovation, R&D, and new products/services.[1] In order to remain relevant in an environment where business demands are accelerating every day, the CIO’s charter is to become a change agent, heading up initiatives that provide competitive advantage and support growth. They must also quickly transition their IT teams from a reactive, tactical cost center, to enablers of digital transformation.

Mr. Ravin further explained that lack of resources – time, money and labor – is one of the biggest constraints facing CIOs. Today, as much as 90% of the overall IT budget is spent on ongoing operations and enhancements, including the maintenance of back-office ERP systems. “This leaves many organizations with just 10% of their IT budget to invest in innovation that supports competitive advantage and growth. CIO’s need to find capacity in their IT roadmaps to fund and complete business transformation initiatives,” noted Mr. Ravin.

A second major challenge facing the CIO is the lack of flexibility they have in developing a best-in-class, agile technology strategy while they are currently locked into their enterprise software vendors’ roadmap. CIOs are at the mercy of vendor-dictated roadmaps which include mandatory upgrade cycles, forced migration and lock-in to immature, unproven technologies, and expensive recurring costs associated with maintaining systems. The notion of being locked in to a single vendor’s roadmap is no longer financially viable for their business. “Every aspect of their roadmap must be optimized and designed for flexibility and future change, which is not possible as long as they are on a vendor-dictated roadmap – and this is where Rimini Street can provide great strategic and economic value to clients,” Mr. Ravin said.

Powering Client’s Business-Driven Roadmaps

Rimini Street accelerates the ability for clients to adopt a business-driven strategy by freeing up significant budget – up to 90% of their annual support costs – and resources they currently have dedicated to their enterprise software landscape. When clients switch to Rimini Street, they are liberated from the vendors mandated roadmap of updates, upgrades and migrations – all of which cost time, money and resources – and they can take control of their IT destiny.

“By switching to Rimini Street, Seoul Semiconductor has been able to save on our SAP annual maintenance costs by more than 50%, and increase the efficiency of our internal resources,” said Myungki Hong, vice president, Seoul Semiconductor. “Seoul Semiconductor has succeeded in taking the first step in implementing innovative IT projects for the business. Without vendor lock-in, we are now able to drive our own business-driven IT roadmap, enabled by the premium-level support and partnership approach we receive from Rimini Street.”

“The Company has helped over 2,700 clients to date collectively save over $3 billion in total support costs. In doing so, we have enabled our clients to fund projects that drive innovation, competitive advantage and growth,” said Mr. Ravin.

South Korea Opportunity and Global Expansion

Rimini Street opened its local office in Seoul’s Gangnam District in August 2016, and continues to expand its local marketing, sales, operations and experienced engineering staff to serve its growing list of Korean clients from its operations in Korea, in local language.  Rimini Street Korea is led by country manager, Hyungwook Kim. Mr. Kim is a seasoned Oracle and SAP sales leader.

“Rimini Street established its presence in Korea due to strong local demand for an alternative approach to paying high SAP and Oracle support costs for their enterprise systems, and a desire to avoid required, low-value, expensive and unwanted vendor upgrades just to obtain software support. South Korean CIOs, like their counterparts around the world, are looking for trusted technology partners to help them navigate this challenge and identify ways to optimize their current software investments while creating a long-term business-driven roadmap to support company growth,” Mr. Kim said.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is 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. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 3,500 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit https://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the duration of and economic, operational and financial impacts on Rimini Street’s business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt Rimini Street’s business or that of its current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; Rimini Street’s need and ability to raise additional equity or debt financing on favorable terms and Rimini Street’s ability to generate cash flows from operations to help fund increased investment in Rimini Street’s growth initiatives; the sufficiency of Rimini Street’s cash and cash equivalents to meet its liquidity requirements; the terms and impact of Rimini Street’s outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of Rimini Street’s recently introduced products and services, including its Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services Rimini Street expects to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those risks discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 5, 2020 and as updated from time to time by other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2020 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

Investor relations contact:

Dean Pohl

Rimini Street, Inc.

+1 925-523-7636 dpohl@riministreet.com
Media relations contact:

Janet Ravin

Rimini Street, Inc.

+1 702-285-3532 pr@riministreet.com