“Uptake of independent third-party support is increasing year over year,” report finds
LAS VEGAS -Tuesday 3 March 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- 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 that, according to a recent research note from Gartner, the third-party enterprise software support market is expected to grow from $351 million in 2019 to $1.05 billion by 2023 – a 200% increase.1 Rimini Street reported annualized recurring revenue of $274 million in its 2019 Q3 Earnings filed publicly on November 7, 2019.
Key Gartner Research Note Findings
According to the Gartner research note, “Compared with the first nine months of 2018, the first nine months of 2019 show a 50% increase in Gartner client inquiries related to third-party support” and “Gartner inquiry volumes suggest that SPVM leaders are now acknowledging third-party support as an established option.” 1
The Gartner research note1 goes on to list a number of key findings for CIOs and sourcing, procurement and vendor management (SVPM) leaders to consider as they look to adapt their approaches to control costs while enabling digital business growth. A few of these findings include:
“Each year, support costs for legacy software increase, while the benefits gained from that support decrease, leading to more organizations seeking lower-cost third-party support options.”
“More buyers are aware of the value-added offerings from third-party support providers, such as custom-code support, interoperability support, and global tax, regulatory and security services.”
“Uptake of independent third-party support is increasing year over year. The software vendors’ cloud-first fixation means that, for certain on-premises applications, third-party support may be the only alternative. As on-premises clients face a decreasing number of options, uptake of independent third-party support is expected to increase substantially.”
“Another key benefit of third-party support is that it allows customers to use the savings (of at least 50% in costs) to fund digital transformation projects that they were unable to achieve while stuck in an ever-increasing support cycle.”
Rimini Street Support Accelerates Innovation
Gartner’s research note includes several recommendations, including that SPVM leaders should “evaluate third-party support as an alternative to the vendor’s support in order to help fund future innovation. In parallel, analyze the software vendor’s support contract and policies to understand any restrictions on terminating support.” 1
Rimini Street clients have been achieving success following such a strategy. “By moving to Rimini Street, Welch’s was able to redeploy the cost savings from our enterprise software support, to multiple growth areas across the business including IT, marketing and product development,” said Dave Jackson, Welch’s CIO. “For example, as a result of our significant savings, we were able to hire a new security analyst and roll-out new security software. We were also able to invest in new marketing initiatives and develop new products to expand the company’s portfolio, such as Welch’s sparkling Rosé.”
“We believe this research note from Gartner further validates the increasing and widespread global leverage and use of third-party support to maximize ROI on current enterprise software investments and shift savings to fund accelerated innovation that drives competitive advantage and growth,” said David Rowe, senior vice president and chief marketing officer, Rimini Street. “To date, more than 3,100 clients with operations in 117 countries around the world, including 175 Fortune 500 and Global 100 organizations, have made the switch from vendor support to Rimini Street, and have saved more than $4 billion in total maintenance costs.”
Complimentary Report Access
Rimini Street is providing complimentary access to this new Gartner research note; for access, please click here.
Source: 1Gartner, “Predicts 2020: Negotiate Software and Cloud Contracts to Manage Marketplace Growth and Reduce Legacy Costs,” Jo Liversidge, Frances Karamouzis, et al., December 18, 2019.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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. More than 2,000 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries rely on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (C-RMNI)
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 forward-looking statements include, but are not limited to, statements regarding our expectations of future events, market size, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. 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, 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 (including our pending appeal of the permanent injunction) or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our 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 our recently introduced products and services, including our 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 we expect 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 discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 7, 2019, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200227005228/en/
Contacts
Michelle McGlocklin
Rimini Street, Inc.
+1 925 523-8414
mmcglocklin@riministreet.com
Permalink : https://www.aetoswire.com/news/third-party-software-support-market-predicted-by-gartner-to-triple-to-more-than-1-billion-by-2023/en
LAS VEGAS -Tuesday 3 March 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- 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 that, according to a recent research note from Gartner, the third-party enterprise software support market is expected to grow from $351 million in 2019 to $1.05 billion by 2023 – a 200% increase.1 Rimini Street reported annualized recurring revenue of $274 million in its 2019 Q3 Earnings filed publicly on November 7, 2019.
Key Gartner Research Note Findings
According to the Gartner research note, “Compared with the first nine months of 2018, the first nine months of 2019 show a 50% increase in Gartner client inquiries related to third-party support” and “Gartner inquiry volumes suggest that SPVM leaders are now acknowledging third-party support as an established option.” 1
The Gartner research note1 goes on to list a number of key findings for CIOs and sourcing, procurement and vendor management (SVPM) leaders to consider as they look to adapt their approaches to control costs while enabling digital business growth. A few of these findings include:
“Each year, support costs for legacy software increase, while the benefits gained from that support decrease, leading to more organizations seeking lower-cost third-party support options.”
“More buyers are aware of the value-added offerings from third-party support providers, such as custom-code support, interoperability support, and global tax, regulatory and security services.”
“Uptake of independent third-party support is increasing year over year. The software vendors’ cloud-first fixation means that, for certain on-premises applications, third-party support may be the only alternative. As on-premises clients face a decreasing number of options, uptake of independent third-party support is expected to increase substantially.”
“Another key benefit of third-party support is that it allows customers to use the savings (of at least 50% in costs) to fund digital transformation projects that they were unable to achieve while stuck in an ever-increasing support cycle.”
Rimini Street Support Accelerates Innovation
Gartner’s research note includes several recommendations, including that SPVM leaders should “evaluate third-party support as an alternative to the vendor’s support in order to help fund future innovation. In parallel, analyze the software vendor’s support contract and policies to understand any restrictions on terminating support.” 1
Rimini Street clients have been achieving success following such a strategy. “By moving to Rimini Street, Welch’s was able to redeploy the cost savings from our enterprise software support, to multiple growth areas across the business including IT, marketing and product development,” said Dave Jackson, Welch’s CIO. “For example, as a result of our significant savings, we were able to hire a new security analyst and roll-out new security software. We were also able to invest in new marketing initiatives and develop new products to expand the company’s portfolio, such as Welch’s sparkling Rosé.”
“We believe this research note from Gartner further validates the increasing and widespread global leverage and use of third-party support to maximize ROI on current enterprise software investments and shift savings to fund accelerated innovation that drives competitive advantage and growth,” said David Rowe, senior vice president and chief marketing officer, Rimini Street. “To date, more than 3,100 clients with operations in 117 countries around the world, including 175 Fortune 500 and Global 100 organizations, have made the switch from vendor support to Rimini Street, and have saved more than $4 billion in total maintenance costs.”
Complimentary Report Access
Rimini Street is providing complimentary access to this new Gartner research note; for access, please click here.
Source: 1Gartner, “Predicts 2020: Negotiate Software and Cloud Contracts to Manage Marketplace Growth and Reduce Legacy Costs,” Jo Liversidge, Frances Karamouzis, et al., December 18, 2019.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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. More than 2,000 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries rely on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (C-RMNI)
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 forward-looking statements include, but are not limited to, statements regarding our expectations of future events, market size, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. 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, 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 (including our pending appeal of the permanent injunction) or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our 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 our recently introduced products and services, including our 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 we expect 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 discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 7, 2019, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200227005228/en/
Contacts
Michelle McGlocklin
Rimini Street, Inc.
+1 925 523-8414
mmcglocklin@riministreet.com
Permalink : https://www.aetoswire.com/news/third-party-software-support-market-predicted-by-gartner-to-triple-to-more-than-1-billion-by-2023/en
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