People still think of Rimini as a cut rate, third party maintenance provider for on-premise Oracle, SAP, IBM and Microsoft software. That was Rimini 1.0. In a talk series I did with them last year, I saw Rimini 2.0. Because they support customizations, not just the core software, I heard their customers and prospects talk about different ways they could rethink enterprise application and related infrastructure support. Rimini was allowing them to rethink outsource, not just software, vendor arrangements.
Now, Rimini is poised to enter phase 3.0. This Gartner research paper talks about the possibilities as Rimini finalizes its merger with GP Investments Acquisition Corp. Gartner says:
- By using up to $157.8 million in cash from the SPAC (special-purpose acquisition company) investors to replace debt with equity, the company will strengthen its balance sheet, and
- Merging with the SPAC allows Rimini Street to take a spot as a public company on Nasdaq (ticker: RMNI). Since the merger is between Rimini Street and a "fund" company, there should be no impact on Rimini's running its business.
More significantly, Gartner confirms what CEO Seth Ravin has previously discussed with some analysts. It wants to get beyond on-prem products into the SaaS world and the new entity should allow it more investment bandwidth to do so.
The larger software vendors still view Rimini as just a nuisance. Over 1,300 customers think otherwise, and a growing set of new customers will get to taste a very different form of enterprise support.