Rimini Street gets £10m to pile pressure on SAP and Oracle

Silicon Valley's Bridge Bank has ploughed millions of funding into SAP and Oracle third-party software maintenance company Rimini Street.

"As a high-growth, pre-IPO company that is rapidly expanding operations and serving a global client base, we wanted to select a partner in this financing round that would provide a flexible, cost-effective and tailored solution to support our expansion," said Seth Ravin, chief executive officer of Rimini Street.

Bridge Bank has been a banking partner of Rimini Street since 2010.

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Sarah Schmidt, senior vice president in Bridge Bank's Capital Finance Division, said: "Rimini Street has experienced rapid growth averaging more than 30% annually and we are pleased to continue to be a part of this success."

Rimini Street claims it can enable Oracle and SAP licensees to "save up to 90% on total support costs over a decade", including "saving 50% on annual support fees".

At its recent Sapphire user conference SAP countered that third party maintenance firms targeting its software were avoided by most of its customers. It said they wanted full support for its most up to date products - which it claimed the likes of Rimini Street couldn't keep up with.