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 Vedacit, a leading manufacturer of construction products based in Brazil, switched to Rimini Street for support of its Oracle JD Edwards and Database software. By switching to Rimini Street Support, Vedacit was able to free up significant IT budget to drive innovation projects and support its corporate initiative to double revenue by 2023. Specifically, Vedacit leveraged its savings to help fund five product development startups through Vedacit Labs, the company’s innovation incubator that accelerates startups and pioneers ideas for the civil construction industry.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200910005338/en/
Vedacit Boosts Innovation with Savings from Switching its Oracle Software Support to Rimini Street (Photo: Business Wire)
Oracle Customers Innovate and Grow by Moving to Rimini Street
Founded in 1936, Vedacit manufactures construction products – such as waterproofing additives for concrete and mortar, adhesives, and asphalt paints – in its São Paulo and Salvador production centers in Brazil, and distributes its products across the country and Latin America. The company’s CIO, Alexandre Quinze, was tasked with revamping the IT department when he took office in 2018. Like many companies, Quinze discovered that Vedacit was spending approximately 80% of its IT budget on ongoing operations and enhancements, leaving just 20% for business transformation initiatives, including investments in new technologies and innovations that support competitive advantage and revenue growth. Under Quinze’s leadership, the organization was able to right-size this budget equation, and today the proportion of the budget is closer to 60% for IT maintenance, with 40% left over to invest in innovation.
“We opted to switch to Rimini Street Support to fund investments to achieve our growth target of doubling our revenue by 2023. By switching to third-party support, we can better target our resources, reduce IT maintenance expenses, and free up money to invest in innovating and growing,” said Quinze. “Vedacit Labs is where we diverted most of our significant support savings, enabling us to incubate our company’s product development and innovation ideas and generate additional revenue. We couldn’t be happier with the business outcomes realized through our partnership with Rimini Street.”
Cost Savings Frees up Funds for Product Innovation
With the funds saved by switching to Rimini Street Support, Vedacit Labs accelerated Brazilian startup Lógica-e, along with four other startups that showed promising inventions that would have a positive impact on the civil construction and retail industries. From the company’s first round of investment, Lógica-e and Vedacit co-created Vedacit Detector®, a patented system with IoT sensors (internet of things) that detects microcracks in the application of asphalt blankets, which has enormous benefits for the construction industry. The product development startups have been so successful that the company has been able to invest and fund additional innovation projects, further driving revenue back into the business.
“Companies that want to remain strong and competitive require the need to reinvent themselves. Since working with Rimini Street, we reduced our software support fees by 50% – freeing up funds, time, and personnel for innovation projects within Vedacit Labs and internal IT projects. With reduced back-office expenses, we were also able to implement Salesforce CRM, increasing the efficiency of our commercial area and professionals in the field. Modern companies need to divert investment in favor of business, and not use its funds only to keep operations running,” continued Quinze.
Vedacit, as with all Rimini Street clients, benefits from the Company’s flexible, premium-level enterprise software support model, including its industry-leading Service Level Agreement (SLA) of 10-minute response times for all critical Priority 1 cases. Clients are also assigned a Primary Support Engineer (PSE), backed by a team of functional and technical experts with an average of 15 years’ experience in the client’s specific enterprise software system.
Vedacit also implemented Rimini Street’s Advanced Database Security solution, which protects its mission-critical Oracle databases from known and unknown vulnerabilities and employs virtual patching, which blocks attempted attacks before they reach their database instances. Unlike traditional vendor security patches, virtual patching does not require extensive regression testing or system downtime. Rimini Street’s Advanced Database Security also protects older releases, even after the vendor no longer provides security patches.
“Well before the emergence of the pandemic and the economic challenges that impacted all sectors, Vedacit’s leaders decided to revolutionize their business environment by optimizing resources, improving service levels, and boldly implementing new business models,” said Edenize Maron, general manager, Latin America, Rimini Street. “As their trusted technology partner, it is a great satisfaction for Rimini Street to be able to support Vedacit’s innovation ecosystem and the company’s competitive advantage and growth. Today, we support more than 240 organizations with operations in Latin America, helping them to right-size their IT maintenance costs and fund their digital innovation journey.”
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. Over 2,100 Fortune 500, Fortune Global 100, 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.
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. All statements pertaining to Rimini Street’s expectations regarding the expected use of proceeds from the offering described in this press release constitute forward-looking statements. 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 in the prospectus supplement dated August 14, 2020 relating to the underwritten public offering of Rimini Street’s common stock that closed on August 18, 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.
Rimini Street, Inc.
+1 925 523-8414