Rimini Street, the third-party enterprise software support provider, outlined a broadened market opportunity and AI integration strategy at the Lytham Partners 2026 Consumer & Technology Investor Summit, positioning itself as a strategic partner for legacy ERP modernization.
The company’s addressable market has expanded to $80 billion from $15 billion, driven by coverage of additional software platforms such as VMware and Rimini Custom. Rimini Street serves over 3,100 active clients across 150 countries, including more than 200 Fortune 500 and Global 100 companies. Its global workforce totals 1,900 employees, with operations in 22 countries.
Financial metrics released alongside the summit indicate revenue growth of 10% year over year in the second quarter, excluding the wind-down of PeopleSoft support. Annual recurring revenue exceeded $400 million, up 8% year over year, while remaining performance obligations grew 8.8%. Revenue retention has rebounded above 90%, after six of the prior seven quarters fell below that threshold. Full-year guidance calls for revenue growth of 4% to 6% and adjusted EBITDA margins of 12.5% to 15.5%, with a target of 90% operating cash flow conversion relative to adjusted EBITDA.
Gross margins reached approximately 61%, exceeding the company’s 60% target, while the stock trades at $5.01 with a market capitalization of $465 million. The shares have gained 63% over the past six months, approaching a 52-week high of $5.08. The company maintains $123 million in cash and $48 million in bank debt, having reduced debt by $10 million in both the first and second quarters of 2024. Share repurchases totaled $3.8 million in each of the last two quarters of 2025, and the free cash flow yield stands at 14%.
Rimini Street’s business model centers on three pillars: Support, Optimize, and Innovate, with support services accounting for 87% to 88% of revenue. The company estimates it has saved clients more than $10 billion since inception by offering operating cost savings of about 50% compared with vendor direct support and up to 90% over time by avoiding vendor upgrades and SaaS migrations. Client satisfaction ratings remain high at 4.9 out of 5.0.
The company’s AI strategy, branded as Rimini SmartPath, includes more than 20 Agentic AI user experience solutions and the recently launched Rimini Govern for AI, a governance tool for controlling, securing, and measuring AI agents and workflows. Rimini Street’s AI offerings integrate with ServiceNow’s Now Platform, enabling enterprise AI agents to operate across legacy SAP and Oracle systems, including those more than five generations old. The company’s CFO, Michael Perica, emphasized the ability to deploy next-generation AI capabilities on existing infrastructure, reducing the need for costly ERP upgrades.
Dean Pohl, Vice President of Treasury and Investor Relations, described the transition from a litigation-focused disruptor to a strategic innovation partner, highlighting the shift toward higher growth, higher margin, and longer lifetime value models centered on AI-driven recurring revenue.
