Rimini Street Inc. Shareholders: Ownership Structure, Brands, and Acquisition History
Last updated: Oct-2026Ownership Structure
Ownership Analysis
We judge that nobody controls Rimini Street, although two holders together own more than a third of it. Adams Street Partners and Seth Ravin together own 36.2% of the shares. Each stake sits well below a majority, and the 2026 proxy we read describes no voting agreement between them. Conifer, the next largest holder, reports 6.3%, so a contested vote would need three or more large holders to line up behind one side.Ravin's stake needs a careful reading. At $4.06 his 10,258,241 shares are worth about $41.6 million. A March 4 filing showed 640,326 shares held directly plus 10,491,309 in a trust, a total of 11.13 million and 12.0% of the company. Our reasoning runs as follows: the 0.87 million share drop by September 3 is larger than his two reported sales of 52,085 shares and 41,366 shares can explain, and the filings we could read do not account for the rest. We use 11.0% as the cautious figure and treat 12.0% as the ceiling. We take issue with calling him a controlling founder at either number.Governance rests on independent directors more than on any shareholder bloc. Four of five directors are independent, Jack Acosta serves as lead director because Ravin holds the chairman and chief executive roles, and the board is staggered, with Ravin, Capelli and Snyder standing for election in 2026. Robin Murray gives Adams Street a seat. We measure the related party issue at under 1% of Ravin's holding: his wife's $369,467 of 2025 pay is 0.9% of $41.6 million.We trust the incentive design more than the ownership table. About 85.3% of Ravin's 2025 pay was at risk, and the March sale was an automatic sale to cover withholding tax. Ravin is 59 and has led the company since he founded it, so his career and his stake rise and fall with the same share price.
Direct Owners
Institutional Shareholders
Shareholder Analysis
Six institutions together hold about 45.8% of the shares. Adams Street Partners has 25.2%, Conifer Management 6.3%, Brooktree Capital Management 4.3%, BlackRock 4.0%, Acadian Asset Management 3.1% and the Vanguard unit filing as Vanguard Capital Management 2.9%. We side against the 73.75% institutional figure some aggregators publish, because even adding Ravin's stake to the six institutions reaches only 56.8%, and the 51.5% figure fits the filings better.Adams Street's reported 23,565,433 shares did not change between the first and second quarters of 2026. Its percentage has slipped from 26.7% in September 2022 to 25.2% only because the share count grew. We calculate that a seller of that size faces a hard exit: the position equals about 58 days of the 409,380 shares that trade on an average day, and its market value is about $95.7 million.Share count growth since December comes to 1.9%, from 91,603 thousand shares to 93,336 thousand at June 30. The 2025 buyback retired shares at an average of $4.00, yet the count still rises because employees receive stock, so repurchases only offset issuance. We also weigh billings, which fell 8.8% to $100.9 million for the quarter ended June. Billings lead revenue, and that decline argues against reading the 6.7% revenue growth as acceleration.On valuation, add $48.4 million of debt to the equity value and subtract $123.4 million of cash, and enterprise value comes to $303.9 million. That is 6.1 times the $49.8 million of adjusted EBITDA earned in 2025. Guidance of 12.5% to 15.5% margins on 4% to 6% growth implies $54.8 million at the low end and $69.3 million at the high end for 2026, or 4.4 to 5.5 times. Each point of margin is worth about $4.4 million of EBITDA, or roughly $0.29 a share at the 6.1 multiple. We would call the shares cheap only if margins reach the top of the guided range, and we cannot confirm from the first half that they will. Three analysts rate the stock Buy and three Hold, with a $6.50 average target.
Brands, Subsidiaries & Companies Owned
| Name | Type | Description |
|---|---|---|
| Rimini Support | Brand | Third party maintenance that replaces vendor support for Oracle, SAP and other enterprise software, with the company claiming savings of up to 50% on annual fees |
| Rimini Manage | Brand | Fixed price application and database management with unlimited ticketing for routine operations and incident response |
| Rimini Consult | Brand | Professional services covering consulting, implementation, configuration and migration for supported software |
| Rimini Protect | Brand | Security service staffed by more than 75 security experts that protects systems without relying on vendor patches |
| Rimini Connect | Brand | Interoperability service that keeps older databases working with current browsers, operating systems, Java and email |
| Rimini Watch | Brand | Round the clock monitoring and health checks of business processes |
| Rimini Custom | Brand | Support for end of life software including Tibco, OpenText and Informatica |
| Rimini Agentic UX | Brand | Agentic AI solutions for ERP processes, launched in December 2025 |
| Rimini Govern for AI | Brand | Governance as a service product for securing AI agent activity, launched in 2026 |
Portfolio Analysis
Subscriptions were 92.9% of second quarter revenue of $111.1 million, down from 95.6% in the fourth quarter of 2025, so some non subscription work grew faster. We trust the adjusted figures more than the headline, because the wind-down masks the rest. Without PeopleSoft, revenue reached $108.0 million, a 10.0% rise. Working backward, PeopleSoft revenue fell from about $5.9 million a year earlier to $3.1 million, a drop of 47%.Annualized recurring revenue was $412.8 million ($401.1 million adjusted), so PeopleSoft still carries about $11.7 million. We measure that at 2.8% of the total, and it must reach zero by the 2028 deadline. The sooner it goes, the sooner reported growth matches the adjusted growth. Meanwhile the company reports 108 new logos over six months and 14 contracts above $1 million worth $30 million in the second quarter, an average of about $2.1 million.Profit is where the cost shows. Gross margin was 60.9%, giving $67.7 million of gross profit, but adjusted EBITDA was $10.5 million, a 9.5% margin against 13.4% a year earlier. We hold that the gap comes from spending on sales and artificial intelligence products ahead of revenue. Rimini Agentic UX and Rimini Govern for AI are the new lines being financed.Geography adds exposure that quarterly figures do not show. Japan was 12% of 2025 revenue, about $50.6 million, and the United States was 46%, about $193.9 million. International clients contribute 54%, roughly $227.6 million, so exchange rates move reported growth, and we expect the yen to matter most.Guidance sets a test for the fourth quarter. Full year growth of 4% to 6% on 2025 revenue means $438.4 million to $446.8 million. With $216.5 million booked in the first half and $110 million to $112 million guided for the third quarter, the fourth must reach $110.9 million to $119.3 million, against $109.8 million a year earlier. We expect that quarter to decide whether guidance holds.
Market Share & Competitors
| Company | Market Share | Revenue | Key Strength |
|---|---|---|---|
| Rimini Street Inc. ★ | N/A | $421.5M FY2025 | Third party support for more than 600 software products with a subscription model and about 3,100 active clients |
| Oracle | N/A | $67.40B FY2026 | Vendor that sells and supports the Oracle applications and databases Rimini supports |
| SAP | N/A | EUR 36.80B FY2025 | Vendor of the ERP software that Rimini supports through 2040 for ECC 6.0 and S/4HANA |
| IBM | N/A | $67.5B FY2025 | Large software and services group that also sells support and managed services for enterprise software |
| Spinnaker Support | N/A | N/A | Private independent third party support provider for Oracle and SAP, reported at about 450 employees |
Competitive Analysis
Oracle reported $67.40 billion of revenue for the fiscal year ended May 2026, about 160 times Rimini Street's $421.5 million, and SAP reported EUR 36.80 billion for 2025. Both are vendors whose support Rimini replaces, so Rimini mainly wins clients by undercutting its own suppliers. IBM, at $67.5 billion, sells support and managed services for enterprise software as well. Spinnaker Support, a private rival with about 450 employees, is the closest direct competitor, and we cannot size its revenue because it does not publish any. Rimini has about 1,980 employees, 4.4 times as many, and revenue of roughly $213,000 for each one.The pricing claim is the product. Rimini says clients save up to 50% of annual SAP support fees and up to 90% of total support costs, and it extended its SAP promise to 2040 on June 5, 2025. It estimates that about 20,000 SAP ECC licensees have not licensed S/4HANA. We take issue with treating that pool as a pipeline: Rimini added only 108 new logos since January, and its 90% revenue retention means it loses roughly a tenth of recurring revenue each year.We put the odds at high that Oracle regains ground in PeopleSoft, because Rimini has agreed to leave that business and Oracle's cloud revenue grew 39% to $34.0 billion in fiscal 2026. Oracle's applications cloud grew only 11%, to $15.9 billion, and we see that slower growth as the opening for clients who prefer to stay on older releases.Rimini's response is to sell more alongside the support contract. Its security, monitoring, interoperability and agentic AI products now sit beside support, and it says more than 1,000 clients are shared with ServiceNow. We trust that bundling more than any price cut, since a client that buys three Rimini products is harder for a vendor to win back.
Acquisitions
| Company Acquired | Deal Value | Year | Description |
|---|---|---|---|
| GP Investments Acquisition Corp. | $837.0M | 2017 | Nasdaq listed shell company that merged with Rimini Street at an enterprise value of about $837M and took over its name and RMNI ticker |
| Sidney Blue LLC | undisclosed | 2006 | San Francisco consultancy focused on Siebel ERP and CRM implementations |
Acquisitions Analysis
Rimini Street has made almost no acquisitions. The filings and results we read name one, Sidney Blue LLC, a San Francisco consultancy for Siebel software that Rimini bought in January 2006 at an undisclosed price. Management mentioned no acquisition plans on the second quarter 2026 call, and cash has gone to debt repayment and buybacks instead. We single out the 2017 merger as the one deal that matters, even though Rimini was the target and the shell that survived took its name.The terms looked generous at the time. GP Investments Acquisition Corp. valued Rimini at an enterprise value of about $837 million, or 2.8 times a 2018 revenue estimate of $295 million, and issued about 63.8 million shares at $10.00 to Rimini holders, equity worth about $638 million. Holders of the shell kept about 25% of the combined company, which is how a business with a long court record reached public markets without a conventional offering. Our figure comes to $854 million of equity at closing, so today's value is 55.6% lower, while the stock itself is down 59.4% from $10.00.The business performed better than the stock did. Revenue in 2025 beat the 2018 estimate by 42.9%, yet enterprise value is $303.9 million, 63.7% below the deal value, or 0.72 times 2025 revenue against 2.8 times then. We hold that the multiple shrank because growth slowed and Oracle took PeopleSoft revenue away, and the litigation record explains part of that discount. We also count dilution: the implied share count rose from 85.4 million at the deal price to 93.3 million, an increase of 9.3%. Holders who stayed through the merger own a smaller slice of a business that grew, and we do not think buybacks capped at $20 million a year can repair that quickly.
Acquisition Timeline
Merger & Spin-off History
Merger & Spin-off Analysis
The 2017 merger rebuilt the shareholder base without a conventional sale. Let's Go Acquisition Corp., a subsidiary of GP Investments Acquisition Corp., merged into Rimini Street, which then merged into the shell. The shell survived, adopted the Rimini Street Inc. name and began trading as RMNI on October 11, 2017 on the Nasdaq Capital Market. Announced on May 16, the deal left Rimini holders with about 75% on a fully diluted basis and let a GP Investments affiliate buy up to 3.5 million more shares at $10.00.Adams Street Partners came in through a smaller deal in July 2018. It paid about $19.2 million for 19,209 shares of Series A Preferred Stock and about 0.4 million common shares. Rimini redeemed all of the preferred stock in 2021 on the same terms as other holders, which removed a claim that ranked ahead of common shareholders. We hold that this redemption mattered more to common holders than the original financing did.The largest restructuring was the decision, announced in July 2024, to leave PeopleSoft support. It removed about $30 million in yearly sales, 7.0% of the $428.8 million earned in 2024. In exchange, the July 2025 settlement ended the second Oracle case. Our reasoning runs this way: the wind-down bought certainty rather than growth, and we see no evidence in the results that it bought anything else.Reported results swung sharply across those two years. Rimini lost $36.3 million in 2024 after paying fees, then earned $37.1 million in 2025, a swing of $73.4 million. Subtract the $37.9 million pre tax settlement gain and 2025 comes to a loss of about $0.8 million. We therefore refuse to read the 2025 profit as a recovery in the core business, and we will not value the company on it.
Ownership History
Ownership History Analysis
Ravin started Rimini Street in 2005 as a Nevada corporation and bought Sidney Blue the following year. Oracle sued in January 2010, and the case dominated the next fifteen years. A jury awarded Oracle $50 million of damages in 2015, yet the Ninth Circuit ruled in January 2018 that the company had offered third party support in lawful competition with Oracle. On August 24, 2023 the same court affirmed four of five contempt findings and sent a $630,000 sanctions award back for recalculation. The company went public through the 2017 merger and has stayed listed since.Ownership has thinned at the top without changing hands. GP Investments lost its board seat on May 5, 2021. Adams Street went from a Series A investor in 2018 to a holder of 26.7% in September 2022 and 25.7% by December 2025. Ravin's reported stake slipped from 12.0% in March 2026 to a lower figure by September. We hold that a founder who owns roughly one share in nine, with a trust and a record of sell to cover transactions, differs from a founder who controls a company, and the record supports the first description.The stock has paid for the history. The price is 59.4% below the merger price, and the discount reflects the litigation more than the operations, to our eye. Active clients rose 2.4% to 3,132 in the year to June 2026, and recurring revenue grew 4.8%. We trust those two growth rates over any single quarter's profit, because they exclude the settlement gain. The 2025 agreement removes the legal uncertainty that held down the multiple, though the PeopleSoft exit still has two years to run, and we count it as the last open item. We put the odds of a further Oracle dispute before 2028 at low, since the standstill bars new claims over the earlier conduct, but the injunctions remain in force and carry contempt risk.
Ownership Explained
Rimini Street Inc. sells third party support for enterprise software, mainly from Oracle and SAP, from an office at 1700 S. Pavilion Center Drive in Las Vegas, Nevada. Seth Ravin founded the business in 2005 and has been president, chief executive and chairman since the 2017 merger that listed it on Nasdaq under RMNI. At $4.06 in early October 2026, the 93.3 million shares outstanding at June 30 were worth about $378.9 million. The stock changed hands at $5.01 on September 4 and was priced at $10.00 in the merger.Two holders stand above the rest. Adams Street Partners reported 23,565,433 shares at June 30, which is 25.2% of the total. Ravin reported 10,258,241 shares after a September 3 sale, or about 11.0%. Next come Conifer Management with about 5.9 million shares (6.3%), Brooktree Capital Management with 4.0 million (4.3%), BlackRock with 3.7 million (4.0%), Acadian Asset Management with 2.9 million (3.1%) and Vanguard Capital Management with 2.7 million (2.9%). Everyone else owns the remaining 43.2%. Aggregators disagree on institutional ownership, quoting anywhere from 51.5% to 73.75%.The board has five members: Ravin, Steven Capelli, Jay Snyder, Jack Acosta and Robin Murray. Acosta, who is 78, is lead independent director and chairs the audit committee. Murray is a partner at Adams Street. Four of the five directors count as independent. Michael Perica serves as chief financial officer.The company served 3,132 active clients at June 30, 2026 and employed more than 1,980 people at the end of 2025. Revenue for 2025 was $421.5 million, split 46% United States and 54% international, with Japan alone at 12%. Net income was $37.1 million, against a loss of $36.3 million in 2024. Second quarter 2026 revenue was $111.1 million, up 6.7%, and third quarter guidance implies roughly flat revenue.
The settlement agreement of July 7, 2025 is the contract that governs Rimini Street's relationship with Oracle. Rimini Street and Ravin personally signed it. Rimini must finish winding down PeopleSoft support by July 31, 2028, notify customers, send Oracle quarterly progress reports and publish a completion statement. Both sides agreed to bring no new claims over the conduct in the two earlier cases during that period, and the cases are to be dismissed with prejudice once the obligations are met. The injunctions from 2018 and April 2025 stay in force, and the Nevada court keeps power to enforce them. Neither side admitted wrongdoing.Money moved in both directions. Rimini paid Oracle $58.7 million of fees and costs in late 2024. Oracle returned about $37.9 million on July 9, 2025, so the net payment was about $20.8 million. The company booked $36.2 million of litigation settlement income and $1.7 million of interest on it in the first half of 2025.PeopleSoft carried about $30 million of annual revenue when the wind-down was announced in July 2024. By the second quarter of 2026 it was 3% of revenue.Debt sits under a credit agreement dated April 30, 2024. Total debt was $48.4 million at June 30, 2026, down from $67.2 million at year end after a $10 million prepayment in the quarter. A March 2026 amendment reportedly allows $20 million of share repurchases a year. In 2025 the company bought back about 1.9 million shares for $7.6 million.Customer contracts back the revenue. Remaining performance obligations were $636.9 million, or $627.5 million without PeopleSoft, and 12 month revenue retention was 90%. Since June 5, 2025 Rimini has promised support for SAP ECC 6.0 and S/4HANA releases through 2040.Janet Ravin, the chief executive's wife, works as a vice president and received about $369,467 in 2025. The audit committee ratified the arrangement.