LAS VEGAS--(BUSINESS WIRE)--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 global air carrier Korean Airlines Co., Ltd. has extended its support agreement with Rimini Street to cover the airlines’ entire Oracle enterprise software portfolio. Korean Airlines originally switched from vendor support to Rimini Street Support for its Oracle Siebel software in 2019. Based on the success of this support move with Rimini Street’s track record of delivering high quality, ultra-responsive support services, Korean Air elected to consolidate support for its remaining Oracle software portfolio, including Oracle E-Business Suite, Fusion Middleware and Database, with Rimini Street. By switching to Rimini Street Support, Korean Air has been able to slash its Oracle software maintenance costs, enjoy more responsive and efficient support, maximize the investments made in its Oracle enterprise software and redeploy its liberated resources to strategic business and infrastructure initiatives.
Airline Reevaluates ERP Vendor Maintenance, Optimizes Costs
Established in 1969 with eight airplanes, today Seoul-based Korean Air is the largest passenger air carrier in Korea and a leading global airline, operating 13 domestic routes and, as a founding member of SkyTeam – the world’s second-largest airline alliance with an annual passenger count of more than 600 million – runs international flights to 107 cities in 42 countries.
Rimini Street Supports Cloud Migration
Rimini Street has been providing its award-winning annual support services for Oracle Siebel CRM to Korean Air for nearly two years. In April 2021, the airline migrated its Siebel production servers to Amazon Web Services and extended its agreement with Rimini Street to provide the same ultra-responsive annual support for their AWS-hosted environment as the company had come to rely on for their internally deployed software.
Prior to moving the remainder of its Oracle software to Rimini Street Support, Korean Air’s IT team had been concerned with the high-cost/low-efficiency dynamic that it was experiencing with Oracle’s maintenance and support. The team found that the ERP vendor’s issue-response rates were lagging behind expectations. Taking into consideration the successful partnership Korean Air had already been experiencing with Rimini Street for their Siebel software support, the IT team ultimately decided to move the rest of its Oracle enterprise software, now hosted on AWS in the cloud, to Rimini Street and receive the same ultra-responsive, seamless support they had been experiencing for the last two years.
“The cost of maintaining the rest of our Oracle software and databases still accounted for a large portion of our IT budget,” said Seongyeon Park, ERP team leader in Korean Air’s IT department. “But with Rimini Street’s rapid response and proactive problem-solving approach, we now have a more agile partner supporting the stable operation of our mission-critical enterprise software in the cloud – all under a single roof. This move has provided us with even more efficiencies than we were experiencing previously, and it has freed up the team to focus on other more pressing business projects.”
24/7/365 Engineering Support and Guidance
As with all Rimini Street clients, Korean Air is assigned a Primary Support Engineer with an average of 20 years’ experience in the client’s enterprise software and backed by a team of functional and technical engineers. Clients also benefit from Rimini Street’s award-winning service level agreements with 10-minute response times for critical Priority 1 cases and 15-minute response times for Priority 2 issues.
“Leading airline carriers must leverage innovation to survive and thrive in today’s challenging economic environment but are struggling to find ways to support this goal. Rimini Street enables well-known global airlines, such as Korean Air, to take back control of their IT roadmaps and focus on more business-aligned initiatives that drive growth,” said Hyungwook “Kevin” Kim, group vice president and regional general manager, Korea, Rimini Street. “Armed with Rimini Street expert-level support that can support existing system investments for at least fifteen additional years from the contract date, our clients can rest easy with the assurance that their mission-critical enterprise software systems are taken care of so that they can focus their investments and resources on more strategic projects for the business.”
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, 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. To date, more than 4,200 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied 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.
Forward-Looking Statements
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. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. 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 impact of our credit facility’s ongoing debt service obligations and financial covenants and operational covenants on our business and related interest rate risk, the duration of and operational and financial impacts on our business of the COVID-19 pandemic and related economic impact, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our 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; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; including under our new credit facility; our ability to maintain an effective system of internal control over financial reporting, and our ability to remediate identified material weaknesses in our internal controls, including in relation to the accounting treatment of our warrants; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of our recently introduced products and services, including our 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 we expect 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 discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 4, 2021, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 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.
© 2021 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.
