Brazilian
construction products manufacturer diverts support savings to help fund
product development startups aimed at creating patented innovations and
growing revenue
LAS VEGAS-Monday 14 September 2020 [ AETOS Wire ]
(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 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.
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.
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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200910005338/en/
Contacts
Michelle McGlocklin
Rimini Street, Inc.
+1 925 523-8414
mmcglocklin@riministreet.com
Permalink
:
https://www.aetoswire.com/news/vedacit-boosts-innovation-with-savings-from-switching-its-oracle-jd-edwards-and-database-software-to-rimini-street-support/en
Your online platform to what's happening around you. Stay connected, stay informed.
Tuesday, September 15, 2020
Vedacit Boosts Innovation With Savings From Switching Its Oracle JD Edwards and Database Software to Rimini Street Support
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment