LAS VEGAS - Rimini Street , Inc. (NASDAQ:RMNI), a global provider of enterprise software support and services, announced the appointment of Steve Hershkowitz as its new Chief Revenue Officer (CRO). Hershkowitz, a veteran with a strong background in scaling enterprise and SaaS companies, will lead the global sales strategy and execution to meet increasing market demand.
Before joining Rimini Street, Hershkowitz held executive roles at Cisco Systems (NASDAQ:CSCO) and HP/HPE, where he was pivotal in HP (NYSE:HPQ)'s 2015 split, one of the largest business transformations in U.S. history. His over two decades of experience includes driving top-line growth and managing large-scale operations.
In his new role, Hershkowitz aims to complete the global rollout and launch of Rimini Street's products, services, and solutions, while scaling the sales operation for accelerating growth and managing costs.
"I am excited to join the Rimini Street team and contribute to the company's next chapter of growth and continued success," Hershkowitz said. He is focused on expanding the company's sales reach to capture new clients and provide greater value to existing ones.
Rimini Street, recognized for its award-winning support and services, is the leading third-party support provider for Oracle (NYSE:ORCL) and SAP software and partners with Salesforce (NYSE:CRM) and AWS. The company supports over 5,500 organizations worldwide, including Fortune 500 and Fortune Global 100 firms.
The information in this article is based on a press release statement from Rimini Street, Inc.
InvestingPro Insights
As Rimini Street, Inc. (NASDAQ:RMNI) welcomes Steve Hershkowitz as its new Chief Revenue Officer, the company's financial health and market performance are key indicators for potential growth under his leadership.
According to InvestingPro data, Rimini Street holds a market capitalization of approximately $248.98 million, with a notably low price-to-earnings (P/E) ratio of 7.41 when adjusted for the last twelve months as of Q4 2023. This low P/E ratio suggests that the company's earnings are potentially undervalued in the market.
The company has also demonstrated a solid gross profit margin of 62.34% over the same period, reflecting its efficiency in managing costs relative to its revenue. Moreover, Rimini Street has experienced a revenue growth of 5.33% over the last twelve months, which may be a positive sign for investors looking for companies with expanding financials.
InvestingPro Tips highlight that Rimini Street is trading at a low revenue valuation multiple, which could be an attractive entry point for investors. Furthermore, analysts predict that the company will be profitable this year, which is corroborated by the fact that Rimini Street has been profitable over the last twelve months. Still, potential investors should be aware that the company's short-term obligations currently exceed its liquid assets, which may present a financial challenge that needs to be managed.
For those interested in exploring further insights and investment opportunities, InvestingPro offers additional tips on Rimini Street. There are 6 more InvestingPro Tips available for RMNI, which can be found at https://www.investing.com/pro/RMNI. To access these insights and more, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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