In a bid to fund its growth by directly serving manufacturers based outside the United States, third-party maintenance provider Rimini Street has accepted a $10 million investment from a private equity firm.
The investment, the first significant external cash infusion for Rimini Street since it was founded in 2005, will give Adams Street Partners “a small minority” stake in the company, according to Dave Rowe, Rimini Street’s senior vice president for global marketing and alliances, in an interview with Managing Automation.
The move, which comes as Rimini Street is rolling out its third-party software maintenance and support offering for users of SAP applications, will allow the company to set up operations in Europe and Asia, and to begin developing products for and signing on customers based outside the United States, Rowe said. Until now, Rimini Street has targeted companies based in the United States, although many have global operations.
Having offices and employees in offices in Europe and Asia, Rowe said, will allow Rimini Street to track and develop tax and regulatory updates required by customers outside the United States.