Rimini Street, Inc. (NASDAQ: RMNI) secured a new client in South Korea when Lotte Rental, the country’s largest car‑rental operator, announced on March 31 2026 that it would engage Rimini Street to provide third‑party support for its Oracle and SAP software environments. The partnership covers Lotte Rental’s 300 branches across Korea and its subsidiaries in Thailand and Vietnam, giving Rimini Street a substantial foothold in the Asia‑Pacific market.
Under the multi‑year agreement, Lotte Rental will extend its Oracle support contract for three years and sign a separate three‑year contract for SAP. The deal is expected to cut the company’s annual software‑support spend by more than 50%, a savings that Lotte Rental’s head of IT said is unmatched in the industry. The transition moves Lotte Rental from vendor‑native support to Rimini Street’s independent model.
The win is a key milestone for Rimini Street’s growth strategy. It demonstrates the company’s ability to win large, multinational customers and reinforces its Smart Path methodology, which helps clients extend legacy systems while freeing up capital for innovation. The deal also expands Rimini Street’s presence in a high‑growth region where demand for legacy‑system support remains strong.
Rimini Street’s recent financial performance provides context for the significance of the new client. In Q4 2025 the company reported revenue of $109.8 million, a 3.9% year‑over‑year decline, and diluted earnings per share of $0.06, missing the consensus estimate of $0.07. Net income fell sharply from $6.66 million in Q4 2024 to $0.724 million in Q4 2025, and gross margin contracted to 60.4% from 63.7% the prior year. Management guided Q1 2026 revenue to $101.5 million–$103.5 million and reiterated a full‑year 2026 revenue growth target of 4%–6%. Headwinds include the wind‑down of Oracle PeopleSoft support and ongoing litigation with Oracle, while tailwinds stem from the company’s AI‑driven solutions and the continued demand for third‑party legacy‑system support.
CFO Michael Perica said the fourth‑quarter results “exceeded the guidance range we communicated at our Investor Day and demonstrate continued positive momentum entering 2026.” Lotte Rental’s head of IT, Changgeun Park, added that the partnership “provides us with a level of savings and quality of service unmatched in the industry.”
The Lotte Rental deal offers a meaningful revenue tailwind amid recent declines and signals confidence in Rimini Street’s strategy. It may also open doors to additional contracts in the region, further strengthening the company’s position in the Asia‑Pacific market.
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