Charles Hoeveler of Norwood Capital Partners presented his investment thesis on Rimini Street (Nasdaq: RMNI) at Wide-Moat Investing Summit 2020.
Rimini Street is the leading independent support provider for enterprise software systems, a ~$16 billion industry. RMNI features a “coder culture” of software engineering expertise combined with a service orientation to deliver a compelling value proposition to customers. The industry is expected to triple over the next four years as global enterprises become aware that there is an alternative to the abusive pricing and poor service of SAP and Oracle.
RMNI has a long runway for growth, is ~10x larger than its next-largest independent competitor, ~99% recurring revenue, and valued at a fraction of business service and software peers.
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About the instructor:
Norwood Capital Partners, LP is a concentrated, fundamental value-based long/short investment fund. Norwood relies on primary research to build a portfolio of dominant businesses trading at a discount to intrinsic value. Norwood is managed by Charles Hoeveler, with 20+ years of experience in institutional asset management.