This article is authored by MOI Global instructor Matthew Sweeney, founder and managing partner of Laughing Water Capital, based in New York.
Rimini was introduced in our H1’18 letter. In short, the company provides 3rd party maintenance for enterprise software. Their basic sales pitch to customers is, “we will save you 50% on your maintenance costs, while providing better service,” which is clearly attractive.
Most often, they are undercutting Oracle, and not surprisingly, Oracle is attempting to litigate the company to death. It has been a wild few months for RMNI, with shares having rallied ~50% from our purchase price, only to decline to below our purchase price on news in mid-August that a Nevada court granted a permanent injunction against Rimini for infringing on Oracle’s copyrights. This “permanent” injunction lasted about a month, at which point it was stayed until the 9th Circuit Court of Appeals can hear Rimini’s appeal, and shares once again rallied significantly.
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