11 Oct Transaction between GP Acquisition and Rimini Street is completed
GP INVESTMENTS, LTD., a company headquartered at 129, Front Street, Penthouse, Hamilton HM 12, Bermuda, which Class A shares are traded on B3 S.A. – Brasil, Bolsa, Balcão as Brazilian Depositary Receipts (“GP”), hereby informs that GP Investments Acquisition Corp. (NASDAQ: GPIA; GPIAW; GPIAU) (“GPIAC”) in connection with the subject matter informed in the Material Fact Notice disclosed on May 16th , 2017, announced the closing of the definitive merger agreement with Rimini Street, Inc. (“Rimini Street” or “Rimini”). The combined company will retain the Rimini Street, Inc. name, its common stock will be listed on the Nasdaq exchange and begin trading today as “RMNI”.
The transaction raised $50 million for Rimini Street and proceeds will be used to provide additional liquidity to the balance sheet, reduce total debt and pay transaction expenses. GP invested $12 million directly in the transaction and, through Spice Private Equity (“Spice”), an investment company listed on the SIX Swiss Exchange, indirectly controlled and managed by GP, invested $24 million, totaling an investment of $36 million. As a result, GP and Spice will have stakes of 2.5% and 5.1%, respectively, in Rimini Street, already including the sponsor shares from GPIAC, as per the terms and conditions agreed upon its IPO in 2015.
GP will be able to benefit from significant governance of the combined company, working closely with Rimini Street’s management team and with two representatives of GP joining the board of directors.
Rimini Street is a global provider of enterprise software support products and services, and the leading third-party support provider for Oracle and SAP software products. The company has redefined enterprise software support services since 2005 with an innovative, award-winning program that enables licensees of IBM, Microsoft, Oracle, SAP and other enterprise software vendors to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,330 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries currently rely on Rimini Street as their trusted, third-party support provider.
To learn more about the company, please visit http://www.riministreet.com