Open Universities Australia Leverages Rimini Street’s Proven Tax, Legal and Regulatory Expertise to Meet New Government Requirements
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that Open Universities Australia (OUA), the country’s leading online higher education marketplace, engaged Rimini Street to build and deliver regulatory updates for the reporting of new and existing student data as required to comply with the Government of Australia’s new Tertiary Collection of Student Information (TCSI) regulations. Rimini Street has been supporting OUA’s PeopleSoft applications since 2017 and based on OUA’s excellent support experience with the Company, the organization requested that Rimini Street’s tax, legal and regulatory (TLR) team address and maintain the tax, legal and regulatory compliance within its Oracle PeopleSoft Campus Solutions application.
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Open Universities Australia Leverages Rimini Street’s Proven Tax, Legal and Regulatory Expertise to Meet New Government Requirements (Photo: Business Wire)
TLR Compliance Services: A Solution for Ever-Changing Regulatory Requirements
In February 2018, the Australian Government unveiled its new student data-reporting regulation. TCSI is a Government of Australia initiative, a joint project of the Department of Education, Skills and Employment and Services Australia, which aims to transform the way in which student information is collected. TCSI rules now require universities to report on all student enrollment details including applications, fees, personal information and entitlements within seven days of receipt. Rimini Street’s TLR team undertook the development of the regulatory reporting update, enabling the OUA team to focus on other aspects of the project.
Enterprise-Class TLR Support for Reporting and Compliance
The Company’s TLR team is comprised of hundreds of experienced full-time staff, including country research specialists, product owners, business analysts, software developers, quality assurance engineers and documentation specialists, who are responsible for the entire Rimini Street TLR updates practice, from research to delivery. This team helps Rimini Street clients – from midsize to global Fortune 500 companies and government entities – keep their enterprise software compliant and up to date in over 26,000 jurisdictions worldwide. In 2020, Rimini Street saw a 40% year-over-year increase in tax, legal and regulatory changes globally and the TLR team delivered over 88,000 individual changes across more than 50 countries that year.
“In the past, student-data reporting was done following the release of Census information, whereas now it is required to be done in near-real time to provide an accurate picture around student loans and to ensure they do not exceed their limits,” said Dan Cliffe, project manager, Open Universities Australia. “Rimini Street had a clear plan, collaborating with us to develop a flexible, configurable solution to meet our compliance requirements. The Company has been supporting our enterprise software for several years now, and in working with us on this critical project, they provided the same ultra-responsive, expert advisory approach they do with our PeopleSoft application support. The process was great and they met every deadline required.”
“Higher education institutions have to adapt to changing enrollment models and these new compliance requirements in Australia have meant more real-time data and transparency in reporting to meet these government obligations,” said Daniel Benad, group vice president and regional general manager, Oceania, Rimini Street. “Our tax, legal and regulatory team worked in collaboration with Open Universities Australia to build and deliver this solution on time to meet these government regulations. Today, our expert TLR team are responsible for building TLR updates for nearly 1,000 clients across 126 countries with most being delivered ahead of the vendor schedules.”
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About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products, and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,200 Fortune 500, Fortune Global 100, midmarket, public sector, and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter, and find Rimini Street on Facebook and LinkedIn.
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may," "should," "would," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "seem," "seek," "continue," "future," "will," "expect," "outlook" or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion, and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and management's current expectations and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to several risks and uncertainties regarding Rimini Street's business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the impact of our credit facility’s ongoing debt service obligations and financial covenants and operational covenants on our business and related interest rate risk, the duration of and operational and financial impacts on our business of the COVID-19 pandemic and related economic impact, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; including under our new credit facility; our ability to maintain an effective system of internal control over financial reporting, and our ability to remediate identified material weaknesses in our internal controls, including in relation to the accounting treatment of our warrants; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 4, 2021, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street's expectations, plans, or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street's assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street's assessments as of any date after the date of this communication.
© 2021 Rimini Street, Inc. All rights reserved. "Rimini Street" is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.
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