Spinnaker Support Announces Fiscal Year 2015 Financial and Operational Results

DENVER, Feb. 2, 2016 /PRNewswire/ -- Spinnaker Support, the fastest growing provider of third-party support (third-party maintenance), managed services, and consulting for SAP and Oracle software applications, today announced fiscal year 2015 financial and operational results.

"Spinnaker Support executed well against its operational and strategic plans, laying tremendous groundwork for 2016 and beyond," said Matt Stava, CEO of Spinnaker Support. "We retained our number one position as the fastest growing service provider in our space.  Spinnaker Support continues to add small to very large customers in all industry sectors and geographies; including first time customers in Israel, Finland, Brazil, and Nigeria. Most importantly, customer satisfaction increased to a 98.3% rating – our clients are happy and highly referenceable. Market demand for our unique blend of support, managed services, and consulting has never been greater. We benefited from the still uncertain value proposition of SAP and Oracle cloud roadmaps, as well as the turbulence created by the Oracle and Rimini Street legal battle this past year; a battle that seems far from over."

Dunn-Edwards signs with Spinnaker Support

Dunn-Edwards has been the leading paint manufacturer in the Southwestern United States since 1925. They recently selected Spinnaker Support, in part, due it its low-risk profile. "We switched to a third-party support model for our SAP system because we are stable and because we wanted to redirect savings to more strategic programs," stated Peter Girgis, VP & CIO of Dunn-Edwards Corporation. "After narrowing our search to the two top players in the space, we ultimately chose Spinnaker Support because of their culture, people, and proven delivery model. Spinnaker Support was just a better overall fit for Dunn-Edwards."

FY 2015 achievements and highlights include:

• Total revenues increased by an industry-leading 38.8%, driven primarily by record growth in SAP support, Oracle E-Business Suite support and managed services, Oracle Database support, and JD Edwards managed services.
• Customer count surged to 489. Support operations are now provided from five regional operations centers located in Denver, London, Mumbai, Singapore, and Tel Aviv.
• More than 40% of customers use two or more of Spinnaker Support's service offerings. Increasingly more organizations now seek a vendor that provides more than just third-party support.
• Cash-on-hand and deferred revenues ended 2015 at record levels. The cash-to-deferred revenue ratio now exceeds 1.0, a metric that illustrates the company's financial stability and commitment to fulfill future customer service obligations, while enabling the company's continued ability to capitalize on emerging market opportunities.
• Customer satisfaction level ticked up to 98.3%. Customers rated service quality, response time, staff knowledge, and issue resolution in the annual satisfaction survey.
• 90.2% of customers were retained in 2015. Those customers not retained either re-engaged with the software publishers to upgrade to newer solutions or completed a migration to a new system.
• Incorporated Affordable Care Act (ACA) filing support as part of the tax and regulatory compliance service. Further strengthened company's overall tax and regulatory capabilities and global reach.
• Announced a formal offering for IBM iSeries support targeting JD Edwards users, elements of which 27 clients have already adopted.

About Spinnaker Support

Spinnaker Support provides third-party support, managed services, and consulting for SAP, Oracle E-Business Suite, Oracle Database, Siebel CRM, and JD Edwards software applications. Our breadth of service offerings and skillsets allow us to dive deeper into a customer's operations to solve a wider array of issues faster. Spinnaker Support is headquartered in Denver, Colorado with regional operations centers located in London, Singapore, Mumbai, and Tel Aviv.

Since inception in late 2008, Spinnaker Support has delivered world-class service to nearly 500 customers located in 77 countries. We have successfully expanded our service delivery practices while maintaining 98.3% customer satisfaction ratings and 90.2% customer retention rates. In the process, we have supported over 4,000 instances of client software and database applications. To learn more about Spinnaker Support, visit http://www.spinnakersupport.com, call 877-476-0576 in the U.S./Canada or +44 (0)20 8242 1785 internationally. Follow us on LinkedIn, Twitter, Facebook, or Google+.

SOURCE Spinnaker Support