Welcome to our dedicated page for Rimini Street news (Ticker: RMNI), a resource for investors and traders seeking the latest updates and insights on Rimini Street stock.
Corporate Overview
Rimini Street (RMNI) is an independent provider specializing in end-to-end enterprise software support. Established in 2005, the company offers an extensive range of services that enable clients to run, manage, support, customize, configure, connect, protect, monitor, and optimize their enterprise applications encompassing both Oracle and SAP systems. Leveraging a subscription-based model, Rimini Street delivers cost-effective support programs that challenge traditional vendor-based support fees, which has resonated strongly with IT executives, including CIOs and CFOs, particularly in a landscape characterized by tight IT budgets and increasing cost pressures.
Service Offerings and Business Model
At its core, Rimini Street's business model is built on delivering comprehensive support solutions designed to replace the more expensive annual support contracts offered by the original software vendors. The company provides a unified family of support services for enterprise resource planning (ERP), customer relationship management (CRM), product lifecycle management, and various technology software systems. This approach enables client companies to access award-winning support services without the burden of escalating traditional fees. By offering a subscription model, Rimini Street ensures predictable and scalable cost structures while maintaining a focus on quality and continuity in service delivery.
Operational Excellence and Market Position
Rimini Street is recognized for its rigorous operational standards and a well-honed support methodology that distinguishes it within the competitive landscape. The company’s service model is driven by in-depth technical expertise, comprehensive maintenance protocols, and proactive risk management practices aimed at maximizing the performance of enterprise software environments. Its offerings are underpinned by extensive industry knowledge and a commitment to addressing the ever-evolving challenges faced by modern businesses. Widely acknowledged by prominent industry analysts and independent research organizations, the company has consistently been identified as a credible and robust alternative in the enterprise software support market.
Industry Recognition and Client Base
Over the years, Rimini Street has built a reputation for its innovative approach to software support and has attracted a diverse clientele that spans across both domestic and international markets. Its business model, recognized by industry analysts at firms such as Gartner, Forrester, and Nucleus, emphasizes a value proposition centered on cost-efficiency, enhanced service quality, and strategic IT flexibility. This recognition is a testament to the company’s ability to adapt to evolving market demands while maintaining a focus on core operational strengths and customer satisfaction.
Comprehensive Support Solutions
The portfolio of services offered by Rimini Street extends far beyond simple maintenance. The company integrates customization, configuration, and optimization services into a unified support framework that helps clients sustain and improve the performance of their enterprise applications. This holistic view of support not only ensures immediate operational continuity but also contributes to long-term IT resilience for its clients. By focusing on a collaborative, client-centered approach, Rimini Street addresses both current challenges and complex IT landscape requirements with precision and reliability.
Global Reach and Client-Centric Approach
While a significant portion of Rimini Street’s revenue is generated within the United States, the company has also established a credible presence in various international markets. Its ability to tailor support services to meet the diverse needs of clients across different regions speaks to the versatility and adaptability of its business model. The company’s focus on creating deep, long-term partnerships is evident in its commitment to consistent service delivery and the strategic management of enterprise application environments on a global scale.
Key Industry Keywords and Insights
In discussing Rimini Street, it is essential to highlight industry-specific terms such as enterprise software support, subscription-based service, and cost-effective IT optimization. These keywords not only underscore the operational focus of the company but also illustrate its role in a broader market context where businesses increasingly seek innovative ways to manage software environments while mitigating rising costs.
Competitive Landscape and Value Proposition
- Cost Efficiency: By offering support at approximately half the cost of traditional vendor support fees, Rimini Street presents a compelling value proposition for organizations looking to optimize their IT budgets.
- Technical Expertise: The company’s deep-rooted technical knowledge and strong support framework enable it to address complex software maintenance challenges, ensuring high-quality service delivery.
- Client Focus: With a robust international client base, Rimini Street’s approach is characterized by proactive customer engagement and a tailored service model designed to meet the unique needs of each organization.
- Industry Recognition: The consistent acknowledgment by independent industry analysts and research firms reinforces the company’s authority and trustworthiness in the enterprise software support market.
Understanding the Business Impact
For organizations that rely heavily on enterprise software applications, Rimini Street’s service offerings provide a strategic advantage by ensuring system stability, operational continuity, and a cost-effective alternative to traditional support contracts. The comprehensive nature of its services and the company’s proactive approach to support make it a critical component for enterprises aiming to maintain competitive operational efficiency in a challenging economic climate.
Rimini Street (Nasdaq: RMNI) has launched Rimini Connect, a suite of innovative integration and interoperability solutions designed to address complex software environments. The solutions aim to help organizations manage compatibility issues without costly upgrades or migrations. With over 800 engineers, Rimini Street has been successful in resolving integration challenges for its clients, potentially saving them millions in costs and labor. The initial offerings include solutions for Browsers, Operating Systems, and Email, all supporting seamless operations while adapting to evolving technological environments.
Rimini Street (NASDAQ: RMNI) has been named a supplier on the Crown Commercial Service's G-Cloud 13 framework, enabling UK public sector organizations to achieve up to 90% savings on support costs for Oracle and SAP products. This announcement underscores Rimini Street's position as a leading third-party support provider and its ongoing commitment to delivering significant value to clients, allowing them to optimize services and reallocate resources for transformation initiatives amidst economic challenges.
Rimini Street (NASDAQ: RMNI) has announced that Taeyoung Engineering & Construction, a leader in South Korean civil engineering, will replace its costly vendor support for Oracle ERP systems with Rimini's services. This decision aims to reduce operating costs and enhance support quality, enabling Taeyoung to invest savings into strategic infrastructure projects. The switch is expected to maintain stable operations for an additional 15 years without required upgrades, allowing Taeyoung's IT team to focus on innovation.
Rimini Street reported Q3 2022 revenue of $101.9 million, a 6.6% increase year over year. The company maintained a Revenue Retention Rate of 94% and had 3,010 active clients, up 7.8% year over year. Despite challenges like currency exchange impacts, the company achieved a gross margin of 61.5%. However, it faced a net loss of $0.4 million, down from a $1.9 million profit in the same quarter last year. For Q4 2022, Rimini Street projects revenue between $103 million and $105 million.
Rimini Street (NASDAQ: RMNI) announces a significant partnership with Southern Cross Electrical Engineering (SCEE) to support its Oracle applications during its business expansion. This collaboration allows SCEE to redirect budget and IT resources towards innovation, addressing challenges posed by the industry-wide IT skills shortage. By switching to Rimini Street, SCEE mitigates high vendor support costs and avoids unnecessary upgrades. The transition is anticipated to enhance operational efficiency and empower strategic initiatives, including a hybrid cloud service for better collaboration.
Rimini Street, Inc. (NASDAQ: RMNI) will announce its third quarter 2022 earnings on November 2, 2022, after market close. A conference call and webcast discussing the results will follow at 5:00 p.m. Eastern / 2:00 p.m. Pacific. The event will be available live on the company's Investor Relations site. Rimini Street is a leading provider of enterprise software support services for Oracle and SAP, serving over 4,800 organizations worldwide, including Fortune 500 companies. Further details are accessible on their official website.
Rimini Street, Inc. (Nasdaq: RMNI) announced an event where over 300 employees handmade 500 fleece blankets for local foster children in Las Vegas on October 6, 2022. These blankets are intended to help foster children feel welcomed during their transition. The initiative also includes crafting 100 smaller blankets for the Las Vegas SPCA. Rimini Street covered all expenses connected to the project. The company has a history of community support, engaging in philanthropic activities that benefit various charitable organizations globally.
Rimini Street (NASDAQ: RMNI) has been recognized as a Great Place to Work-Certified organization in the US, Australia, and New Zealand. This certification is based on real-time employee feedback regarding workplace culture. Notably, 94% of US employees feel good about the company’s community contributions. The firm aims to reach $1 billion in annual revenue by 2026, leveraging a 19% compound annual revenue growth rate. Rimini Street is seen as a leader in third-party software support for Oracle and SAP, serving over 4,800 clients globally.
Rimini Street (Nasdaq: RMNI) has released a new report from Valoir Research titled “Maximizing SAP Value with Rimini Street,” highlighting the benefits of third-party SAP support. This 2022 report updates ERP implementation plans and shows how Rimini Street allows SAP customers to maintain existing ERP investments while considering S/4HANA migration. The report identifies four types of SAP customers and emphasizes the potential cost savings, including a 50% reduction in application support fees. A webcast discussing the report findings is scheduled for September 1, 2022.
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