Welcome to our dedicated page for Rimini Street (DE) news (Ticker: RMNI), a resource for investors and traders seeking the latest updates and insights on Rimini Street (DE) stock.
Rimini Street, Inc., established in 2005, is a pioneering independent provider of enterprise software support services. The company specializes in offering third-party support for Oracle and SAP enterprise software, significantly reducing annual support fees by 50% compared to traditional support programs. Rimini Street’s support services are not only cost-effective but also award-winning, making them a preferred choice for organizations looking to optimize their IT budgets without compromising service quality.
Rimini Street’s comprehensive support solutions enable clients to efficiently run, manage, support, customize, configure, connect, protect, monitor, and optimize their enterprise applications, databases, and technology software platforms. The company’s product portfolio includes support for Oracle E-Business Suite, Oracle Database, PeopleSoft, and SAP Business Suite, among others.
The company is widely recognized by clients and industry analysts such as Gartner, Forrester, and Nucleus for its leadership in a rapidly growing market. Rimini Street has an impressive client base nearing 1,000 clients, showcasing its accelerating growth and strong market presence. The company has also been acknowledged in various industry recognitions, including being named to CIO UK’s “20 Companies to Watch in 2012” hotlist.
With a solid value proposition that resonates with CIOs and CFOs, particularly in an environment of tight IT budgets and flat global economic growth, Rimini Street provides proven methods to cut costs while enhancing service levels. This unique positioning creates a significant market opportunity with tens of thousands of qualified target prospects.
Rimini Street’s financial health is bolstered by its growing client base and revenue streams, predominantly derived from the United States. The company continues to expand its market reach and enhance its service offerings, making it a formidable player in the enterprise software support industry.
Rimini Street (NASDAQ: RMNI) has gained a significant new client, Racing and Wagering Western Australia (RWWA), which switched from Oracle to Rimini Street for enhanced support and security in its database management. This transition aligns with RWWA's strategy to reduce reliance on Oracle and adopt open-source solutions. The move aims to lower operating expenses and improve security.
RWWA benefits from Rimini's rapid response times, advanced database security, and a dedicated support engineer, enhancing their service during peak business periods.
Rimini Street (NASDAQ: RMNI) announced that the University of Technology Sydney has transitioned from Oracle to Rimini Street for enhanced support and security of its technology platforms. This shift has led to reduced support wait times, lower costs, and improved service delivery amidst ongoing IT labor shortages and a need for hybrid learning solutions. Rimini Street's expert support model offers fast response times and helps UTS refocus resources on innovation and security enhancements, optimizing their IT operations at a critical time.
Rimini Street reported a 10.5% increase in quarterly revenue, achieving $101.2 million for Q2 2022, compared to $91.6 million a year earlier. The gross margin improved to 63.1%, up from 62.2%. Despite this, quarterly billings fell 5.3% year-over-year. The company reported a record revenue retention rate of 95% on subscription revenue. Active clients rose 9.8% to 2,905. Cash flow from operations reached $15 million, with an end-of-quarter cash balance exceeding $160 million. The company maintains a revenue guidance of $402 million to $411 million for the full year.
Rimini Street (Nasdaq: RMNI) announces that Lotte Mart, a major South Korean hypermarket chain, has transitioned to its services for Oracle application maintenance support. This change was driven by Lotte Mart's need for enhanced service quality and faster response times. The partnership allows Lotte Mart to optimize resources towards strategic growth projects while benefitting from Rimini Street's responsive support, including a 10-minute response time for critical issues. Lotte Mart aims to further implement Rimini Street's services across its parent company, improving digital competitiveness and IT efficiency.
Rimini Street, Inc. (Nasdaq: RMNI) has launched Rimini Protect™, a proactive security solution designed for Oracle and SAP environments, offering 24/7 protection. This suite addresses vulnerabilities effectively and is positioned against traditional vendor patching, which may be slow and inadequate. In 2021, there were 623 million ransomware attacks, emphasizing the need for robust security solutions. Rimini Protect enhances traditional methods by providing comprehensive security layers for application and database protection, leveraging its global expertise in cybersecurity.
Rimini Street (NASDAQ: RMNI) announced that the Manukau Institute of Technology (MIT) has switched to its support services for Oracle applications. This transition allows MIT to avoid mandatory upgrades for its current Oracle software, ensuring enhanced support without disruptions for 5-15 years. MIT relies on critical Oracle applications for finance and student management, facing end-of-life support issues. Rimini Street's comprehensive support model includes 10-minute response times and dedicated engineers, facilitating MIT's IT roadmap flexibility.
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software support, will report its earnings on August 3, 2022, after market close. A conference call to discuss the second quarter results and future outlook will follow at 5:00 p.m. Eastern. The company specializes in third-party support for Oracle and SAP software, claiming to help organizations save costs and enhance innovation. Nearly 4,700 clients, including Fortune 500 firms, rely on Rimini for application management services. For live updates, the webcast will be accessible on their Investor Relations site.
Rimini Street (NASDAQ: RMNI) has secured a support contract with Australia's oldest library, the State Library of Victoria, for its Oracle E-Business software. This partnership will enhance the library's database security and middleware platform, providing responsive support while lowering operational costs. The library will utilize Rimini Street's Advanced Database Security and Advanced Application Middleware Security solutions, enabling quick responses to digital threats and improving efficiency. The collaboration aims to free up resources for strategic initiatives and improve service delivery for the library's millions of visitors.
Rimini Street (Nasdaq: RMNI) has announced an increase in its stock repurchase program from $15 million to $50 million over the next four years, aimed at enhancing shareholder value. As of March 31, 2022, the company reported strong operating cash flow exceeding $112 million and a record cash balance of over $158 million, with net cash exceeding debt by $71 million. Additionally, Rimini Street prepaid $5 million of its term loan, reducing the outstanding balance to approximately $81.6 million. This move reflects the company's confidence in sustaining growth while managing debt effectively.
Rimini Street, Inc. (NASDAQ: RMNI) announced a partnership with E-LAND Innople, a South Korean IT affiliate of E-LAND Group, to provide SAP support services. This collaboration significantly reduces E-LAND Innople's annual maintenance costs, enabling them to reinvest the savings into innovation and digital transformation initiatives. Rimini Street's support is noted for enhancing business agility, with dedicated engineers providing rapid response and high satisfaction levels. The partnership is a strategic move aimed at fostering growth in a competitive market.
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