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, Inc. (Nasdaq: RMNI) has achieved the Great Place to Work-Certified™ designation for its India operations, with 94% employee approval citing a high-trust culture. Employees assessed the company through the Trust Index© survey and praised engagement initiatives including wellness programs and career growth opportunities. The certification highlights Rimini Street's commitment to fostering an inclusive and positive workplace. With over 400 employees in India, the company delivers exceptional client support, maintaining a 4.9/5.0 client satisfaction rating.
Rimini Street, Inc. (Nasdaq: RMNI) reported first-quarter financial results for 2021, achieving a record revenue of $87.9 million, up 12.6% year-over-year. The active client count reached 2,550, a 22.8% increase year-over-year, with strong billings growth of 24.2%. Despite this growth, the company reported a net loss of $3.6 million compared to a net income of $2.5 million in the previous year. Cash on hand was a record $153 million, and the company reaffirmed its full-year guidance of $370 million to $380 million in revenue.
Rimini Street (Nasdaq: RMNI), a global leader in enterprise software support, announced that CEO Seth A. Ravin and CFO Michael L. Perica will participate in a fireside chat with analyst Derrick Wood from Cowen on June 3, 2021, at 12:30 PM ET. The event will be streamed live at wsw.com and on Rimini Street’s Investor Relations site, which will archive the webcast for 90 days. Additionally, management is open for one-on-one meetings during the conference. Contact Rimini Street IR for scheduling.
Rimini Street, Inc. (Nasdaq: RMNI) has rescheduled its financial results report for Q1 2021 from May 5 to May 10, 2021. The company will hold a conference call on May 10 at 5:00 p.m. Eastern time to discuss the results. Rimini Street is a leading third-party support provider for Oracle and SAP products, catering to over 4,000 organizations globally. The company provides integrated application management services, enabling significant cost savings for clients.
Rimini Street (Nasdaq: RMNI), a leading provider of enterprise software support, announced its executives, including CEO Seth A. Ravin, CFO Michael L. Perica, and VP of Investor Relations Dean Pohl, will hold investor meetings at upcoming conferences. Key dates include the Needham 16th Annual Technology & Media Conference on May 19, 2021, and the Craig-Hallum 18th Annual Institutional Investor Conference on June 2, 2021. Rimini Street serves over 4,000 organizations, helping them save on software costs and improve outcomes. For more information, visit Rimini Street.
Rimini Street (Nasdaq: RMNI) has successfully completed the buyback of 60,000 shares of Series A Preferred Stock valued at $60 million, for a total cash payout of $62.3 million, including $2.3 million in dividends. This buyback, part of an ongoing effort, has reduced the overall Series A Preferred obligation by approximately 46% over the past six months. The company aims to enhance its balance sheet and move toward a net cash position. The remaining Series A Preferred Stock has a liquidation value of approximately $88 million, with future options for redemption and conversion into common stock.
Rimini Street, Inc. (Nasdaq: RMNI), a leader in enterprise software support, will announce its first-quarter earnings on May 5, 2021, after market close. A conference call to discuss the results is scheduled for the same day at 5:00 p.m. Eastern / 2:00 p.m. Pacific time. The live webcast will be accessible via the company’s Investor Relations site. Rimini Street has established itself as a trusted provider, serving over 4,000 organizations, including Fortune 500 companies, by offering premium application management and support services that drive cost savings and improve business outcomes.
Rimini Street (Nasdaq: RMNI) responded to a court ruling affirming that third-party support for Oracle's software is allowed. On March 31, 2021, the court clarified that Rimini Street can continue providing support services and found no infringement related to their support tools. While some minor violations of a prior injunction were noted, these occurred before it was in place. The court also dismissed Oracle's motions for sanctions against Rimini Street. CEO Seth Ravin highlighted Rimini's significant cost savings of over $5 billion for clients and a 23% CAGR over five years despite ongoing litigation.
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