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 announced that Hankook Tire has switched to Rimini Street Support for its SAP ECC 6.0 applications, achieving a 50% reduction in annual maintenance fees. This strategic shift allows Hankook to focus on developing innovative technologies like artificial intelligence and digital sensors. Rimini Street provides 24/7 expert engineer support with industry-leading service levels, enhancing operational efficiency and enabling clients to invest in growth initiatives.
Rimini Street, Inc. (Nasdaq: RMNI) has announced the early redemption of 60,000 shares of its 13.00% Series A Convertible Preferred Stock, totaling $60 million, effective April 16, 2021. This follows prior repurchases amounting to $15 million. The redemption price is set at $1,039.05 per share, which includes a make-whole payment. Holders can convert their shares to common stock before the redemption date. The company may redeem up to an additional $20 million of Series A Preferred Stock before July 19, 2021. Remaining shares become redeemable by holders starting July 19, 2023.
Rimini Street (Nasdaq: RMNI), a leading third-party support provider for Oracle and SAP, has extended its SAP support agreement with Iguatemi, Brazil's top shopping center management firm, to include Application Management Services (AMS) and Rimini Street Watch for SAP. This collaboration, initiated in 2016, allows Iguatemi's IT department to focus on innovation while reducing support costs by over 50%. The partnership has led to enhanced operational efficiency and the initiation of new tech projects, such as a customer loyalty program and a mobile platform for internal use.
Rimini Street, Inc. (Nasdaq: RMNI) announced a public offering of 7,750,000 shares at $7.75 each, generating gross proceeds of approximately $60 million. After underwriting costs, net proceeds are estimated at $57 million. The offering includes a 30-day option for underwriters to purchase an additional 1,162,500 shares. The proceeds will be utilized for general corporate purposes such as financing transactions and working capital. Closing is expected on March 11, 2021, with Craig-Hallum Capital Group as the lead underwriter.
Rimini Street, Inc. (Nasdaq: RMNI) announced an underwritten public offering of its common stock, subject to market conditions. The offering includes a 30-day option for underwriters to purchase an additional 15% of the shares. Proceeds will be used for general corporate purposes, including potential financing transactions that reduce cost of capital. The offering is made under previously filed shelf registration statements with the SEC. Craig-Hallum Capital Group serves as the sole book-running manager.
Rimini Street (Nasdaq: RMNI), a leading provider of third-party support for Oracle and SAP software, announces that Kent County Council in England has switched its support for Oracle E-Business Suite 12.1 and Oracle Database software to Rimini Street. This decision aims to deliver efficiencies amidst budget constraints while allowing the County to utilize existing software for at least 15 more years. The collaboration promises high-quality service and expert guidance, enabling Kent County Council to modernize its systems without forced upgrades during ongoing pandemic challenges.
Rimini Street (Nasdaq: RMNI) reported strong financial results for Q4 and FY 2020, achieving a 15.4% increase in quarterly revenue to $87.8 million and a 16.3% growth for the year to $326.8 million. The company maintained a Revenue Retention Rate of over 90% and generated $42.1 million in operating cash flow, a 107% year-over-year improvement. With record cash of $87.6 million at year-end, Rimini continues to invest in leadership additions and innovative support solutions, targeting $1 billion in annual revenue by 2026.
Rimini Street (Nasdaq: RMNI) announces participation in the Virtual 33rd Annual Roth Conference, scheduled for March 15-17, 2021. The conference will feature one-on-one meetings with CEO Seth A. Ravin, CFO Michael L. Perica, and VP of Investor Relations Dean Pohl. Interested parties can arrange meetings through Roth salespeople or by contacting Rimini Street's investor relations at IR@riministreet.com. Rimini Street is a leading provider of enterprise software support and a partner for Salesforce.
More than 3,700 organizations globally rely on Rimini Street's services.
Rimini Street (Nasdaq: RMNI) has partnered with Poplar Co., Ltd., a national convenience store chain in Japan, to provide support for its SAP BusinessObjects and Sybase IQ Database software. This transition aims to enhance business continuity amidst pandemic challenges, reduce costs, and bolster digital initiatives for improved productivity. The deal offers Poplar a minimum of 15 years of support without mandatory upgrades. Rimini Street's responsive support includes quick response times to critical issues, thus enabling Poplar to focus on strategic business growth.
Rimini Street (Nasdaq: RMNI) has announced its approval as a supplier on the New Zealand Government Marketplace via a Collaborative Marketplace Agreement. This status allows government agencies greater ease in procuring Rimini Street's enterprise software support services for Oracle, SAP, and Salesforce, without lengthy negotiations. The new agreement could lead to substantial savings across all levels of New Zealand's government. Rimini Street already serves several agencies and aims to optimize IT spending while providing premium support with rapid response times and extended software support guarantees.
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