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), 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.
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.
FAQ
What is the current stock price of Rimini Street (DE) (RMNI)?
What is the market cap of Rimini Street (DE) (RMNI)?
What does Rimini Street, Inc. do?
When was Rimini Street, Inc. established?
What are some products offered by Rimini Street, Inc.?
How much can clients save with Rimini Street's support services?
How many clients does Rimini Street, Inc. have?
What makes Rimini Street's support services unique?
Where does Rimini Street, Inc. derive most of its revenue?
Has Rimini Street, Inc. received any industry recognition?
What is the growth potential for Rimini Street, Inc.?
What is the financial condition of Rimini Street, Inc.?
