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.
Gunung Raja Paksi (GRP), a leading Indonesian private steel manufacturer, has selected Rimini Support™ for S/4HANA to support its mission-critical systems. The partnership enables GRP to fund and staff its smart factory project as part of Industry 4.0 initiatives. The company benefits from 50% savings on annual support fees and up to 90% on total support costs, with 24/7 support including 10-minute response time guarantees for priority cases. GRP utilizes SAP as its backbone system for data collection, which feeds into AI systems for analytical reporting and strategic decision-making.
Rimini Street (Nasdaq: RMNI) has expanded its database security services with the enhanced Rimini Protect™ Advanced Database Security Suite (ADSS). The suite builds upon their Advanced Database Security solution, offering new modules including Database Assessment, Database Discovery, Custom Rules, and a planned Security Rule SDK for 2025. The expanded capabilities provide over 7,000 security verifications, compliance benchmarks, and protection against zero-day threats for Oracle, SAP, IBM, PostgreSQL, and other databases. Ricoh Company reports significant cost savings and enhanced security through implementing Rimini Street's services for their Oracle Database.
Rimini Street (NASDAQ: RMNI) reported Q3 2024 financial results with revenue of $104.7 million, down 2.6% year-over-year. The company posted a net loss of $43.1 million compared to net income of $6.8 million in the same period last year. Key metrics include gross margin of 60.7%, subscription revenue of $100.4 million (95.9% of total revenue), and Active Clients of 3,097. The company announced plans to wind down Oracle PeopleSoft services, which accounted for approximately 8% of revenue in the first nine months of 2024. Due to ongoing litigation with Oracle, Rimini Street has suspended guidance.
ServiceNow (NYSE: NOW) and Rimini Street (NASDAQ: RMNI) announced an expanded partnership to help organizations maximize value from existing ERP systems while enabling innovation. The partnership combines ServiceNow's AI Platform with Rimini Street's enterprise software support, offering an alternative to costly 'rip and replace' or limiting 'lift and shift' approaches. The solution includes the Now Platform for business transformation, Rimini Support for optimizing current software, and Rimini Manage for application management, promising significant savings and productivity gains in weeks rather than years.
Rimini Street (Nasdaq: RMNI), a global provider of enterprise software support and innovation solutions, has announced it will report third quarter 2024 earnings after market close on October 30, 2024. The company will host a conference call and webcast at 5:00 p.m. Eastern / 2:00 p.m. Pacific time to discuss the results and provide an outlook for the fourth quarter of 2024.
Investors can access the live webcast through Rimini Street's Investor Relations site or directly via the provided webcast link. For those preferring to dial in, the conference can be accessed by calling 1-800-836-8184. A replay of the webcast will be available for one year following the event.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Mercury NZ has selected Rimini Support™ and Rimini Watch™ for SAP as part of its strategic move to achieve cost efficiencies and retain stability of its core IT systems. This decision comes after Mercury NZ's acquisition of the Trustpower retail business. Mercury NZ, a leading retailer of energy and telecommunications utility products in New Zealand, has been using SAP systems for nearly 20 years.
The partnership with Rimini Street has provided Mercury NZ with significant savings, allowing them to invest in platform modernization and innovation. Rimini Street's support has replaced SAP's Solution Manager, enabling Mercury NZ to monitor business processes, diagnose performance, and proactively mitigate issues. The company credits Rimini Street with providing peace of mind and assurance for their business continuity, praising the high-touch, responsive team of engineers who deliver outstanding support and collaborate with other vendors.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Standard Foods has selected Rimini Support™ for SAP. This partnership has enabled Standard Foods to achieve significant cost savings, improve support quality for its SAP systems, and reallocate IT resources towards projects driving profitability and growth. Jerry Lee, IT director at Standard Foods, highlighted that Rimini Street halved their annual support costs and improved SAP system performance.
The partnership allows Standard Foods to focus on data initiatives, including AI and machine learning projects for supply chain optimization. By integrating AI with real-time data, the company has enhanced decision-making across its supply chain. The flexibility provided by Rimini Street also alleviates pressure to upgrade to S/4HANA, as Standard Foods now has full control of its IT roadmap.
Rimini Street, Inc. (Nasdaq: RMNI) announces successful global adoption of its VMware support, security and consulting services by clients across four continents. The company's VMware clients are experiencing improved service levels and peace-of-mind as they extend the life and value of their VMware perpetual licenses. This comes in response to Broadcom's acquisition of VMware and subsequent changes to licensing models, including a sudden transition to subscription-based licensing and forced bundling of products.
Rimini Street's VMware services, launched in May 2024, have quickly gained traction across multiple industries. Clients are selecting Rimini Street to avoid significant price increases and gain time to assess options. Alcatel-Lucent Enterprise, a leading provider of networking and communication solutions, has praised Rimini Street's VMware support experience as 'the best we've ever had'.
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software support, has been recognized as a top employer in multiple regions. Rimini Street India was named one of the Best Workplaces™ for Millennials 2024, while Rimini Street Australia was honored as a Great Place to Work® 2024.
The company has received several accolades for its workplace culture, including top rankings in India's Great Mid-Size Workplaces and Best Workplaces™ in IT & IT-BPM categories. Employees in Australia highlighted the welcoming atmosphere, physical safety, fair treatment, and desire for long-term employment at Rimini Street.
Brian Almas, SVP of HR, emphasized the company's culture of extraordinary, while Megh Risaldar, VP of HR for India, highlighted the nurturing environment. The recognitions reflect Rimini Street's commitment to fostering a positive workplace culture and supporting employee growth across its global operations.
Rimini Street, Inc. (Nasdaq: RMNI) has been awarded the 2024 Tech Cares Award by TrustRadius, recognizing its commitment to corporate social responsibility and community impact. The award honors B2B technology organizations excelling in areas such as sustainability, volunteerism, diversity, equity and inclusion, and community support.
The Rimini Street Foundation, established in 2015, has been instrumental in the company's mission to 'Support Humankind.' Recent activities include:
- Packing hygiene kits for human trafficking survivors
- Sorting clothes for flood-affected families in Brazil
- Hosting a STEM day for students and adults with cerebral palsy in Indonesia
Janet Ravin, founder and committee chair of the Rimini Street Foundation, emphasized that as the company grows, so will its opportunities to give back to the community.
FAQ
What is the current stock price of Rimini Street (RMNI)?
What is the market cap of Rimini Street (RMNI)?
What services does Rimini Street provide?
How does Rimini Street differ from traditional software vendors?
What is the pricing model adopted by Rimini Street?
Which industries can benefit from Rimini Street’s services?
How is Rimini Street recognized in the market?
What geographical markets does Rimini Street serve?
How does Rimini Street maintain its expertise in enterprise software support?
What competitive advantages does Rimini Street offer?
