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.
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.
Rimini Street, Inc. (Nasdaq: RMNI), a prominent provider of enterprise software support, announced that Ampol Limited, Australia's top transport fuels provider, has transitioned to Rimini Street Support for its SAP ECC 6.0 and Business Objects applications. This switch has resulted in reduced annual support fees and allowed Ampol to defer costly migrations to SAP S/4HANA. The partnership aims to enhance efficiency and allocate savings towards strategic business initiatives. Rimini Street offers an impressive Service Level Agreement with quick response times, aiming to optimize operational costs for clients like Ampol.
Rimini Street, Inc. (Nasdaq: RMNI) announced it will report its earnings post-market on March 3, 2021, covering the fourth quarter and full year of 2020. A conference call and webcast will be hosted at 5:00 p.m. Eastern Time, enabling stakeholders to discuss results in detail. The company, a leader in third-party support for Oracle and SAP software products, has serviced over 3,700 organizations globally, delivering integrated application management and support services aimed at cost savings and enhanced business outcomes.
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