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) announced it secured three contracts to provide enterprise software support to Brazilian government agencies, including the Chamber of Deputies and the Superior Labor Court. This move aligns with Brazil's efforts to optimize IT costs as mandated by the Ministry of Economy in 2019, encouraging public organizations to seek cost-effective alternatives to traditional software support. Rimini Street aims to enhance competitiveness in the public sector by offering innovative solutions and efficient support services, addressing the need for better management of public resources.
Rimini Street, Inc. (Nasdaq: RMNI) reported strong third-quarter results for 2020, achieving record revenue of $82.5 million, up 19.3% year-over-year. The company also reported a 33.3% increase in calculated billings and a revenue retention rate exceeding 90%. Active clients rose 16.4% to 2,365. Rimini Street raised its full-year revenue guidance to between $321.5 million and $322.5 million. Despite a decline in gross margin to 61.2%, net income and operating income improved, with net income of $3.3 million compared to $1.4 million last year.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Pulse Electronics transitioned to Rimini Street support for its SAP systems, allowing cost savings to be redirected towards enhancing business intelligence and AI technologies. This shift also enables Pulse to avoid a costly migration to S/4HANA, thus regaining control over its IT roadmap. Pulse's IT director highlighted that the switch has led to improved support services with significant financial benefits, particularly during economic uncertainties.
Rimini Street, Inc. (Nasdaq: RMNI) will announce its third-quarter 2020 earnings on November 5, 2020, after market close. A conference call and webcast will take place the same day at 5:00 p.m. Eastern / 2:00 p.m. Pacific time to discuss the results. The live event can be accessed via Rimini Street's Investor Relations site. The company is recognized as a premier provider of enterprise software support services, focusing on Oracle and SAP products, with a strong client base exceeding 3,500 organizations globally.
Rimini Street, a leading provider of enterprise software support, announced participation in multiple upcoming conferences. Seth A. Ravin, CEO, and Michael L. Perica, CFO, will hold meetings on November 11 at the Roth Technology Virtual Event, November 12 at the Benchmark Company Technology Virtual One-on-One Investor Conference, and November 17 at the 11th Annual Craig-Hallum Alpha Select Conference. Rimini Street specializes in third-party support for Oracle, SAP software, and Salesforce, aiming to help organizations reduce costs and enhance innovation.
Rimini Street, Inc. (Nasdaq: RMNI) has been selected by the Metropolitan Water Reclamation District (MWRD) of Greater Chicago for its SAP support services, marking a strategic shift away from traditional SAP support. The MWRD will benefit from Rimini Street's ultra-responsive, premium-level support for a minimum of 15 years without needing to upgrade software to remain supported. This transition is expected to yield significant cost savings, allowing MWRD to invest in IT modernization initiatives, including a new IT service management solution, thus improving internal satisfaction from 60% to over 93%.
Rimini Street, Inc. (Nasdaq: RMNI) has appointed Michael L. Perica as its new Chief Financial Officer (CFO) to spearhead financial operations and support its growth. Perica boasts over 25 years of experience in financial management, previously serving as VP of Finance and CFO at Enersys, contributing to a $1.4 billion business unit. He has a proven track record of driving revenue and EBITDA growth. Rimini Street provides enterprise software support for over 3,500 clients, including Fortune 500 companies, and aims to improve cash flow and GAAP profitability under Perica's leadership.
Rimini Street, Inc. (Nasdaq: RMNI) conducted a survey of Oracle PeopleSoft licensees revealing that 97% find their current PeopleSoft releases meet business needs. Many users prefer to extend the lifespan of existing software rather than upgrade to newer versions, with 64% still using outdated releases. The high costs of Oracle's support, even for outdated versions, are noted, with 72% of respondents expressing dissatisfaction. The survey shows a trend towards cloud migration, with 87% evaluating or moving their applications to cloud platforms to reduce costs and enhance performance.
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