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, Inc. (Nasdaq: RMNI) announced financial results for Q2 2024. Key highlights include:
- Revenue decreased 3.1% to $103.1 million
- U.S. revenue down 4.7% to $51.5 million
- International revenue down 1.5% to $51.7 million
- Annualized Recurring Revenue decreased 2.6% to $399.4 million
- Active Clients decreased 0.6% to 3,007
- Revenue Retention Rate at 88%
- Gross margin at 59.1%, down from 63.0%
- Operating loss of $(0.8) million, compared to $10.3 million income last year
- Net loss of $(1.1) million, compared to $4.3 million income last year
The company is winding down Oracle PeopleSoft services and incurred $3.2 million in reorganization costs. Rimini Street suspended guidance due to ongoing litigation with Oracle.
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software support, products, and services, has announced it will report its second quarter 2024 financial results on July 31, 2024, after market close. 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 third quarter of 2024.
Investors and interested parties 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 call number is 1-800-836-8184. A replay of the webcast will be available for one year following the event.
Rimini Street announced the winners of its 2024 RMNI LOVE Grant Program, awarding £50,000 in total to five UK-based charities: Children Ahead, Fight Against Blindness (FAB), Parenting Special Children (PSC), Room to Heal, and The Vavengers. Each charity receives £10,000 to bolster their impactful work in the London region.
The rigorous selection process for these grants involved multiple review stages by regional committee members. The grants aim to support various missions, including mental health services for children, aid for visually impaired youth, support for refugees, specialized parenting support, and advocacy against Female Genital Mutilation.
This initiative reflects Rimini Street's commitment to addressing significant community needs and fostering long-term positive change.
Rimini Street India has achieved a significant milestone by placing in the Top 20th for India's Great Mid-Size Workplaces 2024. This recognition builds on its recent accolades, including being ranked in the Top 50 of India's Best Workplaces in IT & IT-BPM 2023 and receiving the Great Place to Work Certification.
The company's commitment to fostering a supportive and dynamic workplace culture has been a key factor in these achievements. Initiatives like the 'Freshers' program, Rimini University, and various cultural events highlight Rimini Street India's dedication to employee development and diversity.
Great Place to Work has evaluated over 100 million employees globally using its For All Model and Trust Index Survey to select 100 standout organizations for this recognition. Brian Almas, Senior VP of HR, and Megh Risaldar, VP of HR at Rimini Street India, emphasize the company's focus on creating a thriving workplace that supports both personal and professional growth.
Rimini Street revealed findings from an independent survey of nearly 3,000 global CFOs and CIOs, highlighting the growing demand for ROI from IT investments. The survey shows that 86% of CFOs and CIOs have strengthened their relationship, with 72% of CFOs taking the lead on tech budgets. CIOs are addressing rising IT costs through investments in emerging tech and outsourcing support. However, ERP upgrades are seen as less valuable, with only 20% of CFOs satisfied with their tech investments. Despite these challenges, Rimini Street's clients have reportedly saved $8B and reallocated resources towards growth and innovation.
Rimini Street announced that Ricoh Company has selected Rimini Support™ and Rimini Protect™ to optimize and secure its Oracle EBS and Oracle Database environments. Ricoh is transitioning from several Oracle products and chose Rimini Street for its high-quality support, cost savings, and security. Rimini Street's services provide real-time, zero-day vulnerability protection, reducing downtime and saving Ricoh substantial upgrade costs. This partnership aids Ricoh in maintaining business continuity and protecting sensitive data during its digital transformation.
Rimini Street has significantly enhanced its data processing capabilities using Openprise's RevOps Data Automation (RDA) Cloud. Within weeks of implementation, the company reduced its data cleaning and loading time from three days to minutes. This automation has transformed Rimini Street's data team from a reactive to a proactive unit, allowing them to focus on strategic projects. The collaboration has also saved the team 108 hours per week in review cycles and service desk tasks. This efficiency has empowered Rimini Street’s go-to-market team to better capitalize on growth opportunities and increased marketing efforts.
Rimini Street, a global provider of enterprise software support, has been selected by Brazilian retailer Americanas to manage its SAP landscape and establish a new SAP Center of Excellence (CoE). This decision aims to enhance operational efficiencies and competitive advantage across Americanas' corporate, e-commerce, and logistics platforms, encompassing over 1,600 stores. Rimini Street will oversee SAP ECC 6, S/4HANA, and RISE platforms, implementing optimized processes, support tools, and governance strategies. The partnership is expected to enable Americanas' IT team to focus on innovative customer engagement initiatives, thereby driving improved operational, competitive, and financial results.
Rimini Street (Nasdaq: RMNI), a provider of enterprise software support, announced that Malaysia's Sunway Group has chosen Rimini ONE™ for improved software support and cost optimization. Sunway aims to reallocate resources saved through Rimini Street's services towards AI and customer experience (CX) projects.
Sunway's CIO, Kevin Khoo, emphasized the cost savings and system support benefits from Rimini Street. Initially using JD Edwards for ERP across 13 businesses, Sunway faced high costs and downtime with software upgrades. Rimini Street offers expert support, including for customizations, at no extra charge and guarantees 15 additional years of stable ERP investment.
Since the partnership, Sunway has saved 50% on annual support fees and up to 90% on total support costs, allowing reinvestment into strategic tech projects, including AI. Rimini Street's dedicated support has enabled Sunway to focus on innovation and digital transformation.
Rimini Street (Nasdaq: RMNI) has announced the global launch of comprehensive support, security, and consulting services for VMware products. This offering includes Rimini Support™, Rimini Protect™, and Rimini Consult™ services. The new services are aimed at perpetually-licensed VMware users facing significant annual fee increases by VMware. Rimini Street's support guarantees a 10-minute response for critical issues and includes a primary support engineer with an average of 15 years of experience. Clients can also benefit from proactive security measures and expert consulting to optimize their current infrastructure.
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