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.
Rimini Street, Inc. (RMNI) provides enterprise software support services for Oracle, SAP, and other major platforms through its innovative subscription model. This news hub offers investors and IT professionals a centralized source for official announcements, financial updates, and strategic developments from the industry-leading support provider.
Track earnings releases, partnership announcements, service expansions, and operational milestones that demonstrate RMNI's position as a cost-effective alternative to traditional vendor support. Our curated collection enables efficient monitoring of the company's global growth and evolving service offerings in enterprise application management.
Discover updates on product enhancements, client success stories, and industry recognition that highlight Rimini Street's commitment to optimizing IT operations. The archive includes critical information for assessing the company's market trajectory while maintaining awareness of key developments in third-party software support solutions.
Bookmark this page for ongoing access to verified RMNI communications, including regulatory filings and leadership updates. Combine strategic insights with operational data through our comprehensive news aggregation tailored for enterprise software stakeholders.
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.
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.
