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), a leader in enterprise software support and services, has announced its participation in upcoming investor conferences. The presentations will take place on:
April 27, 2023 : Ladenburg Thalmann Technology Expo, NYCMay 17, 2023 : Needham 18th Annual Technology & Media Conference, NYC at 3:00 PM ETMay 31, 2023 : Craig-Hallum 20th Annual Institutional Investor Conference, MinneapolisJune 1, 2023 : TD Cowen 51st Annual Technology, Media & Telecom Conference, NYC at 11:25 AM ET
Investors can access presentations via webcasts and schedule one-on-one meetings with company representatives.
Rimini Street, Inc. (NASDAQ: RMNI) announced it will report its earnings after the market closes on May 3, 2023. The company will host a conference call and webcast at 5:00 p.m. Eastern / 2:00 p.m. Pacific to discuss the first quarter results and future outlook. Rimini Street provides comprehensive software support services, particularly for Oracle and SAP products, and partners with Salesforce and AWS. It serves over 5,000 clients, including Fortune 500 companies, enabling them to reduce costs and enhance business efficiency. Investors can access the live webcast through the company's Investor Relations site.
Rimini Street (NASDAQ: RMNI) announces that Daekyo, South Korea's leading education service, has expanded their Rimini Support services to include SAP, in addition to Oracle products. This shift is expected to optimize Daekyo's IT budget and improve operational efficiency. Since 2018, Daekyo has benefitted from Rimini's cost-effective support solutions, achieving up to 90% savings on support costs while maintaining a high service level with a 10-minute response time. The partnership will enable Daekyo to focus on digital transformation and enhance its competitive position in the edu-tech market.
Rimini Street (NASDAQ: RMNI) announced that GE Lighting, a Savant company, has chosen Rimini Watch™ for Change Management to replace its existing SAP ChaRM system. This transition aims to enhance operational efficiency and drive cost savings. GE Lighting cited the need for a more flexible and valuable change management system, focusing on approval processes, change collision insights, and historical data migration. The switch has already demonstrated reduced internal friction, allowing GE Lighting to reallocate resources towards strategic initiatives in the smart home market, underscoring a productive partnership with Rimini Street.
Rimini Street (Nasdaq: RMNI) has launched Rimini ONE™, an integrated outsourcing service program aimed at simplifying enterprise software management. Over 100 clients are already benefiting from this service, which promises to reduce total costs, extend the life of software releases without mandatory upgrades, and allow reallocating resources to innovation projects. The program addresses staffing challenges and offers various managed services including support for Oracle, SAP, and other applications. It aims to deliver faster, comprehensive IT solutions from a single provider, contributing to competitive advantage and growth.
Rimini Street, Inc. (NASDAQ: RMNI) announced the successful upgrade of Clifford Hallam Healthcare's SAP BusinessObjects from version 4.1 to 4.2, enhancing business operations. CH2, Australia's only fully integrated medical distributor, has relied on Rimini's support since 2019. The upgrade improves security, reporting speed, and data confidence, aiding compliance with federal programs. Rimini Consult™ provided tailored support, helping CH2 achieve its aggressive business goals. This collaboration marks a significant step in leveraging technology for better operational efficiency.
Rimini Street (Nasdaq: RMNI) reported its fourth quarter and full year 2022 results, with quarterly revenue of $108.6 million, up 9.4% year-over-year. Fiscal year revenue reached $409.7 million, also up 9.4%. However, billings for the fiscal year dipped 2.0% to $409.3 million, while the quarterly gross margin declined to 64.5% from 65.1% year-over-year. The company reported a net loss of $5.3 million for Q4, a stark contrast to a net income of $70.1 million in Q4 2021. They expect Q1 2023 revenue between $101 million and $103 million and guidance for full-year 2023 revenue of $420 million to $430 million.
Rimini Street, Inc. (NASDAQ: RMNI), a leading provider of enterprise software support, has launched Rimini Consult, a new suite of professional services designed to enhance Oracle, SAP, and Salesforce systems. This initiative aims to improve software customization, integration, migration, and digital transformation for clients. The services are backed by a team of over 800 engineers, providing 24/7 support with an average response time of under two minutes. Rimini Street's past projects have delivered considerable success, emphasizing their commitment to maximizing software value and innovation for organizations.
Rimini Street, Inc. (Nasdaq: RMNI) has launched Rimini Watch™, a suite of proactive observability solutions designed to improve the performance and continuity of Oracle and SAP applications and databases. This offering combines monitoring, health checks, and change management capabilities to address downtime and operational inefficiencies. Key features include proactive monitoring of applications and databases, enhanced change management processes, and 24/7 expert support. Rimini Watch is aimed at reducing operational costs and ensuring business continuity for enterprises relying on complex software infrastructures.
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