Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology has achieved Snowflake's Premier Partnership Level, positioning itself among the top 30 partners in Snowflake's ecosystem. This partnership aims to enhance data management solutions, providing clients with expertise in migrating to the Snowflake Data Cloud. Through this collaboration, Rackspace is expected to simplify data analysis for customers like Innovyze, improving operational efficiency and innovation in the water industry. This development signifies an important growth opportunity in data services for Rackspace and its partners.

Rackspace Technology (NASDAQ: RXT) has announced an extended Strategic Collaboration Agreement with Amazon Web Services (AWS), marking a significant multi-year investment aimed at enhancing customer value and innovation. This agreement follows a remarkable 250% growth in Rackspace's AWS business over the past three years and being named the 2021 AWS Migration Partner of the Year. The collaboration will focus on accelerating applications and data modernization, expanding Rackspace's Modernization Center of Excellence, and enhancing cloud service offerings through dedicated teams.

Rackspace Technology, Inc. (Nasdaq: RXT) reported a fourth quarter revenue of $777 million, a 9% year-over-year increase. Core Revenue reached $734 million, up 11%. Bookings hit a record of $329 million, up 12%. However, the company faced a net loss of ($83) million, an improvement from the previous year’s loss of ($218) million. For 2021, total revenue was $3,010 million, up 11%. The company expects Q1 2022 revenue to be between $768 - $778 million.

Rackspace Technology (NASDAQ: RXT) announced an expanded partnership with Cloudflare on February 16, 2022, to enhance cloud security services. This collaboration will provide managed services for Cloudflare Zero Trust, aiming to support businesses in adopting secure cloud architectures and optimizing their network infrastructures. Rackspace’s Elastic Engineering for Security will offer consultative services to businesses globally, addressing critical cybersecurity challenges highlighted in a recent survey revealing that 49% of IT leaders view Zero Trust as vital for tackling prevalent threats.

Rackspace Technology (NASDAQ: RXT) has been recognized as a Leader in three quadrants of the 2021 ISG Provider Lens™ AWS Ecosystem Partners Report for the US and Germany. This recognition is due to its extensive AWS competencies and certifications. The company excelled in Consulting Services, Migration Services, and Managed Services. The report analyzed 52 providers, highlighting Rackspace's strong position in the AWS migration market. With over 2,700 certifications worldwide, Rackspace supports companies transitioning to AWS, ensuring optimized cloud environments.

Rackspace Technology (NASDAQ: RXT) announced a partnership with VoltaGrid to deploy a cloud-native solution utilizing IoT, Machine Learning, and AI for mobile electric microgrids. Founded in 2020, VoltaGrid focuses on providing energy solutions for remote locations, including services for hydraulic fracturing and data centers. The collaboration resulted in a rapid deployment of an end-to-end system optimizing operations, which was completed in under a year, enhancing VoltaGrid's service offerings and market access.

Rackspace Technology (NASDAQ: RXT) has been recognized as a Top 15 Sourcing Standout by Information Services Group (ISG) for its performance in the Breakthrough 15 category. This distinction, based on annual contract value won over the last year, highlights Rackspace's competitive position in the global multicloud services market. The ISG Index™ is a respected source for tracking industry trends, and Rackspace's continued growth in this sector is supported by its innovative Elastic Engineering model and new service offerings, including Rackspace Data Freedom.

Rackspace Technology has released a report revealing that while AI/ML adoption is a high priority for 62% of organizations, challenges remain in demonstrating its business value. The survey of 1,870 IT leaders showed that while 70% experienced positive impacts on brand awareness and revenue generation, 36% found it challenging to measure these benefits. Additionally, 72% incorporate AI/ML in their business strategies, with budgets increasing from 1%-10% to 6%-10%. Despite progress, 33% cite misalignment with business strategies as an obstacle, reflecting a growing need for stakeholder buy-in and quality data.

Rackspace Technology (RXT) announced the launch of a new OpenStack private cloud for Pipedrive in the UK, enhancing service for European customers. This initiative aims to reduce response times while meeting security and compliance requirements. The UK facility becomes Pipedrive's fourth cloud region, providing redundancy and minimizing the risk associated with data center issues. Pipedrive, which has nearly 100,000 users worldwide, is also expanding its AWS environment to support further growth.