Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology has successfully migrated Brooks Macdonald Group to a new managed private cloud architecture, enhancing IT efficiency following a decade of growth. This transition involved managing Microsoft Office 365 licensing and adopting Rackspace Managed Security Services to bolster security and compliance. The new setup reduces the number of technology partners while offering advanced threat detection and response. Brooks Macdonald, with £15.6 billion in discretionary funds under management as of March 31, 2021, aims to explore additional services, including public cloud integration.

Rackspace Technology (NASDAQ: RXT) has partnered with FINCAD to migrate its legacy application to Amazon Web Services (AWS). This collaboration aims to enhance application performance and streamline management through increased automation. By leveraging Rackspace's support, FINCAD will modernize its infrastructure, improve productivity, and reduce operational costs. The migration will also empower FINCAD to further transition additional elements to the cloud, optimizing their technology stack and ensuring effective security and compliance practices.

Rackspace Technology (RXT) has been awarded the title of AWS Migration Partner of the Year for Canada by Amazon Web Services. This recognition highlights Rackspace's expertise in aiding customers with their digital transformations and cloud migrations. The company, through its dedicated AWS business Onica, holds 15 AWS competencies and has achieved over 2,700 certifications. This accolade follows Rackspace's previous recognition in the UK and Ireland as APN Migration Partner of the Year in November 2020.

Rackspace Technology (NASDAQ: RXT) has been recognized as a Top 15 Sourcing Standout by Information Services Group (ISG), ranking among leading providers globally and across regions due to strong annual contract value (ACV) wins in the past year. This acknowledgment highlights Rackspace's double-digit revenue growth in 2020 and exceptional earnings leverage. The ISG Index™ serves as an authoritative source for market intelligence, indicating Rackspace's significant position in the multicloud services sector.

Rackspace Technology reported a strong first quarter of 2021, achieving revenue of $726 million, marking an 11% year-over-year increase. Core revenue grew 15% to $677 million. Despite a net loss of $(64) million or $(0.31 per diluted share, Non-GAAP EPS rose 44% to $0.23. Operating cash flow improved significantly to $103 million, a four-fold increase year-over-year. The company anticipates second-quarter revenue guidance of $735-$745 million.

Rackspace Technology (NASDAQ: RXT) has launched its new solution, Rackspace Services for VMware Cloud, which offers a fully managed VMware experience with features like consumption-based pricing and self-service management. The solution is built on VMware Cloud Director technology and Dell EMC VxRail. It allows mixed tenancy options and provides rapid real-time deployment. The company emphasizes its collaboration with VMware to enhance customer experience and operational efficiency in the cloud.

Rackspace Technology has announced a strategic investment in Platform9, a leading SaaS Managed Kubernetes provider, as part of their commitment to advancing multicloud solutions. The partnership aims to enhance product offerings and accelerate customer cloud journeys. The newly launched Rackspace Managed Platform for Kubernetes (MPK) addresses common challenges of deploying and managing applications across various clouds. This collaboration reflects the growing demand for efficient cloud-native solutions, facilitating improved delivery metrics and digital transformation for businesses.