Rackspace Technology, Inc. - RXT STOCK NEWS

SNP and Rackspace Technology have announced a strategic partnership to enable businesses to migrate to the cloud efficiently while modernizing their SAP landscape with SNP’s CrystalBridge® software. Initially targeting the EMEA region, the collaboration aims for global deployment. The partnership will establish a joint competence center to train Rackspace employees in using CrystalBridge®. This collaboration comes during a surge in demand for cloud-based SAP services, driven by companies' digital transformation efforts amid the COVID-19 pandemic.

Rackspace Technology (NASDAQ: RXT) has been recognized as a Major Player in the IDC MarketScape: Worldwide Application Management Services on the Cloud 2020 Vendor Assessment. This recognition stems from its tailored application management solutions that align with client objectives, enhancing customer support through expert service. The IDC report highlights the company's strong customer service and project management skills, which have cultivated long-term relationships. This position reflects Rackspace's commitment to evolving application management services in response to rising cloud demands.

Rackspace Technology (NASDAQ: RXT) has completed its tender offer for its 8.625% Senior Notes due 2024, which expired on December 14, 2020. The company purchased $259,147,000 in Notes by the Early Tender Time on November 30, 2020. Following this, no additional notes were tendered before the expiration.

Rackspace Technology provides comprehensive multicloud technology services, assisting clients in modernizing applications and adopting innovative technologies throughout their cloud journey.

Rackspace Technology (NASDAQ: RXT) announced a collaboration with Humen.Ai to enhance the Sway: Magic Dance iOS application, achieving up to 70% reduction in infrastructure costs. By migrating to Amazon Elastic Container Service (Amazon ECS) with Spot Instances, Rackspace streamlined the app's infrastructure from 400 AWS G4 instances to a serverless model, allowing quicker app updates. This transformation is expected to boost throughput and pave the way for expansion into various entertainment sectors, while redirected cost savings can fund further innovations.

Rackspace Technology (NASDAQ: RXT) has enhanced its partnership with the British Heart Foundation (BHF) to support its online gift shop, which is critical for fundraising, especially during the holiday season. Due to the pandemic, BHF has experienced a 50% decrease in income, leading to a £50 million cut in heart research funding. Rackspace completed a lift and shift migration to a VMware environment in just six weeks, ahead of schedule, to aid BHF in maximizing online sales during this crucial period.

Rackspace Technology (NASDAQ: RXT) has achieved the AWS Travel and Hospitality Competency, recognizing its expertise in assisting businesses in the travel and hospitality sector. This designation highlights Rackspace's proficiency in leveraging cloud technologies to enhance operational efficiencies and customer experiences amidst challenges posed by COVID-19. The company serves various segments, including airlines, hotels, and entertainment venues, enabling them to better predict customer behavior and streamline processes for improved service delivery.

Rackspace Technology (NASDAQ: RXT) has announced the launch of new professional services and solutions during AWS re:Invent 2020. The company is now among the first AWS Consulting Partners to offer services via the AWS Marketplace, enhancing customer access to its expertise. Key offerings include Cloud Native Security for AWS, MLOps Foundations, and AWS Outposts Managed services. Additionally, Rackspace received the AWS Travel and Hospitality Competency designation, showcasing its capabilities in transforming customer operations in response to COVID-19.

Rackspace Technology (NASDAQ: RXT) has been recognized as a leader in Forrester's December 2020 report on Multicloud Managed Services Providers. The evaluation assessed 11 vendors based on 24 criteria across three categories: current offering, strategy, and market presence. Rackspace achieved a perfect score in 8 criteria, including execution and innovation roadmap. CEO Kevin Jones emphasized their commitment to multicloud solutions, while the report highlighted the company's ability to adapt to customer needs and its innovative Rackspace Service Blocks™ methodology.

Rackspace Technology (NASDAQ: RXT) announced an enhanced partnership with PipeSearch, a software company focused on the global pipe industry. The collaboration aims to bring advanced data modernization and machine learning capabilities to streamline inventory management processes. PipeSearch will utilize a machine learning model developed by Onica to normalize inventory data, achieving over 80% confidence in results within just one week. This innovative solution is expected to facilitate better market insights and operational efficiencies for customers in the pipe industry.