Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology (NASDAQ: RXT) announced a pricing of $550 million in 3.50% First-Priority Senior Secured Notes due 2028, with an issue price of 100.000%. The offering is set to close on February 9, 2021, pending standard conditions. The net proceeds will be allocated to repay existing term loans, cover related fees, and support general corporate activities. The Notes are targeted at qualified institutional buyers and are not registered under the Securities Act. This announcement highlights Rackspace's ongoing financial strategies and commitment to managing its debt effectively.

Rackspace Technology (NASDAQ: RXT) has released findings from a global survey indicating that a significant majority of organizations are struggling to implement effective artificial intelligence (AI) and machine learning (ML) initiatives. Conducted by Coleman Parkes Research, the survey highlights that only 17% of organizations report mature AI/ML capabilities. Key challenges include lack of internal expertise and data quality, leading to over one-third of AI R&D projects being abandoned. However, organizations implementing AI/ML successfully report increased productivity and customer satisfaction.

Rackspace Technology (NASDAQ: RXT) has been selected by GEANT to provide Amazon Web Services (AWS) solutions to European researchers through the OCRE procurement framework. This initiative aims to enhance the digital transformation of research institutions and universities in Europe, which have faced challenges due to a lack of procurement frameworks and technical skills. With 14 AWS competencies and 1,600 certifications, Rackspace is positioned to support organizations in 38 European countries, facilitating their journey toward cloud-based IT environments.

Rackspace Technology (NASDAQ: RXT) has appointed Rodrigo Martineli as Vice President and General Manager for Latin America, effective January 1, 2021. This strategic move aligns with their broader investment in the region, including new offices in Colombia and representation in Chile. Martineli aims to drive innovation for over 1,000 existing and potential customers across various sectors such as financial services and retail, enhancing their cloud value. His extensive experience in global sales and partnerships is expected to strengthen Rackspace's market position in LATAM.

Rackspace Technology (NASDAQ: RXT) will release its Q4 2020 and full year 2020 financial results on February 18, 2021, post-market close. CEO Kevin Jones and CFO Amar Maletira will lead a conference call at 5:00 PM ET that day to discuss the results. Interested parties can access the call via phone or live webcast on the company’s website. An audio replay will be available after the call until March 4, 2021. Rackspace provides multicloud technology solutions to help customers modernize applications and innovate.

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.