Welcome to our dedicated page for Rackspace Technology news (Ticker: RXT), a resource for investors and traders seeking the latest updates and insights on Rackspace Technology stock.
Rackspace Technology, Inc. (RXT) is a leading provider of end-to-end, hybrid, multi-cloud technology services. The company specializes in designing, building, and operating its customers' cloud environments across all major technology platforms, including OpenStack, Microsoft, and VMware. Rackspace offers a comprehensive suite of solutions categorized into Application Services, Data, Colocation, Cloud, Managed Hosting, Professional Services, and Security & Compliance. This diverse service portfolio enables businesses to leverage cloud computing without the complexity and cost of managing IT infrastructure and applications independently.
Serving over 300,000 customers globally, including two-thirds of the Fortune 100, Rackspace is renowned for its Fanatical Support®—a results-driven service that emphasizes customer success. The company's expertise is further validated by its recognition as a leader in the Gartner Magic Quadrant for Cloud-Enabled Managed Hosting and its repeated inclusion in Fortune’s list of best companies to work for.
Rackspace is constantly innovating, as evidenced by its partnership with Google Cloud to showcase generative AI services and solutions. Their Foundry for AI by Rackspace (FAIR) initiative is dedicated to advancing business transformation and improving customer experiences through responsible AI technologies. FAIR has identified over 500 AI use cases and is actively working on industry-leading implementations worldwide.
Recent advancements include the integration of a Generative AI-enabled intelligent system with Microsoft Azure OpenAI Service, significantly enhancing data retrieval and business insights capabilities. Additionally, Rackspace has collaborated with healthcare organizations like Seattle Children's to manage critical workloads, ensuring improved patient care and optimized operations.
Rackspace's commitment to innovation extends to ethical AI practices, as demonstrated by their partnership with OhioX to promote responsible AI adoption and drive economic growth in Ohio. The company’s broad expertise and strategic partnerships enable it to support a wide array of industries, helping them modernize applications and adopt cutting-edge technologies.
For more information, visit www.rackspace.com.
Rackspace Technology (NASDAQ: RXT) is collaborating with the International Air Transport Association (IATA) to enhance airline standards amid COVID-19 disruptions. IATA, representing 290 airlines, is modernizing its IT infrastructure with Rackspace's support, focusing on Amazon Web Services (AWS) for improved efficiency and cost reduction. Key initiatives include an architectural review, implementation of DevOps, and a flexible cloud services model. This transformation aims to optimize operations and reduce costs while adhering to data privacy regulations.
Rackspace Technology (NASDAQ: RXT) will host a virtual event titled How Businesses are using AI and Machine Learning Today on December 9th at 10:00 am CT, concluding its Solve Strategy Series. Jeremy Howard, founder of fast.ai, will keynote on AI and ML capabilities, followed by a panel discussion with experts from Salesforce, AWS, and Rackspace. The event aims to address the accelerated need for AI/ML adoption due to the pandemic and discuss challenges faced by enterprises, such as skill shortages and technology understanding.
Rackspace Technology (NASDAQ: RXT) announced early tender results for its cash tender offer of outstanding 8.625% Senior Notes due 2024. As of the early tender deadline on November 30, 2020, approximately $259.1 million, or 49.91%, of the Notes were validly tendered. The offer, which expires on December 14, 2020, will include all validly tendered Notes. Citigroup Global Markets Inc. serves as dealer manager for the offer. Investors are urged to review the terms and make decisions independently regarding their Notes.
Rackspace Technology (NASDAQ: RXT) will host a virtual event titled How Businesses are using AI and Machine Learning Today on December 9, 2020, at 10:00 am CT. Keynote speaker Jeremy Howard, a prominent data scientist, will discuss the capabilities and constraints of AI and ML. The event aims to address the skills gap many enterprises face when implementing AI/ML technologies, particularly accelerated by the pandemic. It will feature insights from industry leaders from Salesforce and Rackspace, providing a roadmap for businesses to successfully adopt these technologies.
Rackspace Technology (NASDAQ: RXT) announced that CEO Kevin Jones and CFO Amar Maletira will present at the Credit Suisse 24th Annual Technology Conference on November 30, 2020. They will participate in a fireside chat around 11:00 AM ET and will be available for investor meetings. Rackspace Technology is recognized as a leading end-to-end multicloud technology services company, assisting clients in optimizing their cloud environments and adopting innovative technologies.
Rackspace Technology (NASDAQ: RXT) announces participation in the J.P. Morgan Ultimate Services Investor Conference on November 19, 2020. CEO Kevin Jones and CFO Dustin Semach will engage in a fireside chat at approximately 11:50 AM ET and are available for investor meetings. Rackspace is a premier multicloud technology solutions provider, facilitating cloud modernization and innovation for clients across various technology platforms. More details can be found on their Investor Relations website.
Rackspace Technology has priced its offering of $550 million aggregate principal amount of 5.375% Senior Notes due 2028 at an issue price of 100.000%. The closing is anticipated on December 1, 2020, pending customary conditions. The proceeds will refinance the 8.625% Senior Notes due 2024 and cover related expenses. The offering targets qualified institutional buyers and will not be registered under U.S. law. Rackspace Technology offers comprehensive multicloud technology services designed to optimize cloud environments for its clients.
Rackspace Technology has initiated a tender offer to buy back its outstanding 8.625% Senior Notes due 2024, totaling $519.23 million. The Tender Offer allows note holders to sell their notes for $1,045.00 each if tendered by November 30, 2020, including an early tender payment of $30.00. The offer expires on December 14, 2020. Accrued interest will also be paid. The offer is contingent on the success of a new note offering by the company. Citigroup Global Markets is the dealer manager for the offer.
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