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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) 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.
Rackspace Technology announced a proposal to issue $550 million in senior notes due 2028, aiming to refinance existing 8.625% Senior Notes due 2024. The offering is subject to market conditions and will be targeted at qualified institutional buyers and non-U.S. investors. The net proceeds will be utilized for the refinancing and associated expenses. This private offering is exempt from the registration requirements of the Securities Act. The company emphasizes that this announcement is not an offer to buy or sell securities.
Rackspace Technology (NASDAQ: RXT) is enhancing Plus500's multicloud operations by migrating its services to Google Cloud while overseeing its existing VMware private cloud platform. The integration supports Plus500's online trading of over 2,000 securities and facilitates more than 3 million trades monthly. The collaboration also includes Rackspace's Managed Security services to ensure compliant data management. As Plus500 expands globally, the need for scalable solutions prompted the switch to Google Cloud.
Rackspace Technology (Nasdaq: RXT) reported a strong third quarter for 2020, with revenues reaching $682 million, up 13% year-over-year. The company achieved record bookings of $315 million, a 64% increase, while adjusted EBITDA was $191 million, maintaining a margin of 28%. Despite a net loss of $101 million or $(0.54) per diluted share, adjusted earnings per share rose 36% to $0.19. Rackspace is raising its full-year guidance, projecting growth in consolidated revenue and core revenue as multicloud adoption accelerates globally.
Rackspace Technology (NASDAQ: RXT) will co-sponsor the Cloud — The Enabler of Innovation virtual event alongside Amazon Web Services and the International Air Transport Association on November 12 at 10:00 am CT. CTO Tolga Tarhan will keynote, discussing the critical role of cloud technology in driving innovation through methodologies like DevOps and cloud-native approaches. A panel will follow, addressing prevalent misconceptions about cloud adoption and its future. The event highlights Rackspace's commitment to advancing cloud solutions for long-term growth.
Rackspace Technology (NASDAQ: RXT) announced a successful collaboration with AutoPets, enhancing their IoT cloud infrastructure for pet care. This partnership, leveraging AWS technology, improved the reliability and scalability of AutoPets' devices, including the Litter-Robot and the upcoming Feeder-Robot. Key achievements include updating IoT firmware in 45 days and optimizing AWS services, which reduced server costs and increased efficiency. AutoPets can now process messaging in batches, relieving previous infrastructure overloads while modernizing their mobile applications for a better user experience.
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