Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology (NASDAQ: RXT) has announced a successful partnership with gohenry, aiding its migration to Google Cloud. This transition, which moved 99% of gohenry's services, supports rapid customer growth and increased flexibility. In just two years, gohenry doubled its customer base to over one million, achieving an annual revenue of £13 million in 2019. Leveraging services like Google Kubernetes Engine, gohenry ensures secure, scalable operations, crucial for their young users. This partnership is set to enhance gohenry's innovative capabilities in the growing cashless society.

Rackspace Technology (NASDAQ: RXT) announced enhanced AWS capabilities for M1 Finance, facilitating accelerated fraud detection and real-time data querying. M1 Finance, which has over 200,000 accounts and approximately $2 billion in assets, faced challenges due to increased data volume. The partnership with Rackspace's Onica division enabled the automation of data processes, reducing manual efforts significantly. The new solution provides scalability and flexibility, allowing M1 Finance's analysts to perform dynamic queries, enhancing fraud detection efficiency. This collaboration aims to improve security and streamline the user experience.

Rackspace Technology (NASDAQ: RXT) has announced its collaboration with Collinson Group to facilitate the migration of a customer loyalty program for one of Australia's largest banks. This initiative enhances customer experience while paving the way for future cloud migrations. By leveraging Rackspace Managed Public Cloud and security services, the bank transitioned away from legacy data centers to Microsoft Azure, streamlining operations and improving compliance with industry regulations. The loyalty platform launched in late 2019 and has reportedly exceeded performance expectations.

Rackspace Technology (NASDAQ: RXT) has successfully completed its tender offer to repurchase up to $600 million of its 8.625% Senior Notes due 2024. The offer expired on September 9, 2020, with the company purchasing $507.636 million of notes prior to the early tender deadline and an additional $7.32 million by the expiration date. All validly tendered notes will be settled on or about September 11, 2020. This strategic move aims to optimize its debt structure and manage interest obligations effectively.

Rackspace Technology (NASDAQ: RXT) will host its first virtual Solutions Summit on September 10 from 9:00 am – 4:00 pm CT. The event will feature industry experts discussing technology challenges and innovations amid the pandemic. Attendees can expect valuable insights from partners like Forrester Research, AWS, and Salesforce. Rackspace aims to accommodate 2,000 IT professionals, offering networking opportunities and sessions on multicloud and digital experience. This summit supports Rackspace's commitment to helping clients innovate within challenging circumstances.

Rackspace Technology (NASDAQ: RXT) has partnered with GitLab to migrate its GitLab.com offering to Rackspace managed Google Cloud Platform. This transition has resulted in a 1.5x improvement in deployment speed and enhanced service resilience. GitLab is now utilizing various Google Cloud services, such as BigQuery and Cloud SQL, to optimize performance and reduce operational costs. Rackspace, recognized as a Google Cloud Partner of the Year, reaffirms its commitment to aiding companies in digital transformation and cloud-native solutions.

Rackspace Technology (NASDAQ: RXT) recently announced participation in two major investor conferences. CEO Kevin Jones and CFO Dustin Semach will attend Citi’s 2020 Global Technology Conference on September 10, 2020, engaging in a fireside chat at 9:50 AM ET. They will also present at Deutsche Bank’s Technology Conference on September 15, 2020, at 2:00 PM ET. Investors can expect insights into Rackspace’s multicloud technology solutions and future direction. More details are available on the company's Investor Relations website.

Rackspace Technology (NASDAQ: RXT) has partnered with Cando Rail Services to enhance railway IoT data processing using a serverless environment on AWS. This collaboration aims to optimize Cando's digital supply chain platform by implementing best practices for sensor data processing, leading to improved system performance and reduced operational costs. The switch to a serverless architecture has cut data processing time from 90 seconds to under two seconds, allowing Cando to increase deployments and accelerate change cycles, ultimately attracting larger customers.

Rackspace Technology (Nasdaq: RXT) reported second quarter 2020 revenue of $657 million, a 9% increase year-over-year. Bookings reached a record $288 million, up 107% year-over-year. The company experienced a net loss of $33 million, contrasting with a net income of $63 million in the same quarter last year, primarily due to a prior year's equity investment gain. Adjusted EBITDA was $188 million, reflecting a 3% increase. Rackspace expects full-year revenue growth of 9.0% - 10.0% in constant currency.