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Rackspace Technology, Inc. - RXT STOCK NEWS

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.

News

Rackspace Technology Announces Final Results of the Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

Rhea-AI Summary
Rackspace Technology announces the final results of the exchange offer for its 3.50% First-Priority Senior Secured Notes due 2028. The offer involved exchanging Existing Secured Notes for new Exchange Notes and canceling certain notes for cash. The New Issuer received $138,427,000 in aggregate principal amount of Existing Secured Notes, representing 75.9% of the total outstanding notes.
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GLP Works with Foundry for AI by Rackspace (FAIR) Experts to Integrate Microsoft Azure OpenAI Service to Drive Innovative Asset Management Strategies

Rhea-AI Summary
Rackspace Technology collaborates with GLP and Microsoft to integrate Generative AI chatbot with Enterprise Data Lake for actionable business insights. GLP leverages FAIR™ and Azure OpenAI Service to enhance data-driven asset management strategies, streamlining workflows and improving customized analysis. The partnership accelerates secure adoption of Generative AI solutions, enabling GLP to engage better with data for fund management, ESG metrics, and more.
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Rackspace Technology Participates in Google Cloud Next as a Signature Sponsor to Showcase the Company's Google Cloud Offerings and Partnerships

Rhea-AI Summary
Rackspace Technology (RXT) to showcase cutting-edge Generative AI Services and Solutions on Rackspace FAIR Practice at Google Cloud Next event. The event aims to bring together developers, IT professionals, and CXOs for immersive learning and networking opportunities.
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Rackspace Technology Announces Increase to Late Exchange Consideration for Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

Rhea-AI Summary
Rackspace Technology announces amendments to its offer of new senior secured first lien first out term loans and exchange of existing secured notes, with updated terms and conditions and increased late exchange consideration, aiming at eligible holders.
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Rackspace Technology Announces Early Tender Results of the Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

Rhea-AI Summary
Rackspace Technology (RXT) announces early tender results for the Exchange Offer of its Senior Secured Notes due 2028, with $133,271,000 tendered by eligible holders. The Exchange Offer includes new 3.50% FLSO Senior Secured Notes due 2028 and cash consideration. Participating holders may also fund new senior secured first lien first out term loans. The Exchange Offer expires on April 11, 2024, with settlement expected on April 15, 2024.
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Rackspace Technology Launches Rackspace UK Sovereign Services for Secure, Cost-Effective Workloads in the UK Public Sector and Regulated Services

Rhea-AI Summary
Rackspace Technology (RXT) launches Rackspace UK Sovereign Services, providing digitally sovereign cloud services for the UK public sector and regulated industries. The offering prioritizes data security, regulatory compliance, and cost-effective solutions, with dedicated compute and storage 'Pods' for each customer sector. The platform is designed for secure workloads accredited for UK Official or NHS England Class V risk data, in partnership with BT for secure communication services.
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AI Transitioning from Ideation to Industrialization for Critical Business Operations, According to New Rackspace Technology FAIR 2024 AI Research

Rhea-AI Summary
A recent AI research report sponsored by AWS and commissioned by Rackspace Technology reveals that over 60% of participants have advanced their AI strategies beyond ideation and proof-of-concept stages. Companies are rapidly integrating AI into their operations, with 29% fully integrating AI for employee productivity and 33% in early development stages. The study also shows a significant increase in AI investments, with companies expecting to double their budgets in 2024 compared to 2023.
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Rackspace Technology Introduces Rackspace SPOT, Cloud Infrastructure Auctioned in a Real-time Open Market and Delivered as Turnkey, Fully Managed Kubernetes Clusters

Rhea-AI Summary
Rackspace Technology introduces Rackspace SPOT, the world’s only open market auction for cloud servers, offering cost-effective cloud infrastructure solutions for small to medium enterprises, startups, and developers. With high-availability Kubernetes clusters and dynamic pricing, organizations can scale resources as needed and obtain cloud infrastructure at the best price.
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Rackspace Technology Announces Launch of Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

Rhea-AI Summary
Rackspace Technology announces offers to exchange and purchase certain existing secured notes, along with funding offers for new senior secured first lien term loans. The exchange offer includes considerations for early and late participation, with details on interest payments and settlement dates.
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Rackspace Technology Announces Refinancing Transactions, Significantly Reducing Debt and Securing New Money Investment

Rhea-AI Summary
Rackspace Technology (RXT) has successfully closed a private debt exchange with creditors, reducing net debt by $375 million and receiving $275 million in new funding. The company plans to launch a public debt exchange offer to further reduce debt by $600 million, lowering annual interest expenses by $13 million. This strategic move aims to strengthen Rackspace's financial position and enhance its ability to provide industry-leading hybrid, multicloud, and AI solutions.
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FAQ

What is the current stock price of Rackspace Technology (RXT)?

The current stock price of Rackspace Technology (RXT) is $2.22 as of December 24, 2024.

What is the market cap of Rackspace Technology (RXT)?

The market cap of Rackspace Technology (RXT) is approximately 505.2M.

What services does Rackspace Technology offer?

Rackspace provides Application Services, Data, Colocation, Cloud, Managed Hosting, Professional Services, and Security & Compliance.

Who are Rackspace Technology's customers?

Rackspace serves over 300,000 customers globally, including two-thirds of the Fortune 100 companies.

What is Fanatical Support®?

Fanatical Support® is Rackspace's results-driven service that emphasizes specialized expertise and customer success.

What recent advancements has Rackspace Technology made?

Rackspace has partnered with Google Cloud on generative AI solutions and integrated a Generative AI-enabled system with Microsoft Azure OpenAI Service.

How does Rackspace support the healthcare industry?

Rackspace helps healthcare organizations like Seattle Children's manage critical workloads, improving patient care and operational efficiency.

What is Foundry for AI by Rackspace (FAIR)?

FAIR is an initiative focused on advancing business transformation and improving customer experiences through responsible AI technologies.

What recognition has Rackspace Technology received?

Rackspace has been named a leader in Gartner's Magic Quadrant for Cloud-Enabled Managed Hosting and is frequently listed among Fortune’s best companies to work for.

How does Rackspace contribute to responsible AI practices?

Rackspace promotes ethical AI adoption and drives economic growth through partnerships like the one with OhioX.

How can I learn more about Rackspace Technology?

Visit Rackspace Technology’s website at www.rackspace.com for more information.

What is Rackspace's approach to cloud environments?

Rackspace designs, builds, and operates cloud environments across all major technology platforms, irrespective of technology stack or deployment model.

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Rackspace Technology, Inc.

Nasdaq:RXT

RXT Rankings

#3110 Ranked by Market Cap
N/A Ranked by Dividends

RXT Stock Data

505.20M
197.65M
2.77%
84.57%
1.98%
Software - Infrastructure
Services-computer Programming, Data Processing, Etc.
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United States of America
SAN ANTONIO