Welcome to our dedicated page for Rimini Street news (Ticker: RMNI), a resource for investors and traders seeking the latest updates and insights on Rimini Street stock.
Rimini Street, Inc. (RMNI) provides enterprise software support services for Oracle, SAP, and other major platforms through its innovative subscription model. This news hub offers investors and IT professionals a centralized source for official announcements, financial updates, and strategic developments from the industry-leading support provider.
Track earnings releases, partnership announcements, service expansions, and operational milestones that demonstrate RMNI's position as a cost-effective alternative to traditional vendor support. Our curated collection enables efficient monitoring of the company's global growth and evolving service offerings in enterprise application management.
Discover updates on product enhancements, client success stories, and industry recognition that highlight Rimini Street's commitment to optimizing IT operations. The archive includes critical information for assessing the company's market trajectory while maintaining awareness of key developments in third-party software support solutions.
Bookmark this page for ongoing access to verified RMNI communications, including regulatory filings and leadership updates. Combine strategic insights with operational data through our comprehensive news aggregation tailored for enterprise software stakeholders.
Rimini Street (Nasdaq: RMNI) announces its participation in the 25th Annual Needham Growth Conference on January 12, 2023, at 1:30 p.m. ET.
CEO Seth A. Ravin, CFO Michael L. Perica, and VP of Investor Relations Dean Pohl will present virtually. The event can be watched live via a provided link, with a 90-day archive available post-event.
This participation highlights Rimini Street's position as a leading provider of enterprise software products and services, supporting organizations globally.
Rimini Street, Inc. (NASDAQ: RMNI) has secured a pivotal contract with Kooksoondang, a prominent Korean rice wine producer, transitioning from annual vendor support to Rimini Street for SAP ECC software management. This shift is aimed at enhancing support quality without vendor-forced upgrades for the next 15 years, while simultaneously reducing costs to funnel resources into strategic initiatives. Rimini Street provides a dedicated support engineer and guarantees a 10-minute response time for critical issues, ensuring operational stability as Kooksoondang invests in digital transformation projects.
Rimini Street, Inc. (Nasdaq: RMNI) announced that Officeworks successfully utilized Rimini Connect™ for Browsers to adapt its SAP systems post the retirement of Microsoft IE11. This solution enabled Officeworks to maintain critical CRM and customer support functionalities without a costly system upgrade. The partnership allowed Officeworks to avoid disruptions and continue its IT roadmap while ensuring browser compatibility. Daniel Benad from Rimini Street emphasized the importance of avoiding technology-driven operational issues.
Rimini Street (Nasdaq: RMNI) has launched Rimini Connect, a suite of innovative integration and interoperability solutions designed to address complex software environments. The solutions aim to help organizations manage compatibility issues without costly upgrades or migrations. With over 800 engineers, Rimini Street has been successful in resolving integration challenges for its clients, potentially saving them millions in costs and labor. The initial offerings include solutions for Browsers, Operating Systems, and Email, all supporting seamless operations while adapting to evolving technological environments.
Rimini Street (NASDAQ: RMNI) has been named a supplier on the Crown Commercial Service's G-Cloud 13 framework, enabling UK public sector organizations to achieve up to 90% savings on support costs for Oracle and SAP products. This announcement underscores Rimini Street's position as a leading third-party support provider and its ongoing commitment to delivering significant value to clients, allowing them to optimize services and reallocate resources for transformation initiatives amidst economic challenges.
Rimini Street (NASDAQ: RMNI) has announced that Taeyoung Engineering & Construction, a leader in South Korean civil engineering, will replace its costly vendor support for Oracle ERP systems with Rimini's services. This decision aims to reduce operating costs and enhance support quality, enabling Taeyoung to invest savings into strategic infrastructure projects. The switch is expected to maintain stable operations for an additional 15 years without required upgrades, allowing Taeyoung's IT team to focus on innovation.
Rimini Street reported Q3 2022 revenue of $101.9 million, a 6.6% increase year over year. The company maintained a Revenue Retention Rate of 94% and had 3,010 active clients, up 7.8% year over year. Despite challenges like currency exchange impacts, the company achieved a gross margin of 61.5%. However, it faced a net loss of $0.4 million, down from a $1.9 million profit in the same quarter last year. For Q4 2022, Rimini Street projects revenue between $103 million and $105 million.
Rimini Street (NASDAQ: RMNI) announces a significant partnership with Southern Cross Electrical Engineering (SCEE) to support its Oracle applications during its business expansion. This collaboration allows SCEE to redirect budget and IT resources towards innovation, addressing challenges posed by the industry-wide IT skills shortage. By switching to Rimini Street, SCEE mitigates high vendor support costs and avoids unnecessary upgrades. The transition is anticipated to enhance operational efficiency and empower strategic initiatives, including a hybrid cloud service for better collaboration.
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