Rimini Street Stock Price, News & Analysis

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.

Rimini Street, Inc. (NASDAQ: RMNI) will announce its third quarter 2022 earnings on November 2, 2022, after market close. A conference call and webcast discussing the results will follow at 5:00 p.m. Eastern / 2:00 p.m. Pacific. The event will be available live on the company's Investor Relations site. Rimini Street is a leading provider of enterprise software support services for Oracle and SAP, serving over 4,800 organizations worldwide, including Fortune 500 companies. Further details are accessible on their official website.

Rimini Street, Inc. (Nasdaq: RMNI) announced an event where over 300 employees handmade 500 fleece blankets for local foster children in Las Vegas on October 6, 2022. These blankets are intended to help foster children feel welcomed during their transition. The initiative also includes crafting 100 smaller blankets for the Las Vegas SPCA. Rimini Street covered all expenses connected to the project. The company has a history of community support, engaging in philanthropic activities that benefit various charitable organizations globally.

Rimini Street (NASDAQ: RMNI) has been recognized as a Great Place to Work-Certified organization in the US, Australia, and New Zealand. This certification is based on real-time employee feedback regarding workplace culture. Notably, 94% of US employees feel good about the company’s community contributions. The firm aims to reach $1 billion in annual revenue by 2026, leveraging a 19% compound annual revenue growth rate. Rimini Street is seen as a leader in third-party software support for Oracle and SAP, serving over 4,800 clients globally.

Rimini Street (Nasdaq: RMNI) has released a new report from Valoir Research titled “Maximizing SAP Value with Rimini Street,” highlighting the benefits of third-party SAP support. This 2022 report updates ERP implementation plans and shows how Rimini Street allows SAP customers to maintain existing ERP investments while considering S/4HANA migration. The report identifies four types of SAP customers and emphasizes the potential cost savings, including a 50% reduction in application support fees. A webcast discussing the report findings is scheduled for September 1, 2022.