Rimini Street Stock Price, News & Analysis

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.

Rimini Street (NASDAQ: RMNI) has gained a significant new client, Racing and Wagering Western Australia (RWWA), which switched from Oracle to Rimini Street for enhanced support and security in its database management. This transition aligns with RWWA's strategy to reduce reliance on Oracle and adopt open-source solutions. The move aims to lower operating expenses and improve security.

RWWA benefits from Rimini's rapid response times, advanced database security, and a dedicated support engineer, enhancing their service during peak business periods.

Rimini Street (NASDAQ: RMNI) announced that the University of Technology Sydney has transitioned from Oracle to Rimini Street for enhanced support and security of its technology platforms. This shift has led to reduced support wait times, lower costs, and improved service delivery amidst ongoing IT labor shortages and a need for hybrid learning solutions. Rimini Street's expert support model offers fast response times and helps UTS refocus resources on innovation and security enhancements, optimizing their IT operations at a critical time.

Rimini Street reported a 10.5% increase in quarterly revenue, achieving $101.2 million for Q2 2022, compared to $91.6 million a year earlier. The gross margin improved to 63.1%, up from 62.2%. Despite this, quarterly billings fell 5.3% year-over-year. The company reported a record revenue retention rate of 95% on subscription revenue. Active clients rose 9.8% to 2,905. Cash flow from operations reached $15 million, with an end-of-quarter cash balance exceeding $160 million. The company maintains a revenue guidance of $402 million to $411 million for the full year.

Rimini Street (Nasdaq: RMNI) announces that Lotte Mart, a major South Korean hypermarket chain, has transitioned to its services for Oracle application maintenance support. This change was driven by Lotte Mart's need for enhanced service quality and faster response times. The partnership allows Lotte Mart to optimize resources towards strategic growth projects while benefitting from Rimini Street's responsive support, including a 10-minute response time for critical issues. Lotte Mart aims to further implement Rimini Street's services across its parent company, improving digital competitiveness and IT efficiency.

Rimini Street, Inc. (Nasdaq: RMNI) has launched Rimini Protect™, a proactive security solution designed for Oracle and SAP environments, offering 24/7 protection. This suite addresses vulnerabilities effectively and is positioned against traditional vendor patching, which may be slow and inadequate. In 2021, there were 623 million ransomware attacks, emphasizing the need for robust security solutions. Rimini Protect enhances traditional methods by providing comprehensive security layers for application and database protection, leveraging its global expertise in cybersecurity.

Rimini Street (NASDAQ: RMNI) announced that the Manukau Institute of Technology (MIT) has switched to its support services for Oracle applications. This transition allows MIT to avoid mandatory upgrades for its current Oracle software, ensuring enhanced support without disruptions for 5-15 years. MIT relies on critical Oracle applications for finance and student management, facing end-of-life support issues. Rimini Street's comprehensive support model includes 10-minute response times and dedicated engineers, facilitating MIT's IT roadmap flexibility.