Rimini Street Stock Price, News & Analysis

Rimini Street (NASDAQ: RMNI) has partnered with Sajo Systems, a division of the Korean Sajo Group, to enhance support and maintenance for its SAP S/4HANA system. This collaboration aims to optimize IT operations, enabling Sajo Systems to focus on digital transformation and innovation amidst challenges posed by the COVID-19 crisis. Rimini Street's customized support services promise improved service quality and cost efficiencies for Sajo Systems, which anticipates faster resolution of support cases. The partnership aligns with Rimini Street's goal of achieving $1 billion in annual revenue by 2026.

Rimini Street, Inc. (NASDAQ: RMNI) has partnered with France-based Labeyrie Fine Foods to enhance its Oracle JD Edwards and Database support. This collaboration aims to improve cost efficiencies, allowing Labeyrie to accelerate cloud migration. Labeyrie reported significant operational value and savings, as Rimini's services are offered at half the previous cost. The partnership aligns with Rimini's goal to reach $1B in annual revenue by 2026, demonstrating its commitment to helping clients effectively navigate digital transformation and competitive challenges.

International Container Terminal Services, Inc. (ICTSI) has chosen Rimini Street (NASDAQ: RMNI) for SAP software support, aiming to optimize its ERP investments. This partnership is set to save ICTSI 50% in annual support fees, allowing them to redirect resources towards innovation and growth. Rimini Street's support will enhance critical functions like financials and asset tracking. ICTSI, a major player in global port operations, will leverage Rimini Street's advanced services to prepare for future ERP needs, ensuring alignment with emerging market requirements.

Rimini Street, Inc. (Nasdaq: RMNI) has appointed Kevin N. Hooper as group vice president and regional general manager for the Americas Central Region. Hooper, a veteran with over 20 years of leadership experience from companies like Lenovo and Oracle, will oversee marketing, sales, and service delivery in the region. The appointment aligns with Rimini Street's goal to achieve $1 Billion in annual revenue by 2026, focusing on leveraging Hooper's expertise to accelerate sales growth and improve client services.

Rimini Street, Inc. (Nasdaq: RMNI) reported a strong fourth quarter and full-year 2021, achieving record revenues of $99.3 million, up 13.0% year-over-year, and $374.4 million for the fiscal year, an increase of 14.6%. The gross margin improved to 63.6%, while net income soared to $70.1 million for Q4, compared to $2.5 million in the prior year. The company ended the year with record cash of $119.6 million and a new stock repurchase plan of up to $15 million. Guidance for Q1 2022 revenue is set between $95.0 million and $96.0 million, with annual guidance of $400 million to $410 million.

Rimini Street, Inc. (Nasdaq: RMNI) announced a stock repurchase plan of up to $15 million over the next two years, backed by a record cash balance of $119.6 million as of December 31, 2021. This decision follows significant capital market transactions that reduced debt and improved cash flow. The company aims to enhance shareholder value while continuing to invest in growth initiatives. CEO Seth A. Ravin emphasized the strong operating cash flow allows for this dual approach of investing in growth and returning capital to shareholders.

Rimini Street (NASDAQ: RMNI) has reorganized its operations by combining North America and Latin America into a unified Americas Theatre, aimed at enhancing client experience and operational efficiency. The company appointed Emmanuel Richard as the senior vice president and general manager of the new theatre. This restructuring is expected to eliminate redundancies, improve service delivery, and capitalize on growth opportunities, given that these regions contribute significantly to Rimini Street’s revenue. The company maintains a client satisfaction rate of 4.9 out of 5.0.

Rimini Street has appointed Jeff Spicer as executive vice president and chief marketing officer. Spicer, a marketing veteran with over 20 years of experience, will oversee the company's global marketing strategy, aiming to bolster its client-centric services as it targets $1 billion in annual revenue by 2026. He previously held significant marketing roles at IBM, VMWare, and Yellowbrick Data. His appointment is seen as a strategic move to enhance brand management and drive demand generation in a market with a total addressable market exceeding $200 billion.