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. (Nasdaq: RMNI) regularly issues news about its role as a global provider of enterprise software support, managed services and Agentic AI ERP solutions. The RMNI news feed highlights how the company serves as a third-party support provider for Oracle, SAP and VMware software and how its offerings are applied in real client environments across industries and regions.
Investors and technology professionals following Rimini Street news can read about client engagements where organizations switch to Rimini Support™ for SAP ECC or Oracle ERP systems, adopt Rimini Connect™ interoperability solutions or engage Rimini Consult™ for ERP strategy and modernization projects. Recent releases describe work with companies such as SP Electricity North West, Tidewater and Silicon Labs, focusing on themes like cost savings, improved system stability, security, single sign-on capabilities and reduced technical debt.
RMNI news also covers the company’s Agentic AI ERP initiatives, including the launch of Rimini Agentic UX™, an AI-driven user engagement layer for ERP processes, and the publication of the white paper "The Rise of Agentic AI ERP." These announcements explain how Rimini Street positions Agentic AI ERP as a way to orchestrate business processes across composable ERP platforms without disruptive upgrades, and how clients are using these capabilities to accelerate innovation.
In addition, Rimini Street news releases report on quarterly financial and operating results, stock repurchase activity, investor conferences and investor day events, as well as legal and regulatory developments such as the settlement agreement with Oracle. For anyone tracking RMNI, the news stream offers insight into the company’s client wins, product developments, strategic partnerships and financial disclosures over time.
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.
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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.
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.