Rimini Street Stock Price, News & Analysis

Rimini Street, a global provider of enterprise software products and services, announced that CEO Seth A. Ravin and CFO Michael L. Perica will participate in a fireside chat at the BMO 2021 Technology Summit on August 24, 2021, at 1:00 p.m. Eastern Time. Participants can watch live at this link or on Rimini Street’s Investor Relations site. Additionally, management will be available for one-on-one meetings during the conference on August 24 and 25. Rimini Street is recognized as a leading third-party support provider for Oracle and SAP.

Rimini Street (RMNI) reported strong second quarter results with record revenue of $91.6 million, a 16.9% year-over-year increase. Annual Recurring Revenue reached $362.1 million, up 16.4%. The company achieved a gross margin of 62.2% and an impressive billings growth of 44.4%. Active clients rose by 22.5% to 2,645. Operating cash flow generated was $22.7 million. The company maintains full-year guidance of $370 million to $380 million in revenue, aiming for $1 billion by 2026.

Rimini Street (Nasdaq: RMNI) announced the successful closure of a $90 million senior secured credit facility, aimed at enhancing financial flexibility. Approximately $88 million from this financing was allocated to redeem Series A Preferred stock, while the remainder will cover transaction costs. The facility includes lenders Capital One and Fifth Third Bank, with loans bearing interest at LIBOR plus a margin of 1.75% to 2.50%. This transaction is expected to yield annual savings of approximately $24 million, significantly reducing the company's financing costs.

Rimini Street, Inc. (Nasdaq: RMNI) will report its second quarter 2021 earnings on August 4, 2021, after market close. The company, a leader in third-party support for Oracle and SAP software, will hold a conference call at 5:00 p.m. ET to discuss its financial results. Rimini Street provides enterprise software support services that help organizations save costs and enhance business performance. With over 4,000 clients globally, including Fortune 500 companies, Rimini Street continues to solidify its position in the enterprise software market.

Rimini Street (Nasdaq: RMNI) announced a $90 million senior secured credit facility, with $88 million earmarked for redeeming Series A Preferred stock. This transaction is expected to close on July 20, 2021, pending standard conditions. The new financing will reduce the company's capital costs significantly, saving approximately $24 million in annual interest. Additionally, it will decrease the fully diluted share count by about 9%, potentially increasing earnings per share. The facility includes financial covenants to maintain liquidity and leverage ratios.

Rimini Street, Inc. (Nasdaq: RMNI) announces the County of Fresno transitioned to its support services for Oracle software. This shift will save the county $800,000 annually in Oracle support costs, allowing for reduced service rates and increased funding for community projects. The county can now maximize their Oracle investment for 15 years without the need for expensive upgrades. Rimini Street offers faster response times and expert support, significantly enhancing the county’s IT operation efficiency and compliance with legislative requirements.

Rimini Street, Inc. (Nasdaq: RMNI) has appointed Daniel Benad as group vice president and regional general manager for the OCEANIA region. In this role, he will oversee all business operations in Australia, New Zealand, and the South Pacific. Benad, who joined Rimini Street in 2020, takes over from Emmanuelle Hose, now managing the EMEA region. The company aims to enhance its growth strategy to achieve $1 billion in annual revenue by 2026, supporting over 160 organizations in the region with enterprise software solutions.

Rimini Street, Inc. (Nasdaq: RMNI) has appointed Emmanuelle Hose as group vice president and theatre general manager for Europe, Middle East, and Africa (EMEA). Hose, who previously managed the Oceania region, aims to drive revenue growth and expand the client base in EMEA. The company supports over 300 organizations in the region. Emphasizing the importance of maximizing existing enterprise application value, Hose will ensure clients can effectively fund digital transformation amidst rising demand for third-party support services.