Rimini Street Stock Price, News & Analysis

Rimini Street (Nasdaq: RMNI) has successfully completed repurchases of $15 million par value of Series A preferred stock, costing $13.45 million, or 89.7% of par value. The repurchases, made on October 30, 2020, and January 5, 2021, aim to lower cost of capital, enhance cash flow, and reduce obligations related to Series A preferred stock. The transaction terms also waived make-whole dividends until the non-call date of July 19, 2021. CEO Michael L. Perica mentioned ongoing evaluations of capital markets for further opportunities to optimize the company’s structure for shareholders.

Rimini Street, Inc. (Nasdaq: RMNI) has announced its agenda for the Investor Day on February 1, 2021, set to be presented via live webcast. The event will feature key discussions led by top executives, including CEO Seth A. Ravin, focusing on the company's vision and strategy to achieve $1 billion in revenue by 2026. Other topics include marketing strategies, client case studies, and plans for sales growth and service delivery improvements.

Rimini Street, Inc. (Nasdaq: RMNI) will host an Investor Day on February 1, 2021, via live webcast. The event will feature CEO Seth A. Ravin and senior leadership discussing the company's vision, products, business model, and financial strategy. Attendees will have the opportunity to engage in a Q&A session. A detailed agenda will be released on January 5, 2021. Rimini Street is known for providing third-party support for Oracle and SAP software, offering services that help enterprises save costs and improve outcomes.

Rimini Street (Nasdaq: RMNI) announced it secured three contracts to provide enterprise software support to Brazilian government agencies, including the Chamber of Deputies and the Superior Labor Court. This move aligns with Brazil's efforts to optimize IT costs as mandated by the Ministry of Economy in 2019, encouraging public organizations to seek cost-effective alternatives to traditional software support. Rimini Street aims to enhance competitiveness in the public sector by offering innovative solutions and efficient support services, addressing the need for better management of public resources.

Rimini Street, Inc. (Nasdaq: RMNI) reported strong third-quarter results for 2020, achieving record revenue of $82.5 million, up 19.3% year-over-year. The company also reported a 33.3% increase in calculated billings and a revenue retention rate exceeding 90%. Active clients rose 16.4% to 2,365. Rimini Street raised its full-year revenue guidance to between $321.5 million and $322.5 million. Despite a decline in gross margin to 61.2%, net income and operating income improved, with net income of $3.3 million compared to $1.4 million last year.

Rimini Street, Inc. (Nasdaq: RMNI) announced that Pulse Electronics transitioned to Rimini Street support for its SAP systems, allowing cost savings to be redirected towards enhancing business intelligence and AI technologies. This shift also enables Pulse to avoid a costly migration to S/4HANA, thus regaining control over its IT roadmap. Pulse's IT director highlighted that the switch has led to improved support services with significant financial benefits, particularly during economic uncertainties.

Rimini Street, Inc. (Nasdaq: RMNI) will announce its third-quarter 2020 earnings on November 5, 2020, after market close. A conference call and webcast will take place the same day at 5:00 p.m. Eastern / 2:00 p.m. Pacific time to discuss the results. The live event can be accessed via Rimini Street's Investor Relations site. The company is recognized as a premier provider of enterprise software support services, focusing on Oracle and SAP products, with a strong client base exceeding 3,500 organizations globally.