Rimini Street Stock Price, News & Analysis

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.

Rimini Street, a leading provider of enterprise software support, announced participation in multiple upcoming conferences. Seth A. Ravin, CEO, and Michael L. Perica, CFO, will hold meetings on November 11 at the Roth Technology Virtual Event, November 12 at the Benchmark Company Technology Virtual One-on-One Investor Conference, and November 17 at the 11th Annual Craig-Hallum Alpha Select Conference. Rimini Street specializes in third-party support for Oracle, SAP software, and Salesforce, aiming to help organizations reduce costs and enhance innovation.

Rimini Street, Inc. (Nasdaq: RMNI) has been selected by the Metropolitan Water Reclamation District (MWRD) of Greater Chicago for its SAP support services, marking a strategic shift away from traditional SAP support. The MWRD will benefit from Rimini Street's ultra-responsive, premium-level support for a minimum of 15 years without needing to upgrade software to remain supported. This transition is expected to yield significant cost savings, allowing MWRD to invest in IT modernization initiatives, including a new IT service management solution, thus improving internal satisfaction from 60% to over 93%.

Rimini Street, Inc. (Nasdaq: RMNI) has appointed Michael L. Perica as its new Chief Financial Officer (CFO) to spearhead financial operations and support its growth. Perica boasts over 25 years of experience in financial management, previously serving as VP of Finance and CFO at Enersys, contributing to a $1.4 billion business unit. He has a proven track record of driving revenue and EBITDA growth. Rimini Street provides enterprise software support for over 3,500 clients, including Fortune 500 companies, and aims to improve cash flow and GAAP profitability under Perica's leadership.

Rimini Street, Inc. (Nasdaq: RMNI) conducted a survey of Oracle PeopleSoft licensees revealing that 97% find their current PeopleSoft releases meet business needs. Many users prefer to extend the lifespan of existing software rather than upgrade to newer versions, with 64% still using outdated releases. The high costs of Oracle's support, even for outdated versions, are noted, with 72% of respondents expressing dissatisfaction. The survey shows a trend towards cloud migration, with 87% evaluating or moving their applications to cloud platforms to reduce costs and enhance performance.