Rimini Street Stock Price, News & Analysis

Rimini Street, Inc. (Nasdaq: RMNI) has been awarded the 2024 Tech Cares Award by TrustRadius, recognizing its commitment to corporate social responsibility and community impact. The award honors B2B technology organizations excelling in areas such as sustainability, volunteerism, diversity, equity and inclusion, and community support.

The Rimini Street Foundation, established in 2015, has been instrumental in the company's mission to 'Support Humankind.' Recent activities include:

• Packing hygiene kits for human trafficking survivors
• Sorting clothes for flood-affected families in Brazil
• Hosting a STEM day for students and adults with cerebral palsy in Indonesia

Janet Ravin, founder and committee chair of the Rimini Street Foundation, emphasized that as the company grows, so will its opportunities to give back to the community.

Rimini Street, Inc. (Nasdaq: RMNI) announced financial results for Q2 2024. Key highlights include:

- Revenue decreased 3.1% to $103.1 million
- U.S. revenue down 4.7% to $51.5 million
- International revenue down 1.5% to $51.7 million
- Annualized Recurring Revenue decreased 2.6% to $399.4 million
- Active Clients decreased 0.6% to 3,007
- Revenue Retention Rate at 88%
- Gross margin at 59.1%, down from 63.0%
- Operating loss of $(0.8) million, compared to $10.3 million income last year
- Net loss of $(1.1) million, compared to $4.3 million income last year

The company is winding down Oracle PeopleSoft services and incurred $3.2 million in reorganization costs. Rimini Street suspended guidance due to ongoing litigation with Oracle.

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software support, products, and services, has announced it will report its second quarter 2024 financial results on July 31, 2024, after market close. The company will host a conference call and webcast at 5:00 p.m. Eastern / 2:00 p.m. Pacific time to discuss the results and provide an outlook for the third quarter of 2024.

Investors and interested parties can access the live webcast through Rimini Street's Investor Relations site or directly via the provided webcast link. For those preferring to dial in, the conference call number is 1-800-836-8184. A replay of the webcast will be available for one year following the event.

Rimini Street announced the winners of its 2024 RMNI LOVE Grant Program, awarding £50,000 in total to five UK-based charities: Children Ahead, Fight Against Blindness (FAB), Parenting Special Children (PSC), Room to Heal, and The Vavengers. Each charity receives £10,000 to bolster their impactful work in the London region.

The rigorous selection process for these grants involved multiple review stages by regional committee members. The grants aim to support various missions, including mental health services for children, aid for visually impaired youth, support for refugees, specialized parenting support, and advocacy against Female Genital Mutilation.

This initiative reflects Rimini Street's commitment to addressing significant community needs and fostering long-term positive change.

Rimini Street India has achieved a significant milestone by placing in the Top 20th for India's Great Mid-Size Workplaces 2024. This recognition builds on its recent accolades, including being ranked in the Top 50 of India's Best Workplaces in IT & IT-BPM 2023 and receiving the Great Place to Work Certification.

The company's commitment to fostering a supportive and dynamic workplace culture has been a key factor in these achievements. Initiatives like the 'Freshers' program, Rimini University, and various cultural events highlight Rimini Street India's dedication to employee development and diversity.

Great Place to Work has evaluated over 100 million employees globally using its For All Model and Trust Index Survey to select 100 standout organizations for this recognition. Brian Almas, Senior VP of HR, and Megh Risaldar, VP of HR at Rimini Street India, emphasize the company's focus on creating a thriving workplace that supports both personal and professional growth.

Rimini Street revealed findings from an independent survey of nearly 3,000 global CFOs and CIOs, highlighting the growing demand for ROI from IT investments. The survey shows that 86% of CFOs and CIOs have strengthened their relationship, with 72% of CFOs taking the lead on tech budgets. CIOs are addressing rising IT costs through investments in emerging tech and outsourcing support. However, ERP upgrades are seen as less valuable, with only 20% of CFOs satisfied with their tech investments. Despite these challenges, Rimini Street's clients have reportedly saved $8B and reallocated resources towards growth and innovation.

Rimini Street announced that Ricoh Company has selected Rimini Support™ and Rimini Protect™ to optimize and secure its Oracle EBS and Oracle Database environments. Ricoh is transitioning from several Oracle products and chose Rimini Street for its high-quality support, cost savings, and security. Rimini Street's services provide real-time, zero-day vulnerability protection, reducing downtime and saving Ricoh substantial upgrade costs. This partnership aids Ricoh in maintaining business continuity and protecting sensitive data during its digital transformation.

Rimini Street has significantly enhanced its data processing capabilities using Openprise's RevOps Data Automation (RDA) Cloud. Within weeks of implementation, the company reduced its data cleaning and loading time from three days to minutes. This automation has transformed Rimini Street's data team from a reactive to a proactive unit, allowing them to focus on strategic projects. The collaboration has also saved the team 108 hours per week in review cycles and service desk tasks. This efficiency has empowered Rimini Street’s go-to-market team to better capitalize on growth opportunities and increased marketing efforts.

Rimini Street, a global provider of enterprise software support, has been selected by Brazilian retailer Americanas to manage its SAP landscape and establish a new SAP Center of Excellence (CoE). This decision aims to enhance operational efficiencies and competitive advantage across Americanas' corporate, e-commerce, and logistics platforms, encompassing over 1,600 stores. Rimini Street will oversee SAP ECC 6, S/4HANA, and RISE platforms, implementing optimized processes, support tools, and governance strategies. The partnership is expected to enable Americanas' IT team to focus on innovative customer engagement initiatives, thereby driving improved operational, competitive, and financial results.