Rackspace Technology, Inc. Stock Price, News & Analysis

Rackspace Technology (NASDAQ: RXT) has appointed Anthony Roberts to its Board of Directors, effective January 30, 2023. Roberts fills the vacancy left by Tim Campos, who resigned due to increased commitments with his new role at Apple. With over 35 years of technology and change management experience, including leadership roles at Walgreens Boots Alliance, Roberts brings substantial expertise to the board. CEO Amar Maletira highlighted Roberts' potential to enhance Rackspace's position in the multicloud sector and assist with industry-focused strategies and international expansion.

Rackspace Technology (NASDAQ: RXT) has been named to CRN's annual Cloud 100 list, recognizing the top 100 Cloud Companies for 2023 in five categories: infrastructure, monitoring, management, storage, and security. This accolade highlights Rackspace's commitment to channel partners and its innovation in cloud-based technology development. The company emphasizes its 'Fanatical Support' and continuous improvement in partner enablement through better communication and analytics. Additionally, Rackspace has achieved the ISG Sourcing Standout award for six consecutive quarters globally, solidifying its position in the multicloud market.

Rackspace Technology (NASDAQ: RXT) announced the launch of three new software-defined data center (SDDC) solutions: SDDC Enterprise, SDDC Business, and SDDC Flex. These offerings are designed to assist organizations in transitioning from internally managed data centers to the cloud. The new solutions aim to enhance private cloud strategies, enabling clients to optimize their cloud transformation efforts. Josh Prewitt, Chief Product Officer, highlighted the company's commitment to supporting customers in their private cloud journey, emphasizing tailored solutions across various industries, including healthcare and finance.

ConTemporary Locums, LLC, launched on January 18, 2023, is a national physician staffing company focused on addressing staffing challenges for hospitals and physicians. Founded by healthcare veteran Sigrid Boring, the company aims to enhance the physician staffing experience with a diverse candidate pool. The team includes experienced industry professionals and aims to implement innovative solutions to meet the increasing demand for temporary physician staffing. With a majority women-owned structure, it signifies a commitment to diversity in healthcare staffing.

Rackspace Technology (NASDAQ: RXT) has announced an expansion of its strategic partnership with Google Cloud aimed at accelerating digital transformation for customers. The relationship will enhance service capacity and includes the establishment of a dedicated Google Cloud Business Unit, focused on innovative solutions in data, AI, and application modernization. This partnership aims to develop a Rackspace Google Cloud Center of Excellence for training professionals and enhancing cloud capabilities. With public cloud spending projected to reach $591.8 billion in 2023, this collaboration positions Rackspace to capture significant market opportunities.

Rackspace Technology (NASDAQ: RXT) has announced the appointment of Brian Lillie as President of its Private Cloud business unit, effective January 23, 2023. This strategic move is part of Rackspace's new two-business unit operating model aimed at driving transformation and growth. CEO Amar Maletira expressed confidence in Lillie's extensive technology experience, highlighting the company's strong position in the private cloud market. Rackspace plans to accelerate growth in both its private and public cloud segments, leveraging its established brand and innovative technology solutions.

Rackspace Technology (NASDAQ: RXT) launched a new managed service, Modern Operations, on January 16, 2023. This offering provides a 24x7 unified support model for customers using AWS, Azure, and GCP, enabling them to streamline their cloud operations. The service aims to help businesses focus on core activities while managing the complexities of cloud environments. Benefits include continuous managed support, access to cloud expertise, enhanced cloud resiliency, and innovative cloud services. This initiative is part of Rackspace's commitment to supporting customers in their cloud journey.

Rackspace Technology (NASDAQ: RXT) has confirmed that a recent ransomware incident was swiftly contained and limited to its Hosted Exchange email business, which constitutes about 1% of its total annual revenue. The company engaged CrowdStrike for investigation and remediation, ensuring no other services were affected. Rackspace is transitioning impacted customers to Microsoft Office 365, with many already migrated. The firm maintains cybersecurity insurance and is confident in managing any financial implications.