Rackspace Technology, Inc. Stock Price, News & Analysis

Rackspace Technology (NASDAQ: RXT) will co-sponsor a virtual event titled The New Cybersecurity Landscape on October 7, 2020. This event aims to address emerging security threats exacerbated by the COVID-19 pandemic. Keynote speaker Keren Elazari will discuss evolving security challenges. The global data explosion poses new security threats, predicted to drive cybersecurity spending to $133.7 billion in 2022. The event features a panel discussion with industry experts, including Michael Schofield from Rackspace Technology. Registration is available on their website.

Rackspace Technology (NASDAQ: RXT) announced an expansion of its strategic alliance with VMware to enhance managed services across VMware-based multicloud solutions. This includes support for Azure VMware Solution, Google Cloud VMware Engine, and VMware Cloud on Dell EMC. Key benefits include improved customer migration to the cloud and the establishment of a Cloud Center of Excellence. Rackspace Technology aims to provide consistent multicloud infrastructure, facilitating easier workload movement for clients. The enhanced offerings are designed to support organizations in their digital transformation efforts.

Rackspace Technology™ (NASDAQ: RXT) has expanded its strategic alliance with VMware by enhancing managed services across VMware multicloud solutions, including Azure VMware Solution and Google Cloud VMware Engine. This expansion aims to provide customers with a broader choice for integrating VMware-based private clouds into their multicloud solutions. Key benefits include accelerated cloud migration, reduced operational burdens, and enhanced support for digital transformations and disaster recovery.

Rackspace Technology (NASDAQ: RXT) announced a partnership with Dell Technologies to enhance its multicloud solutions. The collaboration expands the Rackspace Private Cloud powered by VMware portfolio with the Dell Technologies Cloud Platform, providing a streamlined pathway to hybrid cloud. This solution offers significant cost savings, with up to 52% lower operational costs and an 88% reduction in unplanned downtime. The partnership aims to address key business transformation challenges while promoting consistent operations across multiple cloud environments.

Rackspace Technology (NASDAQ: RXT) announced on September 28, 2020, its collaboration with Dell Technologies to enhance multicloud solutions. The partnership aims to expand the Rackspace Private Cloud powered by VMware (RPCV) portfolio with the Dell Technologies Cloud Platform (DTCP), offering a streamlined approach to hybrid cloud. This integration provides superior management of applications across clouds, achieving up to 52% lower operational costs and reducing unforeseen downtime by 88%. Rackspace's certification for DTCP marks a significant milestone in their ongoing relationship with Dell.

Rackspace Technology (NASDAQ: RXT) has announced a successful partnership with gohenry, aiding its migration to Google Cloud. This transition, which moved 99% of gohenry's services, supports rapid customer growth and increased flexibility. In just two years, gohenry doubled its customer base to over one million, achieving an annual revenue of £13 million in 2019. Leveraging services like Google Kubernetes Engine, gohenry ensures secure, scalable operations, crucial for their young users. This partnership is set to enhance gohenry's innovative capabilities in the growing cashless society.

Rackspace Technology (NASDAQ: RXT) announced enhanced AWS capabilities for M1 Finance, facilitating accelerated fraud detection and real-time data querying. M1 Finance, which has over 200,000 accounts and approximately $2 billion in assets, faced challenges due to increased data volume. The partnership with Rackspace's Onica division enabled the automation of data processes, reducing manual efforts significantly. The new solution provides scalability and flexibility, allowing M1 Finance's analysts to perform dynamic queries, enhancing fraud detection efficiency. This collaboration aims to improve security and streamline the user experience.

Rackspace Technology (NASDAQ: RXT) has announced its collaboration with Collinson Group to facilitate the migration of a customer loyalty program for one of Australia's largest banks. This initiative enhances customer experience while paving the way for future cloud migrations. By leveraging Rackspace Managed Public Cloud and security services, the bank transitioned away from legacy data centers to Microsoft Azure, streamlining operations and improving compliance with industry regulations. The loyalty platform launched in late 2019 and has reportedly exceeded performance expectations.

Rackspace Technology (NASDAQ: RXT) has successfully completed its tender offer to repurchase up to $600 million of its 8.625% Senior Notes due 2024. The offer expired on September 9, 2020, with the company purchasing $507.636 million of notes prior to the early tender deadline and an additional $7.32 million by the expiration date. All validly tendered notes will be settled on or about September 11, 2020. This strategic move aims to optimize its debt structure and manage interest obligations effectively.