Rimini Street names Joe Locandro as new chief information officer

LAS VEGAS - Rimini Street, Inc. (NASDAQ:RMNI), a global provider of enterprise software support, management, and innovation solutions with a market capitalization of $285 million and annual revenue of $429 million, has announced the appointment of Joe Locandro to the position of executive vice president and chief information officer (CIO). According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics. Locandro, who has over 25 years of leadership experience in various industries, will oversee the company’s global IT operations, enterprise systems strategy, and technology innovation initiatives. This appointment comes as Rimini Street maintains a moderate debt level and shows promising growth potential, with analysts expecting improved profitability this year, according to InvestingPro data.

Before joining Rimini Street, Locandro held the CIO role at Fletcher Building, and executive positions at several high-profile companies, including BP and Cathay Pacific. His firsthand experience with Rimini Street’s services as a client played a significant role in his decision to join the company. Locandro’s expertise is expected to enhance Rimini Street’s IT systems, infrastructure, and cybersecurity as the company scales its platform to support an increasing global client base. The company has demonstrated strong momentum, with its stock price showing an impressive 80% increase over the past six months, despite recent market volatility.

Seth Ravin, CEO and chairman of Rimini Street, expressed confidence in Locandro’s ability to contribute to the company’s growth and client success. Rimini Street positions itself as a leading third-party support provider for Oracle, SAP, and VMware software, offering a comprehensive suite of services aimed at optimizing enterprise application and technology software for organizations.

Locandro, who will be based in the APAC region and report directly to Ravin, holds a bachelor’s degree in economics and commerce from the University of Melbourne and has completed executive studies at Stanford University’s Graduate School of Business. His appointment is part of Rimini Street’s strategy to deliver flexible and scalable IT solutions that adapt to the evolving needs of clients worldwide.

Rimini Street’s announcement is based on a press release statement and does not include any endorsement of claims or marketing language. The company continues to focus on providing resilient and agile IT solutions as part of its commitment to client success and operational excellence. For detailed insights into Rimini Street’s financial health, growth prospects, and comprehensive analysis, investors can access the full Pro Research Report available on InvestingPro.

In other recent news, Rimini Street, Inc. reported its Q4 2024 earnings, revealing a revenue of $114.2 million, which surpassed analyst forecasts of $102.51 million. The company’s earnings per share (EPS) met expectations at $0.07. Despite these positive financial results, Rimini Street’s stock experienced a decline during regular trading hours. Additionally, Rimini Street has regained compliance with Nasdaq’s listing rules by appointing Jay Snyder to its Audit Committee, filling a vacancy that had caused a period of noncompliance.

Alliance Global Partners upgraded Rimini Street’s stock from Neutral to Buy, raising the price target from $2.25 to $6.50. This decision is based on expectations of a $58 million cash recovery from Oracle and a stronger profit outlook. Rimini Street’s robust financial performance and strategic moves, including a new sales model and cost reductions, aim to drive future growth. The company’s recent developments underscore its commitment to maintaining high governance standards and adapting to market challenges.

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