LAS VEGAS - Pacific Healthcare Group, a prominent player in the Southeast Asian healthcare market, has partnered with Rimini Street , Inc. (NASDAQ: NASDAQ:RMNI) for support services for its Oracle (NYSE:ORCL) systems. The Bangkok-based organization, which represents over 50 brands in more than 20 countries, has chosen to continue with its current on-premises Oracle systems rather than transitioning to cloud-based solutions.
For over a decade, Pacific Healthcare Group has utilized Oracle's enterprise resource planning (ERP) system for key operations such as order management and distribution. Despite Oracle's advice to migrate to the cloud, Pacific Healthcare Group has decided to maximize the value of its existing IT investments. Daniel Lui, CIO of Pacific Healthcare Group, expressed the organization's intention to focus on strategic projects rather than an ERP migration, which they did not see as providing a strong business case.
By selecting Rimini Street's support for Oracle EBS, Oracle Technology, and Oracle Database, Pacific Healthcare Group gains access to a dedicated Primary Support Engineer and a team with an average of 20 years of experience. The support includes a 10-minute response time for critical issues and a guarantee of 15 additional years of support from the signing date.
This strategic partnership enables Pacific Healthcare Group to reallocate savings from avoiding a costly migration to funding innovation initiatives and talent acquisition. Rimini Street's promise of high-quality, comprehensive services supports the backend systems that are crucial to Pacific Healthcare Group's operations.
Rimini Street, known for its end-to-end enterprise software support services, has a global presence and offers a range of solutions to support, manage, and optimize enterprise applications and databases for various organizations.
The information in this article is based on a press release statement from Rimini Street, Inc.
InvestingPro Insights
Pacific Healthcare Group's partnership with Rimini Street, Inc. (NASDAQ: RMNI) highlights a strategic decision to leverage existing IT infrastructure while focusing on innovation and growth. This move is supported by Rimini Street's financial and market data, which provides an interesting perspective on the company's current standing.
InvestingPro Data shows that Rimini Street holds a market cap of $214.27 million and maintains a P/E ratio of 9.79, which is adjusted to 7.17 over the last twelve months as of Q1 2024. This suggests a favorable valuation in comparison to industry peers. Additionally, the company's revenue growth over the last twelve months was 3.71%, a steady increase that indicates resilience in its business model.
Among the InvestingPro Tips, two particularly stand out for Rimini Street. Firstly, the company holds more cash than debt on its balance sheet, which is a positive sign of financial stability and may provide the flexibility needed to support clients like Pacific Healthcare Group. Secondly, Rimini Street is trading at a low revenue valuation multiple, which could indicate that the stock is undervalued at its current price.
For readers interested in a deeper dive into the financial health and future prospects of Rimini Street, there are additional InvestingPro Tips available. For example, analysts predict that the company will be profitable this year, and it has been profitable over the last twelve months. However, it is worth noting that short-term obligations exceed liquid assets, which could be a point of consideration for potential investors.
Investors and analysts can access a comprehensive list of 9 additional InvestingPro Tips by visiting https://www.investing.com/pro/RMNI. To enhance the value of your research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. This exclusive offer can provide invaluable insights into Rimini Street's performance and the potential impact of its strategic decisions on the company's future.
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