10 Best Debt-Free IT Penny Stocks to Buy

8. Rimini Street Inc. (NASDAQ:RMNI)

EV to Market Cap: 0.9

Share Price: $3.1

Number of Hedge Fund Holders: 11

Rimini Street Inc. (NASDAQ:RMNI) is one of the 10 best debt-free IT penny stocks to buy. At the TD Cowen Technology, Media & Telecom Conference held on May 29, Rimini Street laid out its strategic roadmap, with a focus on balancing near-term cost efficiency and long-term growth opportunities, particularly in a shifting enterprise software landscape.

A key message was the company’s value proposition: offering support services that can cut vendor maintenance costs by around 50%. Rimini is positioning itself to benefit from major upcoming changes in the software market—most notably the 2027 sunset of SAP ECC. Management sees this as a window to capture customers seeking to avoid costly migrations, providing them with support and modernization alternatives.

One of the most notable developments is Rimini’s new partnership with ServiceNow. This collaboration is aiming to help enterprise clients modernize their systems and adopt AI capabilities without undergoing a full re-platforming. This integration is aimed at leveraging the Now platform alongside clients’ existing ERP systems. While the partnership isn’t exclusive, it is expected to become a key revenue driver starting in 2026.

In parallel, Rimini is winding down its PeopleSoft support business, which currently accounts for about 7% of revenue. Management expects the majority of those clients to transition over the next 2–3 years. In order to support future growth, the company is focusing on building its indirect sales channel.

Following the conference, TD Cowen analyst Derrick Wood reiterated his Hold rating and $4 price target. More recently, on June 18, Jeff Van Rhee from Craig-Hallum maintained a Buy rating on Rimini Street, without giving a price target.

Rimini Street Inc. (NASDAQ:RMNI) provides end-to-end enterprise software support, products, and services for Oracle, SAP, and other leading enterprise software systems.