Illinois Department of Financial and Professional Regulation Optimizes Licensing Process With New Regulatory Platform From Tyler Technologies

Rhea-AI Summary

Tyler Technologies (NYSE: TYL) announced that the Illinois Department of Financial and Professional Regulation (IDFPR) has implemented its new Comprehensive Online Regulatory Environment (CORE), powered by Tyler's State Regulatory Platform Suite. The system streamlines the licensing process with automated features and user-friendly interface. Within 90 days of project initiation, three professional license types were added: clinical psychologists, nail technicians, and music therapists. IDFPR plans to expand the system to include over 300 unique license types over the next two years. The platform includes automated notifications throughout the licensing process and replaces IDFPR's legacy system. This implementation marks a significant advancement in regulatory licensing solutions for Illinois professionals and small business owners.

Positive

• Successful implementation of new licensing system within 90 days
• Planned expansion to over 300 license types indicates significant growth potential
• System automation expected to improve operational efficiency
• Strategic expansion of market presence in government regulatory sector

Negative

• Two-year timeline for full implementation suggests extended revenue recognition period

Insights

Tech Expert

The successful implementation of Tyler Technologies' State Regulatory Platform Suite for IDFPR marks a significant digital transformation initiative. The rapid 90-day deployment for the initial phase demonstrates strong execution capabilities, while the planned expansion to over 300 license types represents substantial recurring revenue potential. The platform's configurable nature enables quick adaptations to regulatory changes, reducing technical debt and maintenance costs.

The modernization of Illinois' licensing infrastructure positions Tyler Technologies to capture similar opportunities in other states. Their proven ability to streamline government operations through automated workflows and user-friendly interfaces strengthens their competitive moat in the public sector software market. The successful IDFPR implementation serves as a powerful reference case for future state-level contracts.

Market Research Analyst

This contract win and successful implementation reinforces Tyler Technologies' dominant position in government software solutions. The company's ability to secure large-scale state contracts demonstrates strong market penetration and brand trust. With a $27.2B market cap and inclusion in the S&P 500, Tyler continues to show steady growth in the government digital transformation space.

The Illinois implementation creates a strong upsell opportunity through additional modules and services over the project's two-year timeline. The company's growing installation base of 44,000 across 13,000 locations provides stable recurring revenue and high switching costs for clients, supporting long-term shareholder value creation.

Streamlined licensing process enhances efficiency and public service

PLANO, Texas--(BUSINESS WIRE)-- Tyler Technologies, Inc. (NYSE: TYL) announced today that the Illinois Department of Financial and Professional Regulation (IDFPR) has successfully gone live with its new online licensing system, the Comprehensive Online Regulatory Environment (CORE), powered by Tyler’s State Regulatory Platform Suite.

“CORE represents a significant step forward for IDFPR,” said Mario Treto, Jr., secretary of the Illinois Department of Financial and Professional Regulation. “This new system streamlines the licensing process for both applicants and staff, allowing us to issue licenses more efficiently and provide better service to the public.”

This new licensing system features a simplified, more automated process for all license applications. With this first phase of go live and within 90 days of initiating the project, three new professional license types were added: clinical psychologists, nail technicians, and music therapists. Over the next two years, IDFPR plans to add more than 300 unique types of licenses and records to the system and modernize its licensing services and regulatory functions. Enhancing the efficiency of the licensing process will greatly impact small business owners, technicians, and other professionals.

Tyler’s State Regulatory Platform Suite will replace IDFPR’s legacy licensing solution with a new user-friendly, automated online platform. Users will be notified throughout each step of the licensing process, from the agency receiving the application to when the license is issued, streamlining the entire application process.

“We’re excited to bring IDFPR live with our software, improving the professional licensing process in Illinois. The IDFPR has been an incredible partner, embracing our commercial off the shelf solution and remaining dedicated throughout the implementation,” said Vivek Mehta, vice president and general manager at Tyler. “Our State Regulatory Platform Suite is fully configurable, making it easy for agencies to comply with new legislation and regulatory requirements by easily adding license types, rules, and processes. Staff can now process the applications much more efficiently, and various professionals will have a better experience. We are confident this application will enhance the licensing process and protect the citizens of the state.”

The successful implementation of CORE in Illinois underscores Tyler as the leader in the field of regulatory licensing solutions. This successful launch showcases the capabilities of the State Regulatory Platform Suite and Tyler’s ability to deliver rapid and accurate results.

About Tyler Technologies, Inc.

Tyler Technologies (NYSE: TYL) is a leading provider of integrated software and technology services for the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate efficiently and transparently with residents and each other. By connecting data and processes across disparate systems, Tyler’s solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 44,000 successful installations across 13,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including on Government Technology’s GovTech 100 list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.

#TYL_General

View source version on businesswire.com: https://www.businesswire.com/news/home/20241205522689/en/

Jennifer Kepler

Tyler Technologies

972.713.3770

Media.team@tylertech.com

Source: Tyler Technologies

FAQ

What new licensing system did Tyler Technologies (TYL) implement for Illinois?

Tyler Technologies implemented the Comprehensive Online Regulatory Environment (CORE), powered by their State Regulatory Platform Suite, for the Illinois Department of Financial and Professional Regulation.

How many license types will be added to Tyler Technologies' (TYL) CORE system in Illinois?

IDFPR plans to add more than 300 unique types of licenses and records to the system over the next two years.

What professional licenses were first implemented in Tyler Technologies' (TYL) CORE system?

The first phase included three professional license types: clinical psychologists, nail technicians, and music therapists.

How long did it take Tyler Technologies (TYL) to implement the first phase of CORE in Illinois?

The first phase of implementation, including three new professional license types, was completed within 90 days of initiating the project.