Lewis County, Washington, Selects Tyler Technologies’ Enterprise Assessment & Tax Suite

Rhea-AI Summary

Tyler Technologies (NYSE: TYL) has signed an agreement with Lewis County, Washington, to implement its Enterprise Assessment & Tax solution. This comprehensive system will replace a 30-year-old legacy solution, streamlining tasks for the county's assessor and treasurer offices. The new cloud-based solution, powered by Amazon Web Services (AWS), will analyze data to create fair property valuations and enhance transparency for the county's 86,000 residents.

Key benefits include:

• Improved efficiency and reduced data re-entry
• Enhanced public-facing portal for online interactions
• Expanded services accessible via smartphones and laptops

This implementation marks a significant upgrade for Lewis County, integrating previously separate systems for assessment and tax management.

Positive

• Signed agreement with Lewis County, Washington for Enterprise Assessment & Tax solution
• Replacing a 30-year-old legacy system with a modern, cloud-based solution
• Integrating separate systems for Assessor's and Treasurer's offices into one platform
• Enhancing public-facing portal for improved resident services
• Expanding functionality to improve efficiencies and reduce data re-entry

Negative

• None.

Insights

Financial Analyst

This contract win for Tyler Technologies (NYSE: TYL) with Lewis County, Washington, is a positive development but likely has a minimal immediate impact on the company's financials. While the deal demonstrates Tyler's ability to secure new clients and replace legacy systems, it's important to note that Lewis County has a relatively small population of 86,000 residents. The long-term value lies in the potential for recurring revenue from this cloud-based solution and the possibility of similar contracts with other counties.

Tyler's Enterprise Assessment & Tax solution's expansion to 26 states and international markets suggests a strong market position. The transition from a 30-year-old legacy system to a modern, AWS-powered platform indicates a trend towards modernization in local government technology, which could drive future growth for Tyler. Investors should monitor whether this deal leads to increased adoption in neighboring counties or states, as that would signal a more significant impact on Tyler's bottom line.

Tech Expert

Tyler Technologies' implementation of a cloud-based solution powered by AWS for Lewis County is a strategic move that aligns with current tech trends. The shift from legacy systems to cloud infrastructure offers several advantages:

• Improved scalability and flexibility
• Enhanced data security and disaster recovery capabilities
• Reduced maintenance costs for the county
• Easier updates and feature rollouts for Tyler

The integration of assessor and treasurer systems into a single platform demonstrates Tyler's focus on creating comprehensive, interconnected solutions. This approach can lead to increased efficiency and data consistency, potentially giving Tyler a competitive edge in the government software market. The emphasis on a public-facing portal accessible via smartphones aligns with the growing expectation for mobile-friendly government services, which could drive user adoption and satisfaction.

Market Research Analyst

Tyler Technologies' contract with Lewis County reflects a broader market trend towards digitalization in local government operations. The replacement of a 30-year-old legacy system underscores the significant modernization needs across many U.S. counties, representing a substantial market opportunity for Tyler and its competitors.

The company's presence in 26 states, 7 Canadian provinces and the Bahamas indicates a strong market penetration, but also suggests room for expansion. The focus on transparency and public accessibility through online portals aligns with increasing citizen demands for open government and could be a key differentiator in future contract bids.

Investors should monitor Tyler's ability to leverage this implementation as a case study for other small to medium-sized counties, potentially accelerating sales cycles and market share growth in the fragmented local government software market. The long-term success will depend on Tyler's ability to demonstrate tangible efficiency gains and cost savings for Lewis County, which could strengthen its value proposition to other potential clients.

Solution brings greater level of transparency to residents while streamlining tasks for assessor and treasurer offices

PLANO, Texas--(BUSINESS WIRE)-- Tyler Technologies, Inc (NYSE: TYL) announced that it has signed an agreement with Lewis County, Washington, for its Enterprise Assessment & Tax solution.

Tyler’s Enterprise Assessment & Tax solution is a comprehensive solution for assessment administration, computer-assisted mass appraisal, and tax billing and collections. It is utilized by jurisdictions in 26 states, seven Canadian provinces, and the Bahamas.

“Lewis County is pleased to select Tyler’s solution, which will not only streamline administrative tasks for our staff but will also bring an enhanced level of transparency to our community,” said Lewis County Assessor Ross Nielson. “We also plan to enhance our public-facing portal to better serve our more than 86,000 residents.”

This system will replace a 30-year-old legacy solution that is expensive and difficult to support. The county is currently using two separate systems, one in the Assessor’s office and one in the Treasurer’s office. The new integrated system, provided by Tyler, will be a modern, cloud-based solution powered by Amazon Web Services (AWS). It will analyze data and help create fair valuations after residential and commercial properties are assessed.

Additional expected benefits of Tyler’s Enterprise Assessment & Tax solution include:

• Expanded functionality to improve efficiencies in both offices, reducing the need for data re-entry and streamlining administrative tasks
• Includes the opportunity for the public to interact with the county offices online using a smartphone or laptop
• The enhancement of its public-facing portal providing expanded services to residents

“We are excited to bring our comprehensive solution to Lewis County and help them deliver a fair and equitable assessment for their residents,” stated Mark Hawkins, president of Tyler’s Property & Recording Division. “With Tyler’s help, Lewis County will significantly improve the efficiency in both the Assessor’s office and the Treasurer’s office.”

Lewis County is located just south of the state capital of Olympia. As of 2023, Lewis County has approximately 86,000 residents.

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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240919513650/en/

Jennifer Kepler

Tyler Technologies

972.713.3770

Media.team@tylertech.com

Source: Tyler Technologies

FAQ

What solution has Lewis County, Washington selected from Tyler Technologies (TYL)?

Lewis County, Washington has selected Tyler Technologies' Enterprise Assessment & Tax solution to replace their legacy system for property assessment and tax management.

How will Tyler Technologies' (TYL) solution benefit Lewis County residents?

The solution will bring greater transparency to residents and enhance the public-facing portal, allowing for online interactions with county offices using smartphones or laptops.

What are the key features of Tyler Technologies' (TYL) Enterprise Assessment & Tax solution for Lewis County?

Key features include cloud-based technology powered by AWS, data analysis for fair property valuations, improved efficiencies in administrative tasks, and an enhanced public-facing portal for expanded resident services.

How many states currently use Tyler Technologies' (TYL) Enterprise Assessment & Tax solution?

Tyler's Enterprise Assessment & Tax solution is utilized by jurisdictions in 26 states, as well as seven Canadian provinces and the Bahamas.