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Tyler Technologies, Inc. (NYSE: TYL) is a prominent provider of comprehensive information management solutions tailored for local government entities. Established in Plano, Texas, Tyler Technologies is on a mission to enhance the efficiency, accessibility, and responsiveness of public sector organizations, including cities, counties, schools, and courts.
With a client base that spans over 14,000 local government offices across all 50 states, Canada, the Caribbean, the United Kingdom, and other international locations, Tyler Technologies is at the forefront of empowering public administration. The company’s flagship products include:
- Munis: Tyler’s core Enterprise Resource Planning (ERP) system designed to integrate various administrative operations and enhance financial management.
- Odyssey: A robust Court Management System (CMS) that streamlines judicial processes and improves case management efficiency.
- Payments: A versatile platform facilitating seamless financial transactions and payment processing.
Beyond these core offerings, Tyler Technologies provides a diverse array of add-on modules and outsourced services, such as property tax assessment, to meet the unique needs of its clients. The company's dedication to innovation and consistent performance has earned it a spot on Forbes' list of “America’s Best Small Companies” eight times and inclusion in the Barron's 400 Index, recognizing the most promising companies in America, six times.
Tyler Technologies continues to drive advancements in public sector software, forming strategic partnerships and undertaking significant projects to modernize government operations. The company's solutions are designed to foster transparency, improve citizen engagement, and support the evolving demands of governmental bodies. For the latest updates, financial performance, and news about Tyler Technologies, visit their official website at www.tylertech.com.
Tyler Technologies (NYSE: TYL) has successfully launched a pilot program of its Enterprise Supervision solution in six Kansas state courts. This initiative marks the first phase of a statewide rollout. The courts have adopted both Enterprise Supervision and Enterprise Justice case management systems, allowing improved tracking of probation processes. Enhanced communication and data management are expected benefits, including faster document generation and streamlined supervision processes. Tyler aims to expand this implementation to more counties soon.
Tyler Technologies (NYSE: TYL) has successfully implemented its Economic Intelligence solution for the state of New Jersey, aiding in economic recovery post-COVID-19. This tool integrates data from partners like SafeGraph and Affinity Solutions to analyze economic trends and support effective allocation of American Rescue Plan Act funds. By anonymizing consumer spending data, it provides comprehensive insights for state leadership, enabling better policy decisions regarding revenue regeneration and job protection. The solution enhances data visibility, crucial for planning economic recovery strategies.
Tyler Technologies (NYSE: TYL) has inked a deal with Johnson County, Kansas, to provide its Sketch and Desktop Verification software for a property appraisal project. The project aims to enhance the accuracy of property valuations through high-resolution imagery provided by Cyclomedia. This collaboration will allow the county to efficiently verify property conditions and increase accessibility to appraisal data through the cloud. Johnson County, the most populous county in Kansas with over 600,000 residents, will utilize this technology to ensure fair property assessments.
Tyler Technologies (NYSE: TYL) has successfully launched its Enforcement Mobile solution in North Carolina, now utilized by 460 law enforcement agencies statewide. This innovative solution generates 23,000 electronic citations weekly, enabling a fully automated citation process. Key benefits include reduced data entry, electronic citation issuance from patrol cars, and immediate data access for court users. Tyler’s system connects various law enforcement agencies, enhancing operational efficiency and service delivery.
Tyler Technologies (NYSE: TYL) will participate in two investor conferences in March 2022. Brian Miller, the CFO, will engage in a fireside chat at the JMP Securities Technology Conference on March 8 at 10:30 a.m. PT in San Francisco.
He will also speak at the Wolfe Research Software Virtual March Madness Conference on March 22 at 10:35 a.m. ET. Both events will offer one-on-one meetings and live webcasts of the discussions. Tyler Technologies offers integrated software solutions to the public sector, serving over 12,000 clients globally, recognized for innovation and efficiency.
Tyler Technologies (NYSE: TYL) has secured a four-year contract renewal with the state of Arkansas, continuing its 25-year partnership through its subsidiary, NIC. This agreement emphasizes the delivery of digital government services aimed at enhancing citizen access. The partnership has resulted in significant efficiencies, including over $64 million in annual cost avoidance for the state. Tyler's NIC currently supports more than 300 government entities, processing over 14.5 million transactions worth $521 million in 2020, achieving a 96% satisfaction rating among users.
Tyler Technologies (NYSE: TYL) has announced a new brand architecture aimed at enhancing the organization and naming of its products. This initiative is a response to the company's growth since its brand launch in 2009, during which it introduced over 50 new products. The revamped structure focuses on functional and descriptive product names, streamlining offerings into five key portfolios: Public Administration, Health & Human Services, Courts & Public Safety, Schools, and Transformative Technology. This change is anticipated to improve client understanding and support future scalability.
Tyler Technologies reported a 53% increase in total revenues for Q4 2021, reaching $433.5 million, with organic growth of 9.2%. Recurring revenues surged 63.4% to $347.2 million, now comprising 80.1% of total revenue. Net income increased to $54.8 million or $1.29 per diluted share, but full-year net income fell 17.1% to $161.5 million. For 2022, guidance suggests total revenues of $1.830 to $1.870 billion. The company highlighted ongoing momentum in SaaS and acquisitions.
Tyler Technologies, Inc. (NYSE: TYL) has announced its acquisition of US eDirect, a leader in technology solutions for outdoor recreation management. This strategic move aims to enhance Tyler's offerings by integrating US eDirect's Recreation Dynamics product into their existing digital government and payment services. The cloud-based solution, powered by Amazon Web Services, facilitates transactions for campgrounds, tours, events, and more. With a client base of 40 across the U.S., Canada, Australia, and New Zealand, this acquisition positions Tyler for growth in the outdoor recreation sector.
Tyler Technologies (NYSE: TYL) announced a three-year contract extension with the state of Hawaii, expanding their 21-year partnership for digital government and payment services. NIC Hawaii, a Tyler subsidiary, provides 149 services across 77 government entities, processing over $310 million in fiscal year 2021. This agreement aims to enhance accessibility and modernize processes for Hawaii's citizens, ensuring 24/7 service availability. Tyler Technologies continues to be a strategic partner for the state in achieving its digital transformation goals.
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