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Tyler Technologies (NYSE: TYL) has successfully completed the acquisition of VendEngine, a cloud-based software provider focused on financial technology within the corrections market. This strategic move aims to enhance technological innovation and expand offerings for incarcerated individuals and their families. The integration will leverage VendEngine’s existing services, which include free communication tools for inmates, to better serve local and state governments. VendEngine operates in over 230 counties across 32 states, enhancing Tyler's presence in the corrections sector.
Positive
Completion of VendEngine acquisition expands Tyler's market offerings.
VendEngine's technology enhances service delivery to incarcerated individuals and families.
The merger supports innovation to reduce recidivism rates.
VendEngine operates in 230 counties across 32 states, broadening Tyler's footprint.
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None.
Acquisition will drive innovation and bring an expanded set of offerings to clients, incarcerated individuals, and their families
PLANO, Texas & NASHVILLE, Tenn.--(BUSINESS WIRE)--
Tyler Technologies, Inc. (NYSE: TYL) and VendEngine, Inc. jointly announced today that Tyler has completed the previously announced acquisition of VendEngine, a privately-held cloud-based software provider focused on financial technology for the corrections market.
Tyler and VendEngine will boost innovation and further integrate technology to better serve incarcerated individuals and their families. In addition, with a shared commitment of leveraging technology aimed at improving communities, Tyler’s acquisition of VendEngine enables both companies to better respond to the evolving needs of local and state government agencies, and the residents they serve.
“Together, Tyler and VendEngine will provide a complete and robust cloud-based technology system aimed at making a positive impact on the courts and justice market, setting incarcerated individuals up for success, and reducing national recidivism rates,” said Rusty Smith, president of the Courts & Justice Division at Tyler. “VendEngine supports inmates and their families throughout the period of incarceration, and Tyler will maintain this focus while leveraging its size and scale to expand upon VendEngine’s mission. This transaction provides significant opportunities to continue innovating and expanding offerings across Tyler’s entire corrections client base and throughout the market.”
VendEngine is one of the fastest growing technology companies in North America. Operating in more than 230 counties and 32 states, VendEngine’s leading cloud-based platform provides a comprehensive suite of applications including deposit technologies for commissary, ordering and warehouse management, and various informational, electronic communications, security, accounting, and financial trust management components.
Many key services from VendEngine are offered at no cost to incarcerated individuals or their families, including free inbound emails and texts, onsite video visitation, medical requests, access to education, certificates and legal research resources, inmate trust management and grievance management, which Tyler will continue. During COVID-19, VendEngine has worked to expand support networks of families and friends for incarcerated individuals, including providing more than 40 million free connections – texts, emails and video visitation – to incarcerated individuals across the nation.
With the completion of the acquisition, VendEngine founder Silas Deane will serve as general manager, supported by the current VendEngine leadership team. A member of the Technology Advisory Council for the Corrections & Prisons Association, Deane brings significant public policy experience and strong relevant relationships. The VendEngine business unit will continue to be based in Nashville.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) provides integrated software and technology services to the public sector. Tyler's end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler's solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 27,000 successful installations across more than 11,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been named to Government Technology's GovTech 100 list five times and has been recognized three times on Forbes' "Most Innovative Growth Companies" list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.
About VendEngine
VendEngine is a cloud-based technology provider specifically focused on financial technology for the corrections market. The Nashville, Tennessee-based company provides a suite of financial and communications applications ranging from deposit technologies for commissary, ordering, and warehouse technology to a host of informational, electronic communications, security, accounting, and financial trust management components for more than 300 correctional facilities across 32 states and the Caribbean. For more information, visit www.VendEngine.com or download the free VendEngine JailFunds app in the Apple or Android app stores.
