Tyler Technol Stock Price, News & Analysis

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.

Tyler Technologies (NYSE: TYL) announced a two-year contract extension with Idaho for digital government and payments services, building on a 22-year partnership. NIC, Tyler’s subsidiary, currently offers over 500 digital services to 371 government entities in Idaho, processing more than 8 million transactions. NIC has seen significant growth in online services, particularly through the DMV portal. Elizabeth Proudfit, president of NIC, emphasized the increasing demand for secure digital services and expressed gratitude for Idaho's continued trust in NIC.

Tyler Technologies (NYSE: TYL) secured a five-year agreement with the Administrative Office of the Illinois Courts (AOIC) to enhance the eFileIL electronic filing system. This contract, valued at approximately $63 million, expands services for remote access, benefiting both court users and legal professionals. Over 21 million filings have been processed since 2016, streamlining operations and reducing physical court visits. The agreement will also leverage Tyler's Socrata® data platform to provide improved data reporting and analysis, enhancing overall judicial efficiency.

Tyler Technologies (NYSE: TYL) announced that New Hanover County Schools is the first district in North Carolina to implement its Munis® ERP solution as part of the state's School Business System Modernization program. This designation confirms Tyler’s compliance with state standards as an approved vendor, supporting operational efficiency and transparency for the district's $10 billion education budget. The solution includes financial and HR workflows, data management, and disaster recovery features. To date, 28 school districts have partnered with Tyler on this initiative.

Tyler Technologies (NYSE: TYL) has launched its Modria® online dispute resolution solution in the Idaho Supreme Court, aiming to manage the anticipated surge in eviction cases following the federal eviction moratorium expiration on July 31. Modria will streamline communication, inform citizens about rent relief programs, and potentially prevent eviction judgments. This initiative prioritizes increasing access to justice and alleviating the court's workload in Ada County, with plans for future expansion across Idaho.

Tyler Technologies reported strong second quarter 2021 results, marking a 49.1% revenue increase to $404.1 million compared to Q2 2020. This growth was significantly influenced by the acquisition of NIC Inc. for $2.3 billion, which expanded its digital government solutions portfolio. Recurring revenues rose 57.7% to $319.2 million, constituting 79% of total revenue. However, net income declined 52.6% year-over-year to $25.5 million. The company's cash flows from operations were negative $20.3 million, attributed to acquisition-related costs. For 2021, Tyler expects GAAP revenues between $1.532 billion and $1.557 billion.

Tyler Technologies (NYSE: TYL) is set to announce its second quarter 2021 results during a conference call on July 29, 2021. The call begins at 10:00 a.m. ET, featuring CEO H. Lynn Moore Jr. and CFO Brian K. Miller. A press release will precede this event on July 28, 2021. Participants can pre-register for the call via a provided link or dial-in directly. Tyler Technologies specializes in integrated software and technology services for government entities, boasting over 27,000 installations across 11,000 sites globally.