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Tyler (TYL) Completes Computing System Innovations Buyout
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Tyler Technologies (TYL - Free Report) recently announced that it has completed the acquisition of Orlando, FL-headquartered Computing System Innovations, LLC (“CSI”) to enhance its electronic filing and redaction solutions.
Tyler intends to integrate CSI’s artificial intelligence (AI)-driven redaction and indexing solution, Intellidact Platform, to its eFile & Serve solution portfolio to automate data entry and document processing options for its clientele. It is also likely to leverage CSI’s AI and automation solution across its other verticals like Municipal & Schools, Property & Recording and Platform Solutions.
CSI’s flagship product, Intellidact Platform, is a suite of applications that enhance document processing and identity protection with AI technology. These applications include data redaction, data extraction, document classification and process automation. This platform increases workflow efficiencies through automated document classification and data extraction, while using redaction to reduce the risk of privacy information leakage. Intellidact has been selected for use in enterprise scale projects across the United States, processing more than 6.3 billion images for 700 clients in 21 states.
Founded in 1987, CSI is America’s leading provider of automated indexing, redaction and classification solutions to the courts, recorders, attorneys and others. The company’s client base includes the U.S. Army, Supreme Court of Virginia, State of Iowa, City of New York and Tarrant County, TX.
Brian McGrath, president of Tyler’s Courts & Justice Division, stated, "CSI’s expertise in AI and machine learning-powered process automation combined with Tyler’s expansive footprint will help us deliver even stronger electronic filing and Enterprise Justice solutions to our clients." This buyout will make CSI management and staffs part of Tyler’s Courts & Justice Division.
Tyler’s eFile & Serve solution allows users to electronically file documents with the court via a secure and web-based portal. The CSI platform will elevate the eFile & Serve solution by making the filing process quicker, less redundant and more accurate.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. TYL has been consistently enhancing its core software applications and expanding complementary product and service portfolios to cater to the changing needs of customers while keeping pace with technological advancements.
The company recently entered into an agreement with Texas-based Frisco Independent School District (“ISD”) to provide its Student Transportation solution suite. Tyler Student Transportation solution will offer comprehensive routing, global positioning system (GPS) tracking and enhanced parent communication to Frisco ISD. The solution set comprises Tyler Drive on-board tablet, My Ride K-12 parent communications app and Telematic GPS hardware.
TYL has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. In June, the company won a 10-year contract from Oregon State Police for its Enterprise Public Safety suite, which will help Oregon State Police increase efficiency and streamline communication. In the same month, the company won a contract from the City of Branson, MO, for the integration of its multiple applications from the public administration solution suite.
In March 2023, Tyler revealed that it acquired a Massachusetts-based analytics company offering real estate appraisals and assessments for states, counties and municipalities — Safeground Analytics.
With this buyout, the company intends to accelerate its appraisal services businesses by bringing a team of experienced appraisers, analysts, statisticians, economists, computer scientists and assessors from Safeground Analytics. The analytics company will offer TYL residential and commercial reassessments and deliver litigation support, expert witness testimony solutions for property appraisal matters and auditing and monitoring services.
In October 2022, the company bought Rapid Financial Solutions for $68 million in cash to bolster its payment offering for all clients. In May 2022, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
Nonetheless, TYL’s near-term growth prospects are likely to be affected by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Also, many customers are expected to face budget pressure in the near term.
Additionally, high investments in R&D initiatives are likely to hurt margins. Intensifying competition from the likes of Oracle, SAP and Workday might keep Tyler’s pricing under pressure and negatively impact the gross margin.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #3 (Hold). Shares of TYL have lost 8.9% over the past year.
The Zacks Consensus Estimate for NVIDIA’s second-quarter fiscal 2024 earnings has been steady at 92 cents per share over the past 90 days. For fiscal 2024, earnings estimates have moved up by 13 cents to $7.79 in the past 30 days.
NVDA's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 0.26%. The stock has soared 134.3% in the past year.
The Zacks Consensus Estimate for Salesforce’s second-quarter fiscal 2024 earnings has been revised southward by a penny to $1.60 per share over the past 60 days. For fiscal 2024, earnings estimates have moved up by 4 cents to $7.44 in the past 60 days.
CRM's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 15.5%. The stock has gained 9.2% in the past year.
The Zacks Consensus Estimate for Meta Platforms' third-quarter 2023 earnings has been revised upward by 15.1% to $3.44 per share over the past seven days. For 2023, earnings estimates have moved north by 7.9% to $12.94 in the same time frame.
META’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, missing once, the average beat being 19%. The stock has surged 71.2% in the past year.
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Tyler (TYL) Completes Computing System Innovations Buyout
Tyler Technologies (TYL - Free Report) recently announced that it has completed the acquisition of Orlando, FL-headquartered Computing System Innovations, LLC (“CSI”) to enhance its electronic filing and redaction solutions.
Tyler intends to integrate CSI’s artificial intelligence (AI)-driven redaction and indexing solution, Intellidact Platform, to its eFile & Serve solution portfolio to automate data entry and document processing options for its clientele. It is also likely to leverage CSI’s AI and automation solution across its other verticals like Municipal & Schools, Property & Recording and Platform Solutions.
CSI’s flagship product, Intellidact Platform, is a suite of applications that enhance document processing and identity protection with AI technology. These applications include data redaction, data extraction, document classification and process automation. This platform increases workflow efficiencies through automated document classification and data extraction, while using redaction to reduce the risk of privacy information leakage. Intellidact has been selected for use in enterprise scale projects across the United States, processing more than 6.3 billion images for 700 clients in 21 states.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
Founded in 1987, CSI is America’s leading provider of automated indexing, redaction and classification solutions to the courts, recorders, attorneys and others. The company’s client base includes the U.S. Army, Supreme Court of Virginia, State of Iowa, City of New York and Tarrant County, TX.
Brian McGrath, president of Tyler’s Courts & Justice Division, stated, "CSI’s expertise in AI and machine learning-powered process automation combined with Tyler’s expansive footprint will help us deliver even stronger electronic filing and Enterprise Justice solutions to our clients." This buyout will make CSI management and staffs part of Tyler’s Courts & Justice Division.
Tyler’s eFile & Serve solution allows users to electronically file documents with the court via a secure and web-based portal. The CSI platform will elevate the eFile & Serve solution by making the filing process quicker, less redundant and more accurate.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. TYL has been consistently enhancing its core software applications and expanding complementary product and service portfolios to cater to the changing needs of customers while keeping pace with technological advancements.
The company recently entered into an agreement with Texas-based Frisco Independent School District (“ISD”) to provide its Student Transportation solution suite. Tyler Student Transportation solution will offer comprehensive routing, global positioning system (GPS) tracking and enhanced parent communication to Frisco ISD. The solution set comprises Tyler Drive on-board tablet, My Ride K-12 parent communications app and Telematic GPS hardware.
TYL has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. In June, the company won a 10-year contract from Oregon State Police for its Enterprise Public Safety suite, which will help Oregon State Police increase efficiency and streamline communication. In the same month, the company won a contract from the City of Branson, MO, for the integration of its multiple applications from the public administration solution suite.
In March 2023, Tyler revealed that it acquired a Massachusetts-based analytics company offering real estate appraisals and assessments for states, counties and municipalities — Safeground Analytics.
With this buyout, the company intends to accelerate its appraisal services businesses by bringing a team of experienced appraisers, analysts, statisticians, economists, computer scientists and assessors from Safeground Analytics. The analytics company will offer TYL residential and commercial reassessments and deliver litigation support, expert witness testimony solutions for property appraisal matters and auditing and monitoring services.
In October 2022, the company bought Rapid Financial Solutions for $68 million in cash to bolster its payment offering for all clients. In May 2022, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
Nonetheless, TYL’s near-term growth prospects are likely to be affected by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Also, many customers are expected to face budget pressure in the near term.
Additionally, high investments in R&D initiatives are likely to hurt margins. Intensifying competition from the likes of Oracle, SAP and Workday might keep Tyler’s pricing under pressure and negatively impact the gross margin.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #3 (Hold). Shares of TYL have lost 8.9% over the past year.
Some better-ranked stocks from the broader Computer and Technology sector are NVIDIA Corporation (NVDA - Free Report) , Salesforce (CRM - Free Report) and Meta Platforms (META - Free Report) . While NVIDIA sports a Zacks Rank #1 (Strong Buy), Salesforce and Meta carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVIDIA’s second-quarter fiscal 2024 earnings has been steady at 92 cents per share over the past 90 days. For fiscal 2024, earnings estimates have moved up by 13 cents to $7.79 in the past 30 days.
NVDA's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 0.26%. The stock has soared 134.3% in the past year.
The Zacks Consensus Estimate for Salesforce’s second-quarter fiscal 2024 earnings has been revised southward by a penny to $1.60 per share over the past 60 days. For fiscal 2024, earnings estimates have moved up by 4 cents to $7.44 in the past 60 days.
CRM's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 15.5%. The stock has gained 9.2% in the past year.
The Zacks Consensus Estimate for Meta Platforms' third-quarter 2023 earnings has been revised upward by 15.1% to $3.44 per share over the past seven days. For 2023, earnings estimates have moved north by 7.9% to $12.94 in the same time frame.
META’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, missing once, the average beat being 19%. The stock has surged 71.2% in the past year.