Tyler Technologies ( TYL Quick Quote TYL - Free Report) recently announced that Legal Aid BC has expanded the deployment of the Modria online dispute solution of the former to its other online services.
Notably, Legal Aid BC is already using Tyler’s Modria solution as part of its MyLawBC site. With MyLawBC Family Resolution Center, Legal Aid BC guides and provides online resolution services for separating couples in British Columbia.
With the new expanded partnership with Tyler, Legal Aid BC has now extended its online family resolution service to help separating couples across British Columbia in child support issues and custody agreement. This extended online service will provide British Columbians a free and effective way to resolve their family matters without going to court.
Tyler Rides on Client Wins
Tyler is gaining traction from robust growth in new business. The company has been continuously enhancing its core software applications, and expanding complementary product and service menu to fulfill the changing needs of customers and respond to technological advancements.
Markedly, Tyler clinched 153 new software contracts in the last reported quarter. In the first quarter of 2021, the company added 84 subscription-based arrangements and converted 39 existing on-premises clients, accounting for nearly $52 million in total contract value.
Tyler has also been pursuing strategic takeovers to widen its product and service portfolio, enter new markets related to local governments, attract clients and expand geographically. Investments and acquisitions are helping it boost its competitive edge, and exploit new and expanding opportunities.
Remarkably, during the first quarter, Tyler completed the acquisitions of electronic management of veterans' claims provider, DataSpec, and cloud-based school scheduling platform, ReadySub. In the second quarter, it completed the acquisition of NIC and entered into a definitive agreement to buy VendEngine.
During the last earnings call, management noted that the company has snapped up a SaaS contract for its Munis ERP solution from the City of Fresno, CA, valued at approximately $10 million, marking the largest deal during the first quarter. Other significant SaaS deals of the quarter included ERP deals with Hall County, GA, and Fort Smith, AR, and Odyssey Courts deal with Val Verde County, TX.
We, therefore, believe that large SaaS contract wins will boost growth in subscription revenues, which will remain a key driver for the company.
Zacks Rank & Other Stocks to Consider
Tyler currently sports a Zacks Rank #1 (Strong Buy). You can see
. the complete list of today’s Zacks #1 Rank stocks here
Some other similarly-ranked stocks in the broader technology sector are
Digital Turbine ( APPS Quick Quote APPS - Free Report) , Square ( SQ Quick Quote SQ - Free Report) and Zoom Video Communications ( ZM Quick Quote ZM - Free Report) .
The long-term earnings growth rate for Digital Turbine, Square and Zoom is currently pegged at 50%, 47.1% and 15.6%, respectively.
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