Tyler Technologies ( TYL Quick Quote TYL - Free Report) recently announced that it has successfully provided its Economic Intelligence solution to New Jersey’s Office of Information Technology.
Leveraging third-party data from two of its official partners, SafeGraph and Affinity Solutions, and integrating them into its Data & Insights platform, the largest integrated software and technology services provider to the public sector has aided the New Jersey office to analyze and understand local economic trends.
While SafeGraph gives critical geospatial and consumer insights data to Tyler, Affinity Solutions offers credit and debit card purchase data providing an overview of local consumer spending. Obtaining data from both of these sources, the public sector service provider utilizes its Economic Intelligence platform and Data & Insights offering. It is aimed at recovering New Jersey's businesses, revenues, stimulating investments, protecting jobs, and continuing to support social programs. This is likely to aid New Jersey policymakers in bringing necessary policy changes based on the information provided.
This latest implementation has helped the Office of Information Technology find ways to effectively deploy funds for the American Rescue Plan Act, a rescue package designed to facilitate the United States’ recovery from the devastating economic and health effects of the COVID-19 pandemic.
Tyler’s Economic Intelligence solution offers indicator data to state and local government leaders for measuring the impact of economic programs. It provides commercial economic data in time to raise awareness regarding economic strengths and weaknesses. The economic data, which include for instance, small business revenue metrics, consumer spending metrics, mobility metrics and real estate market metrics, will provide an overview of key economic indicators like budget forecast to the New Jersey office leaders.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. It 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.
During fourth-quarter 2021, the company added 135 new subscription-based arrangements and converted 71 existing on-premises clients, accounting for approximately $56 million in total contract value.
The company has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients, and expand geographically. However, it faces significant integration risks due to frequent acquisitions.
Tyler’s asset quality is also not good due to a high level of goodwill and net intangible assets totaling $2.36 billion or representing 50% of total assets as of Dec 31, 2021.
Zacks Rank & Key Picks
Tyler currently carries a Zacks Rank #4 (Sell). Shares of TYL have plunged 5% in the past year.
Some better-ranked stocks from the broader computer and technology sector are
Advanced Micro Devices ( AMD Quick Quote AMD - Free Report) , sporting a Zacks Rank #1 (Strong Buy), Axcelis Technologies ( ACLS Quick Quote ACLS - Free Report) and Analog Devices ( ADI Quick Quote ADI - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank stocks here
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