Tyler Technologies ( TYL Quick Quote TYL - Free Report) recently announced that the City of Harrisburg, PA, signed an agreement to implement its Munis-powered Enterprise ERP (enterprise resource planning) solutions. Apart from financial, enterprise asset and human capital management, these solutions include payroll, time and attendance, tax billing, licensing, permitting and code enforcement.
The implementation of Tyler’s solutions will modernize the City of Harrisburg’s ERP system and help it streamline all business operations while eliminating duplicate processes. Tyler’s ERP suite will replace the city’s current three separate systems, which include a more than three-decade-old mainframe system, a separate financial system and an outsourced payroll system.
By implementing TYL’s ERP solutions, the City of Harrisburg will be able to offer efficient services to the community, reduce the manual work of employees and provide better infrastructure for staffs.
"We are pleased to help streamline ERP management for the city of Harrisburg, helping them manage everything from payroll to permitting," said Chris Webster, the
president of Tyler’s ERP Division. "We’re especially excited to be deploying this system in the cloud, which will help ensure a secure environment, reduce capital budget, and minimize IT burden in the long run."
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from the on-premise and outdated systems to scalable cloud-based systems. It has been continuously advancing its core software applications and expanding its complementary product and service portfolios to fulfill the changing needs of customers and respond to technological advancements.
The company has been extensively focusing on extending its major state enterprise contracts as well. Last week, it announced signing a contract with Suisun City, CA, for providing a comprehensive suite of ERP solutions. Earlier this month, the company announced that Texas signed a three-year contract extension for its payment processing services.
Last month, it signed a contract with the Utah Department of Public Safety for providing a comprehensive suite of public safety solutions. Tyler’s solutions will include the company’s Enterprise Law Enforcement Records, Mobile, Field Mobile, Enforcement Mobile and Public Safety Analytics.
In March, Mississippi signed a two-year contract for Tyler’s award-winning digital government and payments services, which further extended the 11-year-long relationship between the state and the company.
In the same month, TYL announced that it provided its Economic Intelligence solution for 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, Tyler aided the New Jersey office in analyzing and understanding local economic trends.
In the first quarter of 2022, the company added 149 new subscription-based arrangements and 44 license contracts, accounting for a cumulative contact value worth $73.6 million.
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.
Furthermore, Tyler’s near-term growth prospect is likely to be negatively impacted by delays in procurement processes and lengthening sales cycles as public entities focus on issues related to the pandemic. Also, many of its customers are likely to face budget pressure in the near term.
Zacks Rank & Other Stocks to Consider
Tyler currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader technology sector are
ON Semiconductor ( ON Quick Quote ON - Free Report) , MaxLinear ( MXL Quick Quote MXL - Free Report) and Analog Devices ( ADI Quick Quote ADI - Free Report) . ON sports a Zacks Rank #1 (Strong Buy), while MaxLinear and Analog Devices each carry a Zacks Rank #2. You can see . the complete list of today's Zacks #1 Rank stocks here
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The Zacks Consensus Estimate for MaxLinear's second-quarter 2022 earnings has been revised upward by 10 cents to $1.02 per share over the past 30 days. For 2022, MaxLinear's earnings estimates have moved north by 36 cents to $4.07 per share in the past 30 days.
MaxLinear's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 7.1%. Shares of MXL have soared 23% in the past year.
The Zacks Consensus Estimate for Analog Devices' second-quarter fiscal 2022 earnings has been revised upward by 4 cents to $2.12 per share over the past 60 days. For fiscal 2022, earnings estimates have moved north by 11 cents to $8.43 per share in the past 60 days.
Analog Devices' earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6%. Shares of ADI have increased 7% in the past year.