Tyler Technologies ( TYL Quick Quote TYL - Free Report) recently grabbed a contract from the Putnam County Sheriff’s Office in New York for its Enterprise Public Safety suite. However, the company didn’t disclose the financial terms of the deal.
The solution suite includes Tyler’s Enterprise Computer Aided Dispatch (“CAD”), Enterprise Law Enforcement Records, Enterprise Law Enforcement Mobile, Civil Process and Public Safety Analytics. The implementation of the aforementioned Enterprise Public Safety solutions will help the Sheriff’s Office increase efficiency and streamline communication.
Tyler’s Enterprise CAD solution will help Putnam County easily share critical, real-time information and data through CAD-to-CAD communication with its neighbor Dutchess County, which also uses the same solution. This will help the two counties accelerate and improve emergency response time and accuracy for fire and emergency medical services.
Tyler’s Enterprise Law Enforcement Records will allow the county to capture, process, analyze and act on the collected data. The company’s Public Safety Analytics tool will help the Sherriff’s Office analyze crime trends and patterns, enact tactics and use data to improve operations and efficiency.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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.
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 May, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
The accelerated digital transformation and a sustained focus on enhancing the product portfolio through innovation and acquisitions are driving Tyler’s overall financial performance. In the second quarter of 2022, the company’s GAAP and non-GAAP revenues increased 16% year over year to $468.7 million and outpaced the Zacks Consensus Estimate of $456.2 million. Non-GAAP earnings improved 2.9% to $1.88 per share and beat the consensus mark of $1.83 per share.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #4 (Sell). Shares of TYL have decreased 32.2% year to date (“YTD”).
Some better-ranked stocks from the broader Computer and Technology sector are
Clearfield ( CLFD Quick Quote CLFD - Free Report) , Silicon Laboratories ( SLAB Quick Quote SLAB - Free Report) and Monolithic Power ( MPWR Quick Quote MPWR - Free Report) . Clearfield and Silicon Laboratories each sport a Zacks Rank #1 (Strong Buy), while Monolithic Power carries a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank stocks here
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