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Tyler (TYL) Wins Contract Worth $54M From the U.S. DSS Agency
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Tyler Technologies (TYL - Free Report) recently announced that it has won a five-year contract from the U.S. Department of State's Diplomatic Security Service (“DSS”) for its Case Management Development Platform. The company revealed that the deal is worth $54 million and is the largest-ever award for such a system.
Per the company’s website, Tyler's Case Management Development Platform is the only low-code application development platform for case management that has been purpose-built for the public sector. The platform allows agencies to develop and deploy case management and business process management applications per their set procedure and requirements.
The newly entered agreement extends Tyler’s relationships with the DSS. The company has been a trusted partner of the State Department in support of the DSS mission since 2017. The new contract for Tyler’s extended services will help the DSS modernize capabilities and build a high-security infrastructure.
Accelerated Digital Transformation Aiding Contract Wins
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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.
Earlier this month, Tyler signed an agreement with the Arizona Supreme Court to provide its Enterprise Supervision solution. The integrated justice solution will support Arizona’s 15 Adult Probation Departments, including the Superior Court in Maricopa County.
Last month, Kansas signed a two-year contract extension for Tyler’s digital government and payment processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April 2021.
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. 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 third quarter of 2022, the company’s GAAP and non-GAAP revenues increased 2.9% year over year to $473.2 million and outpaced the Zacks Consensus Estimate of $466.5 million. Non-GAAP earnings improved 2.8% to $2.06 per share and beat the consensus mark of $1.86 per share.
Zacks Rank & Stocks to Consider
Tyler currently carries a Zacks Rank #3 (Hold). Shares of TYL have decreased 37.3% year to date (YTD).
Some better-ranked stocks worth considering from the broader technology sector are Celestica (CLS - Free Report) , Zscaler (ZS - Free Report) and Coupa Software . Celestica sports a Zacks Rank #1 (Strong Buy) at present, while Zscaler and Coupa each carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Celestica’s fourth-quarter 2022 earnings has increased by 9 cents to 53 cents per share over the past 30 days. For 2022, earnings estimates have moved 9.4% up to $1.86 per share in the past 30 days.
CLS' earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 11.8%. Shares of the company have increased 2.3% YTD.
The Zacks Consensus Estimate for Zscaler's second-quarter fiscal 2023 earnings has been revised 5 cents north to 26 cents per share over the past 90 days. For fiscal 2023, earnings estimates have moved a penny north to $1.18 per share in the past 60 days.
ZS’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have declined 54.2% YTD.
The Zacks Consensus Estimate for Coupa's fourth-quarter fiscal 2023 earnings has been revised 3 cents northward to 7 cents per share over the past 90 days. For fiscal 2023, earnings estimates have moved upward by 19 cents to 44 cents per share in the past 90 days.
Coupa's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 478.1%. Shares of COUP have slumped 65.7% YTD.
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Tyler (TYL) Wins Contract Worth $54M From the U.S. DSS Agency
Tyler Technologies (TYL - Free Report) recently announced that it has won a five-year contract from the U.S. Department of State's Diplomatic Security Service (“DSS”) for its Case Management Development Platform. The company revealed that the deal is worth $54 million and is the largest-ever award for such a system.
Per the company’s website, Tyler's Case Management Development Platform is the only low-code application development platform for case management that has been purpose-built for the public sector. The platform allows agencies to develop and deploy case management and business process management applications per their set procedure and requirements.
The newly entered agreement extends Tyler’s relationships with the DSS. The company has been a trusted partner of the State Department in support of the DSS mission since 2017. The new contract for Tyler’s extended services will help the DSS modernize capabilities and build a high-security infrastructure.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
Accelerated Digital Transformation Aiding Contract Wins
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.
Earlier this month, Tyler signed an agreement with the Arizona Supreme Court to provide its Enterprise Supervision solution. The integrated justice solution will support Arizona’s 15 Adult Probation Departments, including the Superior Court in Maricopa County.
Last month, Kansas signed a two-year contract extension for Tyler’s digital government and payment processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April 2021.
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. 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 third quarter of 2022, the company’s GAAP and non-GAAP revenues increased 2.9% year over year to $473.2 million and outpaced the Zacks Consensus Estimate of $466.5 million. Non-GAAP earnings improved 2.8% to $2.06 per share and beat the consensus mark of $1.86 per share.
Zacks Rank & Stocks to Consider
Tyler currently carries a Zacks Rank #3 (Hold). Shares of TYL have decreased 37.3% year to date (YTD).
Some better-ranked stocks worth considering from the broader technology sector are Celestica (CLS - Free Report) , Zscaler (ZS - Free Report) and Coupa Software . Celestica sports a Zacks Rank #1 (Strong Buy) at present, while Zscaler and Coupa each carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Celestica’s fourth-quarter 2022 earnings has increased by 9 cents to 53 cents per share over the past 30 days. For 2022, earnings estimates have moved 9.4% up to $1.86 per share in the past 30 days.
CLS' earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 11.8%. Shares of the company have increased 2.3% YTD.
The Zacks Consensus Estimate for Zscaler's second-quarter fiscal 2023 earnings has been revised 5 cents north to 26 cents per share over the past 90 days. For fiscal 2023, earnings estimates have moved a penny north to $1.18 per share in the past 60 days.
ZS’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have declined 54.2% YTD.
The Zacks Consensus Estimate for Coupa's fourth-quarter fiscal 2023 earnings has been revised 3 cents northward to 7 cents per share over the past 90 days. For fiscal 2023, earnings estimates have moved upward by 19 cents to 44 cents per share in the past 90 days.
Coupa's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 478.1%. Shares of COUP have slumped 65.7% YTD.