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Tyler's (TYL) Public Safety Suite Selected by Oregon Police
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Tyler Technologies (TYL - Free Report) recently grabbed a 10-year contract from Oregon State Police for its Enterprise Public Safety suite. However, the company didn’t disclose the financial terms of the deal.
The suite includes Tyler’s Enterprise Computer Aided Dispatch (“CAD”) and Mobile solutions. The implementation of the aforementioned Enterprise Public Safety solutions will help Oregon State Police increase efficiency and streamline communication.
Tyler’s Enterprise CAD solution will aid Oregon State Police in easily sharing critical, real-time information and data through CAD-to-CAD communication across state and local dispatch centers. This will help the state police accelerate and improve emergency response time and accuracy for law enforcement, fire and emergency medical services.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. TYL 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 March 2023, the company revealed that it acquired a Massachusetts-based analytics company offering exemplary real estate appraisals and assessments for states, counties and municipalities — Safeground Analytics.
With this buyout, Tyler intends to accelerate its appraisal services businesses by bringing a team of experienced appraisers, analysts, statisticians, economists, computer scientists and assessors from Safeground Analytics. The analytics company will offer TYL residential and commercial reassessments and deliver litigation support, expert witness testimony solutions for property appraisal matters, and auditing and monitoring services.
In October 2022, the company bought Rapid Financial Solutions for $68 million in cash to bolster its payment offering for all clients. In May 2022, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
In February 2022, Tyler acquired U.S. eDirect, a market-leading provider of technology solutions for campground and outdoor recreation management. However, frequent acquisitions pose significant integration risks for the company.
Nonetheless, Tyler’s near-term growth prospects are likely to be affected by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Also, many customers are expected to face budget pressures in the near term.
Additionally, high investments in R&D initiatives are likely to hurt margins. Intensifying competition from the likes of Oracle, SAP and Workday might keep Tyler’s pricing under pressure and negatively impact the gross margin.
Zacks Rank & Stocks to Consider
Tyler currently carries a Zacks Rank #3 (Hold). Shares of the company have rallied 21.5% year to date (YTD).
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Tyler's (TYL) Public Safety Suite Selected by Oregon Police
Tyler Technologies (TYL - Free Report) recently grabbed a 10-year contract from Oregon State Police for its Enterprise Public Safety suite. However, the company didn’t disclose the financial terms of the deal.
The suite includes Tyler’s Enterprise Computer Aided Dispatch (“CAD”) and Mobile solutions. The implementation of the aforementioned Enterprise Public Safety solutions will help Oregon State Police increase efficiency and streamline communication.
Tyler’s Enterprise CAD solution will aid Oregon State Police in easily sharing critical, real-time information and data through CAD-to-CAD communication across state and local dispatch centers. This will help the state police accelerate and improve emergency response time and accuracy for law enforcement, fire and emergency medical services.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
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. TYL 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 March 2023, the company revealed that it acquired a Massachusetts-based analytics company offering exemplary real estate appraisals and assessments for states, counties and municipalities — Safeground Analytics.
With this buyout, Tyler intends to accelerate its appraisal services businesses by bringing a team of experienced appraisers, analysts, statisticians, economists, computer scientists and assessors from Safeground Analytics. The analytics company will offer TYL residential and commercial reassessments and deliver litigation support, expert witness testimony solutions for property appraisal matters, and auditing and monitoring services.
In October 2022, the company bought Rapid Financial Solutions for $68 million in cash to bolster its payment offering for all clients. In May 2022, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
In February 2022, Tyler acquired U.S. eDirect, a market-leading provider of technology solutions for campground and outdoor recreation management. However, frequent acquisitions pose significant integration risks for the company.
Nonetheless, Tyler’s near-term growth prospects are likely to be affected by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Also, many customers are expected to face budget pressures in the near term.
Additionally, high investments in R&D initiatives are likely to hurt margins. Intensifying competition from the likes of Oracle, SAP and Workday might keep Tyler’s pricing under pressure and negatively impact the gross margin.
Zacks Rank & Stocks to Consider
Tyler currently carries a Zacks Rank #3 (Hold). Shares of the company have rallied 21.5% year to date (YTD).
Some better-ranked stocks from the broader technology sector are Meta Platforms (META - Free Report) , Manhattan Associates (MANH - Free Report) and Blackbaud (BLKB - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Meta's second-quarter 2023 earnings has been revised 5 cents southward to $2.82 per share in the past 30 days. For 2023, earnings estimates have increased by a penny to $11.94 per share in the past seven days.
Meta’s earnings beat the Zacks Consensus Estimate twice in the preceding four quarters while missing the same on two occasions, the average surprise being 15.5%. Shares of META have surged 136.3% YTD.
The Zacks Consensus Estimate for Manhattan Associates' second-quarter 2023 earnings has been revised upward by a couple of cents to 72 cents per share for the past 60 days. For 2023, earnings estimates have moved upward by 17 cents to $2.87 per share in the past 60 days.
Manhattan Associates' earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 33.6%. Shares of MANH have soared 57.5% YTD.
The Zacks Consensus Estimate for Blackbaud’s second-quarter 2023 earnings has been revised 10 cents northward to 93 cents per share in the past 60 days. For 2023, earnings estimates have increased to $3.75 per share from $3.43 60 days ago.
Blackbaud's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 10.4%. Shares of BLKB have rallied 20.9 % YTD.