Tyler Technologies, Inc. (TYL - Free Report) announced that the US state of Maryland has signed an agreement with it for using its Socrata Connected Government Cloud (SCGC) solution to “strengthen its commitment to innovation and data-driven governance.”
Notably, the advanced internal data sharing approach will help the state achieve its two key goals — efficiency and interoperability.
The solution has been resonating well with the market since its launch early last year. Kevin Merritt, president, Data & Insights Division of Tyler Technologies, stated that “Virtually every government can benefit from better use of data. By creating a single source of truth that turns data into insights, Socrata Connected Government Cloud will underpin Maryland’s commitment to digital governance.”
SCGC on a Roll
Tyler Technologies introduced SCGC last May. The solution provides government workers with access to a single-source of trusted data and helps share analysis, visualizations and performance measurements with utmost security across multiple departments and programs.
SCGC offers government organizations a safe, cloud-based, self-service environment that enables breaking down data silos, promoting collaboration and reusing data. Moreover, by delivering an advanced toolset to government employees, this solution assists in transforming data into information and insights to improve financial, operational and strategic outcomes.
The solution witnessed an early adoption by Utah Department of Transportation, Hawaii Department of Transportation, the state of Pennsylvania and the city of Henderson, NV. It is now available across all federal, state and local government agencies including Tyler Technologies’ broad base of current clients.
Last January, the city of Chattanooga, TN, entered into a contract with Tyler Technologies for using SCGC solution to steer the government toward a data-driven set-up. The Metropolitan Transportation Commission in San Francisco, CA, also inked a deal with Tyler Technologies for applying this solution.
On last earnings call, management mentioned that the company negotiated 18 new pacts for SCGC in 2018, surpassing its goal of six contracts to be signed by 2018 end.
Notably, last April’s acquisition of Socrata, which primarily has a subscription revenue model, contributed to the company’s robust subscription revenues, mirroring 28% growth in 2018.
Zacks Rank and Stocks to Consider
Currently, Tyler Technologies has a Zacks Rank #4 (Sell).
A few better-ranked stocks in the broader Computer and Technology sector are Fortinet, Inc. (FTNT - Free Report) , eGain Corporation (EGAN - Free Report) and Symantec Corporation , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Fortinet, eGain and Symantec is projected at 16.8%, 30% and 7.9%, respectively.
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