Tyler Technologies Inc. (TYL - Free Report) recently announced that its Munis enterprise resource planning (ERP) and ExecuTime Time & Attendance solutions will be deployed by North Carolina-based Winston-Salem/Forsyth County Schools (WSFCS).
WSFCS serves nearly 55,000 students across 81 schools. Reportedly, the district was looking for a partner with strong K-12 experience and a dedicated team for software development, implementation, software upgrades, service and support.
Tyler believes, its solutions will help WSFCS reach their goals of modernizing school business operations and increase efficiencies across the district.
Notably, Tyler’s Munis solution is used by more than 550 school districts across the country.
Tyler Rides on Client Wins
Tyler is gaining traction from robust growth in new business for its ERP solutions. Investments and acquisitions are helping it strengthen its competitive edge and address new and expanding opportunities.
Its broad line of software solutions and services, which aids in fulfilling the IT needs of major areas of operations for cities, counties, schools and other government entities is a tailwind.
New deals for its Munis solution hit an all-time high in the third quarter. Significant contracts included multi-suite deals comprising some of the company’s more recently acquired solutions.
Reportedly, there are several other North Carolina schools that deployed Tyler’s Munis solution under the Department of Public Instruction’s School Business Systems Modernization Program this year. The schools include New Hanover County Schools, Stanly County Schools, Chapel Hill-Carrboro City Schools, Swain County Schools and Craven County Schools.
On the last earnings call, management mentioned that Tyler signed a SaaS agreement for Munis ERP solution, valued at $4.3 million, with the Union County Public Schools in North Carolina. Reportedly, the agreement is one of the eight new SaaS contracts inked in the third quarter with North Carolina school districts under the Master Service Agreement. The company signed with the state Department of Public Instruction earlier this year.
Earlier in September, Tyler announced that its Infinite Visions ERP and Tyler Content Manager solutions will be deployed by Phoenix, AZ-based Paradise Valley Unified School District.
The Savannah-Chatham County School district in Georgia struck a deal worth $3.6 million with Tyler for Munis.
In March, four Illinois school districts signed a contract with Tyler for its Infinite Visions solutions to streamline school business administration.
Notably, the company is benefiting from a solid uptrend in subscription revenues, backed by large SaaS contract wins. However, uncertainty about its ability to frequently snap up plum deals is a concern.
Zacks Rank & Stocks to Consider
Tyler currently has a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader technology sector are Baidu (BIDU - Free Report) , Marchex (MCHX - Free Report) and Synopsys (SNPS - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate for Baidu, Marchex and Synopsys is currently pegged at 2.3%, 15% and 12.8%, respectively.
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