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Tyler Technologies (Nasdaq: TYL) | Company Profile, History, Competitors

 

Tyler Technologies (NASDAQ: TYL) provides enterprise software to the state and local government market. Tyler focuses on software for cities, counties, school districts, and local agencies. It was founded in 1966 and headquartered in Dallas, TX.

Tyler Technologies was founded as Saturn Industries in 1966 by Joseph F. McKinney after buying several companies from Ling-Temco-Vought. The company provides various software for various government entities including local/state, court/justice, law enforcement and schools.

Business Overview

Tyler operates in six main segments:
  • ERP/Financial (50% of 2017 Revenues): Software for day-to-day government needs.
  • Courts & Justice (18% of 2017 Revenues): Software for the court and justice market.
  • Public Safety (14% of 2017 Revenues): Software for law enforcement.
  • Appraisal & Tax (10% of 2017 Revenues) Software for appraisal of real estate and personal property.
  • K-12 Schools (5% of 2017 Revenues): Software for management of school information.
  • Land & Vital Records (3% of 2017 Revenues): Software for registering information at courthouses.

ERP/Financial Segment

Tyler provides ERP (Enterprise Resource Planning) software to meet day-to-day needs of many government agencies. Tyler provides software that can:
  • Allow citizens to access FAQs and live government data
  • Handle accounting, budgeting and procurement while complying with regulatory standards
  • Manage payroll, recruiting, benefits of government personnel
  • Manage tax billing for real estate, motor vehicles and personal property taxes
  • Provide billing for electricity, gas, water and other utilities.

Courts & Justice Segment

Tyler provides court management software for criminal, traffic, civil, family, juvenile and probate courts. Tyler provides software that can:
  • Apply electronic signatures and scan court documents
  • Access criminal and civil court records
  • Pay parking tickets online
  • Prosecutor system to track criminal cases by state attorneys. Manage witness lists and subpoenas
  • Management of offender cases by pre-trial and probation offices
Tyler offers two software solutions for courts: Odyssey and Incode. Odyssey is used by larger district courts and is a complete integrated suite of products from jail management, prosecutor records management, paying processing, e-filing and jury management. Incode is a full solution for less complex needs of local and municipal courts.

Public Safety Segment

Tyler provides software for public safety in the area of computer aided dispatch, mobile computing, field reporting and fire, law enforcement records management.

Appraisal & Tax Segment

Tyler provides property appraisal services for various tax jurisdictions. This helps automate the assessment and appraisal for real and personal property as well as the collection of taxes.

K-12 Segment

Tyler provides software for K-12 schools to manage student records for grading, scheduling and attendance as well as manage student transportation.

Land & Vital Records Segment

Tyler provides software to scan documents at the courthouse including deeds, mortgages, UCC filings and vital records.

Pricing

Tyler sells its software as both an on-premise perpetual license or through cloud-based hosting managed by Tyler.

Competitors

Tyler competes with large vendors like Oracle, SAP, Thomson Reuters and Infor on larger contracts in the public sector.

The local government market is very fragmented. Competitors include Cerner, Xerox, IBM, Accela, Motorola, Tiburon and Northrop Grumman.

Historye

The company was founded as Saturn Industries in 1966 by Joseph F. McKinney after buying several companies from Ling-Temco-Vought. In 1970, the company went public on the NYSE. It was originally an industrials company, but entered the government software market in 1998.

Management

Lynn Moore Jr. (CEO): Lynn serves as CEO since 2018. Prior, he served in various roles at the company including President and General Counsel.

Brian K. Miller (CFO): Brian serves as CFO since 2005. Prior, he served as Treasurer and Chief Accounting Officer at Tyler. He had also worked as CFO of Metro Airlines, a commuter airline based in Texas.

Financials

 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $417 
$493 
$591 
$756 
$841 
 Gross Profit $193 
$233 
 $277 
 $355 
 $400 
 Operating Profit $67 
$95 
 $108 
 $131 
 $161 
 Net Income$39 
$59 
$65 
 $110 
 $164 
 EPS$1.13 
$1.66 
$1.77 
$2.82 
$4.18 

Tyler Technologies, Inc.
 
  Ticker     NASDAQ; TYL
  Industry Technology
  Founded 1966
  Headquarters Dallas, TX
  Revenues
$841mm (2017)
  Employees 4,069 (2017)
  Website tylertech.com