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Tyler (TYL) Extends Partnership With AOIC for Another 5 Years
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Tyler Technologies (TYL - Free Report) recently announced that the Administrative Office of the Illinois Courts (“AOIC”) has signed a five-year contract extension and expansion for providing the eFileIL electronic filing solution to the Illinois Courts. The newly signed contract is worth approximately $63 million.
The new agreement extends the existing five-year relationship between the AOIC and Tyler that began in 2016. The company currently provides eFileIL e-filing system through its Odyssey File & Serve platform, which the AOIC uses across the Illinois Appellate Court, Illinois Supreme Court and Circuit Courts throughout the state.
Apart from continuing the aforementioned services, the new deal expands the services Tyler provides through its Socrata data platform.
Courts are increasingly adopting new technologies for smooth functioning amid the ongoing pandemic-led lockdowns and social distancing measures adopted by governments worldwide. According to the company’s press release, more than 21 million criminal and civil filings have been made over the last five years.
Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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 continuously advancing its core software applications and expanding complementary product and service portfolios to fulfill the changing needs of customers and respond to technological advancements.
During second-quarter 2021, the company added 170 new subscription-based arrangements and converted 62 existing on-premises clients, accounting for approximately $73 million in total contract value.
Tyler has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. Investments and acquisitions are helping it boost its competitive edge, and exploit new and expanding opportunities.
In the second quarter, the company primarily gained from the post-acquisition contributions of NIC. Its revenues grew 49.4% year over year to $405.4 million. Also, it entered into a definitive agreement to buy VendEngine.
In the third quarter, Tyler expanded its partnership with Legal Aid BC (formerly the Legal Services Society), under which the latter expanded the deployment of the former’s Modria online dispute solution to its other online services.
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Tyler (TYL) Extends Partnership With AOIC for Another 5 Years
Tyler Technologies (TYL - Free Report) recently announced that the Administrative Office of the Illinois Courts (“AOIC”) has signed a five-year contract extension and expansion for providing the eFileIL electronic filing solution to the Illinois Courts. The newly signed contract is worth approximately $63 million.
The new agreement extends the existing five-year relationship between the AOIC and Tyler that began in 2016. The company currently provides eFileIL e-filing system through its Odyssey File & Serve platform, which the AOIC uses across the Illinois Appellate Court, Illinois Supreme Court and Circuit Courts throughout the state.
Apart from continuing the aforementioned services, the new deal expands the services Tyler provides through its Socrata data platform.
Courts are increasingly adopting new technologies for smooth functioning amid the ongoing pandemic-led lockdowns and social distancing measures adopted by governments worldwide. According to the company’s press release, more than 21 million criminal and civil filings have been made over the last five years.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
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 continuously advancing its core software applications and expanding complementary product and service portfolios to fulfill the changing needs of customers and respond to technological advancements.
During second-quarter 2021, the company added 170 new subscription-based arrangements and converted 62 existing on-premises clients, accounting for approximately $73 million in total contract value.
Tyler has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. Investments and acquisitions are helping it boost its competitive edge, and exploit new and expanding opportunities.
In the second quarter, the company primarily gained from the post-acquisition contributions of NIC. Its revenues grew 49.4% year over year to $405.4 million. Also, it entered into a definitive agreement to buy VendEngine.
In the third quarter, Tyler expanded its partnership with Legal Aid BC (formerly the Legal Services Society), under which the latter expanded the deployment of the former’s Modria online dispute solution to its other online services.
Zacks Rank & Other Key Picks
Tyler currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Avnet, Inc. (AVT - Free Report) , ON Semiconductor Corporation (ON - Free Report) and Paycom Software, Inc. (PAYC - 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 long-term earnings growth rate of Avnet, ON Semiconductor and Paycom are pegged at 25.4%, 52.3% and 25%, respectively.