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Tyler (TYL) Workforce Suite Sees Growing Adoption by Fed Agencies
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Tyler Technologies, Inc. (TYL - Free Report) is witnessing the growing selection and implementation of its Workforce Case Management suite by federal government agencies. This suite includes Equal Employment Opportunity (“EEO”), Military Employment Opportunity, Anti-Harassment, Reasonable Accommodation, Labor Relations and Civil Rights solutions.
The increased adaptability of this solution suite is primarily attributable to U.S. President Joe Biden’s Jun 25, 2021 executive order on maintaining diversity, equity, inclusion and accessibility in the federal workforce. This requires the creation of a government-wide diversity, equity, inclusion and accessibility plan and agency-specific strategic plans.
Since then, federal agencies have been trying to ensure that they have the right system in place to capture, manage and report on complaints across the full workforce case management spectrum. Being the only vendor to provide a comprehensive suite of Workforce Case Management Applications, Tyler has grabbed several deals from different federal agencies over the past year.
Tyler possesses significant expertise in delivering workforce case management applications within the federal sector. Presently, the company handles 80% of federal EEO claims through its software.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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 August 2023, the company completed the acquisition of Orlando, FL-headquartered Computing System Innovations, LLC (“CSI”) to enhance its electronic filing and redaction solutions.
Tyler integrated CSI’s artificial intelligence (AI)-driven redaction and indexing solution — Intellidact Platform — into its eFile & Serve solution portfolio to automate data entry and document processing options for its clientele. It is also likely to leverage CSI’s AI and automation solution across its other verticals like Municipal & Schools, Property & Recording and Platform Solutions.
In March 2023, TYL revealed that it acquired Safeground Analytics — a Massachusetts-based analytics company offering exemplary real estate appraisals and assessments for states, counties and municipalities. With this buyout, the company has been able to accelerate its appraisal service businesses by bringing a team of experienced appraisers, analysts, statisticians, economists, computer scientists and assessors from Safeground Analytics.
However, Tyler’s near-term growth prospects are likely to be affected by a delay in the procurement process and a lengthy sales cycle 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 its gross margin.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #3 (Hold). Shares of TYL have rallied 25.4% year to date (YTD).
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Tyler (TYL) Workforce Suite Sees Growing Adoption by Fed Agencies
Tyler Technologies, Inc. (TYL - Free Report) is witnessing the growing selection and implementation of its Workforce Case Management suite by federal government agencies. This suite includes Equal Employment Opportunity (“EEO”), Military Employment Opportunity, Anti-Harassment, Reasonable Accommodation, Labor Relations and Civil Rights solutions.
The increased adaptability of this solution suite is primarily attributable to U.S. President Joe Biden’s Jun 25, 2021 executive order on maintaining diversity, equity, inclusion and accessibility in the federal workforce. This requires the creation of a government-wide diversity, equity, inclusion and accessibility plan and agency-specific strategic plans.
Since then, federal agencies have been trying to ensure that they have the right system in place to capture, manage and report on complaints across the full workforce case management spectrum. Being the only vendor to provide a comprehensive suite of Workforce Case Management Applications, Tyler has grabbed several deals from different federal agencies over the past year.
Tyler possesses significant expertise in delivering workforce case management applications within the federal sector. Presently, the company handles 80% of federal EEO claims through its software.
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.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
Portfolio Expansion via Acquisitions
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 August 2023, the company completed the acquisition of Orlando, FL-headquartered Computing System Innovations, LLC (“CSI”) to enhance its electronic filing and redaction solutions.
Tyler integrated CSI’s artificial intelligence (AI)-driven redaction and indexing solution — Intellidact Platform — into its eFile & Serve solution portfolio to automate data entry and document processing options for its clientele. It is also likely to leverage CSI’s AI and automation solution across its other verticals like Municipal & Schools, Property & Recording and Platform Solutions.
In March 2023, TYL revealed that it acquired Safeground Analytics — a Massachusetts-based analytics company offering exemplary real estate appraisals and assessments for states, counties and municipalities. With this buyout, the company has been able to accelerate its appraisal service businesses by bringing a team of experienced appraisers, analysts, statisticians, economists, computer scientists and assessors from Safeground Analytics.
However, Tyler’s near-term growth prospects are likely to be affected by a delay in the procurement process and a lengthy sales cycle 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 its gross margin.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #3 (Hold). Shares of TYL have rallied 25.4% year to date (YTD).
Some better-ranked stocks from the broader technology sector are Intel Corporation (INTC - Free Report) , Aspen Technology, Inc. (AZPN - Free Report) and Datadog, Inc. (DDOG - Free Report) . Intel sports a Zacks Rank #1 (Strong Buy) at present, while Aspen and Datadog each carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intel’s fourth-quarter 2023 earnings has moved a penny north to 44 cents per share in the past 30 days. The consensus estimate for 2023 earnings has increased 2 cents to 95 cents in the past 30 days.
Intel's earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 136.3%. Shares of INTC have surged 56.2% YTD.
The Zacks Consensus Estimate for Aspen's second-quarter fiscal 2024 earnings has moved north 14 cents to $1.49 per share in the past 30 days. The consensus estimate for fiscal 2024 earnings has increased 5 cents to $6.63 per share in the past 30 days.
Aspen's earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average negative surprise of 32.3%. Shares of AZPN have dropped 7.4% YTD.
The Zacks Consensus Estimate for Datadog's fourth-quarter 2023 earnings has moved north 9 cents to 43 cents per share in the past 30 days. The consensus estimate for 2023 earnings has increased 21 cents to $1.53 per share in the past 30 days.
DDOG’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 28.6%. Datadog shares have rallied 55.4% YTD.