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Tyler's SCGC Solution Sees Uptake, Adds Chattanooga as Client
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Tyler Technologies, Inc. (TYL - Free Report) announced that the city of Chattanooga, TN, has signed an agreement with it for using its Socrata Connected Government Cloud (SCGC) solution to steer the government toward a data-driven set-up.
Kevin Merritt, president, Data & Insights Division of Tyler Technologies, stated that the solution “will support Chattanooga’s work of building a more resilient, innovative and connected community through data-driven governance.”
Notably, the solution has been resonating well with the market since it was launched early last year. Recently, the Metropolitan Transportation Commission in San Francisco, CA, also inked a deal with Tyler for applying this solution.
SCGC in Detail
Tyler introduced SCGC last May. This advanced internal data sharing approach provides government workers with access to a single-source of trusted data and helps securely share analysis, visualizations and performance measurements across multiple departments and programs.
The solution offers a safe, cloud-based, self-service environment to government organizations that aids in breaking down data silos, promoting collaboration and reusing data. Moreover, by delivering an advanced toolset to government employees, the solution assists in transforming data into information and insights that improve financial, operational and strategic outcomes.
The solution enjoyed 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’s broad base of current clients.
On last earnings call, management mentioned that the company signed seven new contracts for SCGC in the last reported quarter, adding clients at the federal, state and local levels.
Tyler acquired Socrata in April 2018, focused on accelerating “Connected Communities vision through innovative data and insights cloud offering.”
Notably, Socrata’s roster of Tier 0 and Tier 1 clients including the Michigan State Budget Office, the Utah Department of Transportation and general administration offices for several states comprising Texas, New York, Illinois and Pennsylvania are positives for Tyler.
In the last reported quarter, Socrata's revenues increased significantly on a sequential basis. Management expects the same to substantially rise in the fourth quarter over the third.
Long-term earnings growth rate for both Synopsys and Verint is projected to be 10% while the same for Cloudera stands at 8%.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
Image: Bigstock
Tyler's SCGC Solution Sees Uptake, Adds Chattanooga as Client
Tyler Technologies, Inc. (TYL - Free Report) announced that the city of Chattanooga, TN, has signed an agreement with it for using its Socrata Connected Government Cloud (SCGC) solution to steer the government toward a data-driven set-up.
Kevin Merritt, president, Data & Insights Division of Tyler Technologies, stated that the solution “will support Chattanooga’s work of building a more resilient, innovative and connected community through data-driven governance.”
Notably, the solution has been resonating well with the market since it was launched early last year. Recently, the Metropolitan Transportation Commission in San Francisco, CA, also inked a deal with Tyler for applying this solution.
SCGC in Detail
Tyler introduced SCGC last May. This advanced internal data sharing approach provides government workers with access to a single-source of trusted data and helps securely share analysis, visualizations and performance measurements across multiple departments and programs.
The solution offers a safe, cloud-based, self-service environment to government organizations that aids in breaking down data silos, promoting collaboration and reusing data. Moreover, by delivering an advanced toolset to government employees, the solution assists in transforming data into information and insights that improve financial, operational and strategic outcomes.
The solution enjoyed 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’s broad base of current clients.
On last earnings call, management mentioned that the company signed seven new contracts for SCGC in the last reported quarter, adding clients at the federal, state and local levels.
Tyler Technologies, Inc. Revenue (TTM)
Tyler Technologies, Inc. Revenue (TTM) | Tyler Technologies, Inc. Quote
Tyler Rides on Socrata Integration
Tyler acquired Socrata in April 2018, focused on accelerating “Connected Communities vision through innovative data and insights cloud offering.”
Notably, Socrata’s roster of Tier 0 and Tier 1 clients including the Michigan State Budget Office, the Utah Department of Transportation and general administration offices for several states comprising Texas, New York, Illinois and Pennsylvania are positives for Tyler.
In the last reported quarter, Socrata's revenues increased significantly on a sequential basis. Management expects the same to substantially rise in the fourth quarter over the third.
Zacks Rank and Stocks to Consider
Currently, Tyler has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Computer and Technology sector are Synopsys, Inc.(SNPS - Free Report) , Cloudera and Verint Systems Inc. (VRNT - Free Report) , each 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 both Synopsys and Verint is projected to be 10% while the same for Cloudera stands at 8%.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
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