Welcome to the billion-dollar club, Tyler Technologies.
With the release of its fourth-quarter results, Plano-based Tyler Technologies, announced it passed $1 billion in annual revenue for the first time in its history, reporting $1.068 billion in 2019 revenue, up 16.2 percent from $935.3 million in 2018.
Tyler is the largest provider of integrated software and tech services tp the public sector—state, state, and federal government entities across the nation—and Executive Vice President and CFO Brian Miller told Dallas Innovates the company expects its growth to continue.
“We’re expecting double-digit growth in 2020,” Miller said. “Our guidance for the year calls for revenue growth of approximately 10-12%. In order to support that growth, we expect that we will add nearly 500 new employees companywide in 2020.”
Tyler said it has had more than 32 consecutive quarters of double-digit revenue growth, attributable to acquisitions, new software solution development, and client growth that included all 50 states and several countries.
Tyler Technologies is full-speed ahead on next goal
Now, Tyler Technologies said it is turning its sights on its next goal: $2 billion in annual revenue.
It plans to get there through the work of its 5,500 employees, what it calls its Connected Communities vision, and an array of software solutions.
“We are excited about our business as a whole, with numerous opportunities to build upon our industry-leading position in public sector software,” Miller told Dallas Innovates. “Executing on our Connected Communities vision is one of the most exciting opportunities from Tyler, as it adds value to all Tyler products, allowing departments within a jurisdiction and jurisdictions within a region to work together more efficiently, sharing data and using data to drive better outcomes for citizens.”
Tyler Technologies’ Connected Communities vision is in three parts:
- Create connections that go beyond geographical boundaries.
- Connect through shared processes that cross department and agency boundaries
- Connect and engage citizens with local governments
Miller said Tyler’s Data and Insights business, which was acquired in 2018 when Tyler bought Socrata, “is an important part of making that vision a reality, and that excites us.”
The Socrata acquisition meant Tyler clients in all public sector verticals—justice, public safety, ERP/financial, and community development—would be able to make their data discoverable, usable, and actionable while possibly including data from other jurisdictions to enhance their analytics.
Strategic agreement with Amazon Web Services
Miller said Tyler Technologies’ investments in cloud technologies are accelerating and that it recently announced a strategic collaboration agreement with Amazon Web Services to extend the company’s capabilities and accelerate its move to the cloud.
“Our elevated investments in product development and acquisitions over recent years have broadened our addressable market and strengthened our competitive position, and we continue to focus intensely on competitiveness, revenue growth, and long-term margin expansion,” CEO Lynn Moore said in a release. “We expect to continue to show progress toward those objectives in 2020, as we continue our move to the cloud in partnership with Amazon Web Services.”
Among the acquisitions Tyler Technologies has made is the October deal for Courthouse Technologies (CHT), a provider of jury management systems headquartered in Vancouver, British Columbia, Canada.
CHT is the eighth company and second in Canada that Tyler has acquired in the past 18 months, the company said.
At the time of the acquisition, Tyler said CHT will complement and elevate its software offerings for domestic and international court clients.
Tyler makes its largest agreement in 2019
In July, Tyler announced that it had signed its largest-ever software-as-a-service agreement—a nearly $85 million deal over 10 years with the North Carolina Administrative Office of the Courts and North Carolina Judicial Branch.
Tyler Technologies is known for building a strong corporate culture to move it forward.
The company’s headquarters campus in Plano is a mix of the new and the old—part of the structure is an on YMCA building while the rest was custom built—totaling 82,000 square feet of office space that includes a fitness center and a cafe.
The 26-acre, parklike campus overlooks White Rock Creek and Legacy Trail and sports tennis courts, water features, and a walking trail.
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