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Tyler's Modernizing Its Market

Dan Romanoff, CPA (dan.romanoff@morningstar.com)

The shares have gradually rerated since the 2008 downturn as local governments slowly normalized after the recession, subscription revenue has grown in the mix, e-filing has rapidly materialized into a significant opportunity, and deal sizes have grown. Tyler management says existing core systems at customer sites are at least 20 years old and running on ancient software code, with no next wave of incoming COBOL- and Fortran-fluent programmers to keep these systems running.