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Tyler Rides on ERP Client Win in Arizona School District

Zacks Equity Research

Tyler Technologies Inc. TYL recently announced that its Infinite Visions enterprise resource planning (ERP) and Tyler Content Manager solutions will be deployed by Phoenix, AZ-based Paradise Valley Unified School District (USD).

Paradise Valley USD comprises 3,700 staff members and 45 schools. Reportedly, the district was looking for a partner to provide a comprehensive ERP solution. Given Tyler’s reputation in the region, Paradise Valley USD chose it as the vendor.

Notably, Tyler’s Infinite Visions solution with 1,300 clients across the country and 245 in Arizona continues to grow its footprint nationally as well as in the state.

Growing Adoption of ERP Solutions

Tyler is gaining traction from robust growth in new business for its ERP solutions.

The company recently entered into an agreement with the city of Pembroke Pines, FL for its Munis, EnerGov and ExecuTime solutions for more than $6.5 million.

Earlier in May, the company came to a SaaS arrangement with city of Stockton, CA for the full suite of Tyler’s Munis ERP solution, ExecuTime solution and Socrata Open Finance solution for approximately $10 million.

The Savannah-Chatham County School district in Georgia inked a deal worth $3.6 million with Tyler for Munis.

In March, four Illinois school districts signed a contract with Tyler for its Infinite Visions solutions to streamline school business administration.

On its last conference call, management mentioned that the company made notable on-premises license pacts for its ERP solutions with Campbell County, WY and the cities of Vacaville and Redlands in California and Kennewick in Washington.

For its EnerGov solution, the company signed a significant SaaS agreement valued at approximately $2 million with Boca Raton, FL and an on-premises license deal with Newport Beach, CA for $1.2 million.

Notably, the company is benefiting from a solid uptrend in subscription revenues, backed by large SaaS contract wins.

However, the repetition of striking plum deals is uncertain. The company anticipates to witness a normal mix of some huge deals and more traditional mid-sized agreements through the rest of 2019.

Tyler Technologies, Inc. Revenue (TTM)

Tyler Technologies, Inc. Revenue (TTM)

Tyler Technologies, Inc. revenue-ttm | Tyler Technologies, Inc. Quote

Zacks Rank & Stocks to Consider

Tyler currently has a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader technology sector are Anixter International AXE, Chegg CHGG and Perficient PRFT, 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 Anixter, Chegg and Perficient is currently projected to be 8%, 30% and 10.8%, respectively.

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