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TYLER TECHNOLOGIES, INC.

(TYL)
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Tyler Technologies Extends 22-Year Contract for Digital Government and Payment Solutions in the State of Utah

11/30/2021 | 09:23am EST

Agreement continues work with 56 entities and nearly 57 million online transactions

Tyler Technologies, Inc. (NYSE: TYL) today announced that the state of Utah has signed a multi-year contract extension for Tyler’s digital government and payments services.

The two-year agreement expands upon the existing 22-year relationship with Tyler’s subsidiary, NIC.

“For 22 years, we have worked closely with state and local government entities across Utah to provide constantly-evolving and award-winning digital government and payment services that drive innovation, convenience and adoption,” said Elizabeth Proudfit, president of Tyler’s NIC Division. “We could not be more pleased to continue that critical work in 2022 and beyond as we expand technology’s role in government.”

NIC Utah designed, hosts, and manages the state’s official website, Utah.gov, in partnership with the state and is a trusted partner to 56 Utah government entities delivering online services and information. In 2020 alone, NIC Utah securely processed nearly 57 million online transactions and more than $400 million on behalf of its Utah government partners. Also in 2020 in response to the pandemic, NIC Utah deployed a chatbot to provide rapid responses to questions and concerns about COVID-19.

Most recently, Utah finished second overall among states in the 2021 State Government Experience awards, presented by the Center for Digital Government. Utah has placed in the top three of the overall awards in every year it has been eligible since 2006, including first place finishes in 2007, 2009, 2017, and 2018.

About Tyler Technologies and NIC

Acquired by Tyler Technologies (NYSE: TYL) on April 21, 2021, NIC is a leader in digital government solutions and payments, partnering with government to deliver user-friendly digital services that make it easier and more efficient to interact with government. NIC and Tyler are united in their mission to empower public sector entities to operate more efficiently and connect more transparently with their constituents and with each other. Tyler has more than 37,000 successful installations across more than 12,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been named to Government Technology's GovTech 100 list five times and has been recognized three times on Forbes' "Most Innovative Growth Companies" list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.


ę Business Wire 2021
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Financials (USD)
Sales 2021 1 593 M - -
Net income 2021 153 M - -
Net cash 2021 965 M - -
P/E ratio 2021 126x
Yield 2021 -
Capitalization 18 795 M 18 795 M -
EV / Sales 2021 11,2x
EV / Sales 2022 9,40x
Nbr of Employees 6 718
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 458,68 $
Average target price 567,08 $
Spread / Average Target 23,6%
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Managers and Directors
H. Lynn Moore President, Chief Executive Officer & Director
Brian K. Miller Chief Financial Officer, Treasurer & Senior VP
John S. Marr Executive Chairman
Jeff Green Chief Technology Officer
Kevin Iwersen Chief Information Officer
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