Update 2025.2 - Tyler Technologies (TYL)

Cloud First + Payments Drive Recurring Revenues

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Tyler Technologies

Here is a quick recap of what Tyler does. You can also read the initial write-up for additional background analysis.

Tyler is the leading provider of software and payments solutions for local, state and federal government entities in the U.S. The company’s core products are in ERP/Financial software (32% of revenues), platform technologies like payments and data insights (29%), case management systems for courts & justice (15%), public safety reporting (7%), K-12 education solutions (7%), appraisal & tax (5%) and civic services (2%). Most of Tyler’s customers are local government entities (85%), then state (10%) and lastly federal (5%). Tyler has over 45k installations at over 13k customer locations across its product suite. In fiscal year 2024, the company reported $2.1B in revenues, of which $1.8B were recurring (subscriptions + maintenance).