Tyler Technologies to Acquire Rapid Financial Solutions
October 27 2022 - 7:17AM
Business Wire
Acquisition to bolster Tyler’s payments
offering for all clients
Tyler Technologies, Inc. (NYSE: TYL) announced today it has
signed a definitive agreement to acquire Rapid Financial Solutions
(Rapid), a leading provider of reliable, scalable, and secure
payments with best-in-class card issuance and digital disbursement
capabilities. The purchase price is approximately $68 million in
cash and Tyler stock, subject to certain customary adjustments at
closing. The acquisition is expected to close in the fourth quarter
of 2022.
Through this acquisition, Tyler will offer Rapid’s payments
platform to local, state, and federal government clients to enhance
their payments disbursement process and improve the timeliness and
accuracy of their transactions with consumers. Rapid will join
Tyler’s Payments business unit, which is part of Tyler’s NIC
Division.
“As a leader in the payments solutions market for 20 years, we
understand our clients’ challenges when it comes to disbursing
payments. This includes required paperwork, processing paper
checks, and the ability to provide immediate access of funds to
recipients,” said Elizabeth Proudfit, president of Tyler’s NIC
Division. “The acquisition of Rapid allows us to offer our public
sector clients a proven and trusted payments platform which makes
disbursing these payments easy, quick, and secure.”
Rapid is uniquely positioned to scale as jurisdictions are
moving away from cash and paper checks to respond to consumers’
timely settlement expectations. Its more than 1,500 customers
nationwide include courts, county offices, and correctional
facilities, who use Rapid’s solutions to make payments related to
juries, restitution, inmate release, and probation. Tyler serves
approximately 7,200 clients in the payments space, helping them
process 455 million transactions representing $28.9 billion in
2021.
“Over the last few years in particular, there has been
tremendous demand at the federal, state, and local levels for our
payments platform solutions. We couldn’t be more excited to be
joining Tyler at this time,” said Daren Jackson, founder and chief
executive officer of Rapid. “Our two organizations have a common
focus on continuous innovation and a shared passion for making
customer interactions stronger and more secure. We look forward to
expanding on our payments success with Tyler as we serve the public
sector together.”
Logan, Utah-based Rapid was founded in 2010. Management and
staff will become part of Tyler’s NIC Division, and current
employees will remain in their office locations.
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.
#TYL_Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221027005190/en/
Jennifer Kepler Tyler Technologies 972.713.3770
Media.team@tylertech.com
Tyler Technologies (NYSE:TYL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tyler Technologies (NYSE:TYL)
Historical Stock Chart
From Jul 2023 to Jul 2024