With this acquisition, Tyler clients in every public sector vertical,
including justice, public safety, ERP/financial, and community
development, will have the opportunity to make their data discoverable,
usable and actionable, while potentially including data from other
jurisdictions to make analytics even more powerful and meaningful. The
data-as-a-service solution will go beyond typical analytics to help
local government understand procedural bottlenecks and create predictive
models that will assist in improving government operations.
"With Socrata, we can help our clients make a real impact by enabling
them to manage, share, and analyze their data more effectively," said
Tyler President Lynn Moore. "We are especially excited about
accelerating and advancing our long-term Connected Communities vision
through the data sharing and analytical capabilities of the robust
Socrata platform. Our combined offering will enable public sector
leaders to use data to improve program outcomes at the local, county,
and statewide levels."
Socrata is the industry leader in open data and data-as-a-service
solutions for government, providing cloud-based data integration,
visualization, analysis, and reporting solutions for state, local and
federal governments and agencies, as well as internationally, to improve
their performance, increase accountability, gain better financial
insights, and extend citizen engagement.
Founded in 2007 by CEO Kevin Merritt, the company employs approximately
150 people. Socrata will bring a roster of marquee Tier 0 and Tier 1
clients, such as the Michigan State Budget Office, the Utah Department
of Transportation, and general administration offices for several
states, including Texas, New York, Illinois, and Pennsylvania. Socrata
had revenues of approximately $25 million in its most recent fiscal
year. The transaction will not be accretive to Tyler's earnings in 2018.
"Socrata's mission has always been to put data at the heart of every
government program and help customers use that data effectively to
improve program outcomes," said Merritt. "Whether it's open data,
internal data-as-a-service, or building out the digital ecosystem that
connects government programs, being part of Tyler allows us to deliver
on our mission more rapidly and on a much larger scale. We've built the
engine for data insights, and now Tyler's more than 15,000 clients will
provide the fuel."
With a robust cloud-based data management platform and a suite of data
contextualization applications, Tyler expects to help find solutions to
the challenges faced by governments in a significant way using Big Data.
The acquisition will allow the business to tailor its solutions to the
needs of the public sector verticals Tyler serves and achieve continued
market growth potential, and Socrata employees and clients will benefit
from Tyler's broad reach across the public sector space.
Socrata's senior leadership team is expected to join Tyler's team, along
with substantially all the company's employees. Tyler will continue to
maintain Socrata's Seattle office, as well as Tyler's Renton,
Spurrier Capital Partners acted as financial advisor to Socrata for this
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of end-to-end
information management solutions and services for local governments.
Tyler partners with clients to empower the public sector - cities,
counties, schools and other government entities - to become more
efficient, more accessible and more responsive to the needs of their
constituents. Tyler's client base includes more than 15,000 local
government offices in all 50 states, Canada, the Caribbean, Australia,
and other international locations. In 2017, Forbes ranked Tyler on its
"Most Innovative Growth Companies" list, and Fortune included Tyler on
its "100 Fastest-Growing Companies" list. More information about Tyler
Technologies, headquartered in Plano, Texas, can be found at www.tylertech.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180418005126/en/
Jennifer Kepler, 972-713-3770