Tyler Technologies Announces Completion of Two Acquisitions to Expand Presence in Education Market
04 Febbraio 2008 - 2:03PM
Business Wire
Tyler Technologies, Inc. (NYSE: TYL) announced today that it has
completed the acquisitions of two software companies that expand
its presence in the education market, VersaTrans Solutions
Incorporated (VersaTrans) and Olympia Computing Company, Inc. d/b/a
�Schoolmaster� (Schoolmaster). The combined purchase price for the
two companies, net of cash acquired, was approximately $16 million,
comprised of approximately $14 million in cash and 126,000 shares
of Tyler common stock. The two companies had combined revenues of
approximately $13 million in 2007. In addition to significantly
broadening Tyler�s customer base in the K-12 school market, the
acquisitions provide new solutions in Tyler�s suite of education
management software. These products are expected to complement
Tyler�s existing offerings for school districts, including
financial management and student information solutions. VersaTrans
is the leading provider of student transportation management
software solutions for school districts and school transportation
providers across North America, including solutions for school bus
routing and planning, redistricting, GPS fleet tracking, fleet
maintenance and field trip planning. VersaTrans was founded in 1981
and has installed systems in more than 1,300 public school
districts. VersaTrans is located in Latham, New York. Schoolmaster
provides a full suite of student information systems, which manage
such functions as grading, attendance, scheduling, guidance,
health, admissions and fund raising. Schoolmaster was founded in
1979 and is located in Tumwater, Washington. Schoolmaster�s
software is used in more than 1,900 schools in 40 states, with a
particularly strong presence in the western United States. �We are
pleased to announce the acquisitions of VersaTrans and Schoolmaster
and to welcome their professionals and clients to the Tyler
family,� commented John S. Marr, Jr., Tyler�s president and chief
executive officer. �These two established companies have leading
products, excellent reputations for quality, established customer
bases and reliable revenues. Tyler is committed to expanding our
solid and growing presence in the school market, and these
companies provide us with subject matter expertise and management
strength to help us achieve our goals. These are great examples of
our strategy to complement above-market internal growth with
strategic acquisitions that leverage our existing infrastructure.�
Douglas Hamlin, president and chief executive officer of
VersaTrans, commented, �This is a truly exciting development for
VersaTrans� clients and employees. In Tyler we have found a company
that shares not only our technology vision, but also the values and
beliefs that have made VersaTrans a unique and successful company.�
Based in Dallas, Tyler Technologies is a leading provider of
end-to-end information management solutions and services for local
governments. Tyler partners with clients to make local government
more accessible to the public, more responsive to needs of
citizens, and more efficient. Tyler�s client base includes more
than 6,000 local government offices throughout all 50 states,
Canada, Puerto Rico and the United Kingdom. Tyler has been named
one of �America�s 200 Best Small Companies� by Forbes Magazine and
one of �America�s 100 Most Trustworthy Companies� by Audit
Integrity, an independent research firm. More information about
Tyler Technologies can be found at www.tylertech.com. Tyler
Technologies, Inc. has included in this press release
�forward-looking statements� within the meaning of the Private
Securities Litigation Reform Act of 1995 concerning its business
and operations. Tyler Technologies expressly disclaims any
obligation to release publicly any updates or revisions to these
forward-looking statements to reflect any change in its
expectations. These expectations and the related statements are
inherently subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in,
contemplated by, or underlying the forward-looking statements. The
risks and uncertainties which forward-looking statements are
subject to include, but are not limited to, changes in competition,
changes in general economic conditions, changes in the budgets and
regulatory environments of the Company�s customers, risks
associated with the development of new products and the enhancement
of existing products, the ability to attract and retain qualified
personnel, and other risks detailed from time to time in the
Company�s filings with the Securities and Exchange Commission.
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