Tyler Technologies Acquires Windsor Management Group, Expands Share of K-12 Education Market Nationwide
14 Ottobre 2011 - 5:09PM
Business Wire
Tyler Technologies, Inc. (NYSE: TYL) today announced that it has
acquired Windsor Management Group, L.L.C. (WMG), which provides an
integrated suite of financial and human capital management
solutions to the K-12 education market through its flagship
product, Infinite Visions® enterprise software.
As a result of the transaction, more than 800 school districts
in 31 states currently served by WMG will become Tyler customers,
and WMG’s approximately 60 employees will join Tyler. WMG’s
software and services will complement Tyler’s other School
solutions.
“The addition of WMG further expands Tyler’s share of the K-12
education market nationwide. We believe that the companies are a
great fit because of our focus on providing superior products and
support to clients, as reflected by client retention rates
exceeding 97 percent,” said John S. Marr Jr., president and chief
executive officer of Tyler Technologies. “The Infinite Visions
product suite is competitive in the marketplace, and it is an ideal
addition to Tyler’s portfolio of software and services. We welcome
WMG’s clients and employees to the Tyler family.”
Tyler acquired Windsor Management Group and its assets for $23.5
million in cash, subject to certain working capital adjustments.
WMG, based in Tempe, Ariz., had total revenues of approximately $12
million in 2010, including approximately $7.8 million in recurring
revenue.
“We are pleased to add WMG’s Infinite Visions product suite to
Tyler’s school financial and human capital management solutions,
and we are eager to begin working with WMG’s team,” said Brett
Cate, president of Tyler’s Local Government Division. “WMG is a
deeply respected company with more than 30 years of K-12 business
experience, and we look forward to building on the successful track
record that the Infinite Visions product suite has established with
clients across the country. Together with the management and
employees of WMG, Tyler looks forward to providing the same level
of excellence in service and product for which both organizations
are known.”
WMG’s programs and services will be integrated into Tyler
operations and branding during the coming months.
“We are excited to join Tyler Technologies,” said Bruce Borcher,
president of Windsor Management Group. “Tyler shares the same high
level of commitment to customers and staff that has made WMG one of
the leaders in the K-12 Education market and we look forward to
being a significant part of Tyler’s K-12 business software
offerings.”
About Tyler Technologies,
Inc.
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 empower the public
sector — cities, counties, schools and other government entities —
to become more efficient, more accessible and more responsive to
the needs of citizens. Tyler’s client base includes more than
10,000 local government offices throughout all 50 states, Canada,
the Caribbean and the United Kingdom. Forbes Magazine named Tyler
as one of “America’s 200 Best Small Companies” for three
consecutive years. More information about Tyler Technologies can be
found at www.tylertech.com.
This document contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 that are not historical
in nature and typically address future or anticipated events,
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important factors that could cause actual results to differ
materially from our expectations and beliefs: (1) changes in the
budgets or regulatory environments of our customers, primarily
local and state governments, that could negatively impact
information technology spending; (2) our ability to achieve our
financial forecasts due to various factors, including project
delays by our customers, reductions in transaction size, fewer
transactions, delays in delivery of new products or releases or a
decline in our renewal rates for service agreements; (3) economic,
political and market conditions, including the recent global
economic and financial crisis, and the general tightening of access
to debt or equity capital; (4) technological and market risks
associated with the development of new products or services or of
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ability to successfully complete acquisitions and achieve growth or
operational synergies through the integration of acquired
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retention and pressure for new products or services; (7) the
ability to attract and retain qualified personnel and dealing with
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contained in our most recent annual report on Form 10-K. We
expressly disclaim any obligation to publicly update or revise our
forward-looking statements.
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