Tyler Technologies, Inc., (NYSE: TYL) is to acquire Rapid Financial Solutions, a Logan, Utah-based provider of secure payments with card issuance and digital disbursement capabilities, for approximately $68m in cash and Tyler stock.
The deal, subject to certain customary adjustments at closing, is expected to close in the fourth quarter of 2022. Management and staff will become part of Tyler’s NIC Division, and current employees will remain in their office locations.
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. Acquired by Tyler Technologies on April 21, 2021, NIC is a leader in digital government solutions and payments, partnering with government to deliver digital services that make it easier and more efficient to interact with government. Tyler has more than 37,000 installations across more than 12,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations.
Led by Daren Jackson, founder and chief executive officer, Rapid provides secure payments with card issuance and digital disbursement capabilities. Its more than 1,500 customers nationwide include courts, county offices, and correctional facilities, who use the company’s solutions to make payments related to juries, restitution, inmate release, and probation.
FinSMEs
30/10/2022