Tyler to Acquire Financial Cloud Software Provider VendEngine for $84M

by Anusuya Lahiri, Benzinga Editor
June 3, 2021 10:23 AM | 1 min read |
  • Tyler Technologies Inc TYL inked an agreement to acquire VendEngine for $84 million in cash.
  • VendEngine is a cloud-based software provider focused on financial technology for the corrections market.
  • The acquisition aimed to better respond to the evolving needs of local and state government agencies and the residents served by the companies.
  • The transaction is estimated to close in Q3.
  • Deane, a member of the Technology Advisory Council for the International Corrections & Prisons Association, will serve as the GM, supported by the current VendEngine leadership team. The VendEngine business unit will continue to be based in Nashville.
  • Tyler held $1.3 billion in cash and equivalents as of Mar.31, 2021.
  • Price action: TYL shares traded lower by 0.58% at $398.65 on the last check Thursday.
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