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Tyler Technologies Inc. NYSE TYL announced today it has signed a definitive agreement to acquire Rapid Financial Solutions Rapid a leading provider of reliable scalable and secure payments with best-in-class card issuance and digital disbursement capabilities. The purchase price is approximately 68 million in cash and Tyler stock subject to certain customary adjustments at closing. The acquisition is expected to close in the fourth quarter of 2022.Through this acquisition Tyler will offer Rapids 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 Tylers Payments business unit which is part of Tylers NIC Division.As a leader in the payments solutions market for 20 years we understand our clients challenges when it comes to disbursing payments. This includes required paperwork processing paper checks and the ability to provide immediate access of funds to recipients said Elizabeth Proudfit president of Tylers NIC Division. The acquisition of Rapid allows us to offer our public sector clients a proven and trusted payments platform which makes disbursing these payments easy quick and secure.Rapid is uniquely positioned to scale as jurisdictions are moving away from cash and paper checks to respond to consumers timely settlement expectations. Its more than 1500 customers nationwide include courts county offices and correctional facilities who use Rapids solutions to make payments related to juries restitution inmate release and probation. Tyler serves approximately 7200 clients in the payments space helping them process 455 million transactions representing 28.9 billion in 2021.Over the last few years in particular there has been tremendous demand at the federal state and local levels for our payments platform solutions. We couldnt be more excited to be joining Tyler at this time said Daren Jackson founder and chief executive officer of Rapid. Our two organizations have a common focus on continuous innovation and a shared passion for making customer interactions stronger and more secure. We look forward to expanding on our payments success with Tyler as we serve the public sector together.Logan Utah-based Rapid was founded in 2010. Management and staff will become part of Tylers NIC Division and current employees will remain in their office locations.About Tyler Technologies and NICAcquired by Tyler Technologies NYSE TYL on April 21 2021 NIC is a leader in digital government solutions and payments partnering with government to deliver user-friendly digital services that make it easier and more efficient to interact with government. NIC and Tyler are united in their mission to empower public sector entities to operate more efficiently and connect more transparently with their constituents and with each other. Tyler has more than 37000 successful installations across more than 12000 locations with clients in all 50 states Canada the Caribbean Australia and other international locations. Tyler has been named to Government Technologys GovTech 100 list five times and has been recognized three times on Forbes Most Innovative Growth Companies list. More information about Tyler Technologies an SP 500 company headquartered in Plano Texas can be found at tylertech.com.
