Acquisition to bolster Tyler’s payments offering for all clients
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 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.
“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 Tyler’s 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 1,500 customers nationwide include courts, county offices, and correctional facilities, who use Rapid’s solutions to make payments related to juries, restitution, inmate release, and probation. Tyler serves approximately 7,200 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 couldn’t 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 Tyler’s NIC Division, and current employees will remain in their office locations.
About Tyler Technologies and NIC
Acquired 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 37,000 successful installations across more than 12,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been named to Government Technology's GovTech 100 list five times and has been recognized three times on Forbes' "Most Innovative Growth Companies" list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.