- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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