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

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.