Tyler Technologies, Inc. (NYSE: TYL) today announced that it has
acquired Windsor Management Group, L.L.C. (WMG), which provides an
integrated suite of financial and human capital management solutions to
the K-12 education market through its flagship product, Infinite Visions®
As a result of the transaction, more than 800 school districts in 31
states currently served by WMG will become Tyler customers, and WMG's
approximately 60 employees will join Tyler. WMG's software and services
will complement Tyler's other School
"The addition of WMG further expands Tyler's share of the K-12 education
market nationwide. We believe that the companies are a great fit because
of our focus on providing superior products and support to clients, as
reflected by client retention rates exceeding 97 percent," said John S.
Marr Jr., president and chief executive officer of Tyler Technologies.
"The Infinite Visions product suite is competitive in the marketplace,
and it is an ideal addition to Tyler's portfolio of software and
services. We welcome WMG's clients and employees to the Tyler family."
Tyler acquired Windsor Management Group and its assets for $23.5 million
in cash, subject to certain working capital adjustments. WMG, based in
Tempe, Ariz., had total revenues of approximately $12 million in 2010,
including approximately $7.8 million in recurring revenue.
"We are pleased to add WMG's Infinite Visions product suite to Tyler's
school financial and human capital management solutions, and we are
eager to begin working with WMG's team," said Brett Cate, president of
Tyler's Local Government Division. "WMG is a deeply respected company
with more than 30 years of K-12 business experience, and we look forward
to building on the successful track record that the Infinite Visions
product suite has established with clients across the country. Together
with the management and employees of WMG, Tyler looks forward to
providing the same level of excellence in service and product for which
both organizations are known."
WMG's programs and services will be integrated into Tyler operations and
branding during the coming months.
"We are excited to join Tyler Technologies," said Bruce Borcher,
president of Windsor Management Group. "Tyler shares the same high level
of commitment to customers and staff that has made WMG one of the
leaders in the K-12 Education market and we look forward to being a
significant part of Tyler's K-12 business software offerings."
About Tyler Technologies, Inc.
Based in Dallas, Tyler Technologies is a leading provider of end-to-end
information management solutions and services for local governments.
Tyler partners with clients to empower the public sector - cities,
counties, schools and other government entities - to become more
efficient, more accessible and more responsive to the needs of citizens.
Tyler's client base includes more than 10,000 local government offices
throughout all 50 states, Canada, the Caribbean and the United Kingdom. Forbes
Magazine named Tyler as one of "America's 200 Best Small Companies" for
three consecutive years. More information about Tyler Technologies can
be found at www.tylertech.com.
This document contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that are not historical in nature
and typically address future or anticipated events, trends, expectations
or beliefs with respect to our financial condition, results of
operations or business. Forward-looking statements often contain words
such as "believes," "expects," "anticipates," "foresees," "forecasts,"
"estimates," "plans," "intends," "continues," "may," "will," "should,"
"projects," "might," "could" or other similar words or phrases.
Similarly, statements that describe our business strategy, outlook,
objectives, plans, intentions or goals also are forward-looking
statements. We believe there is a reasonable basis for our
forward-looking statements, but they are inherently subject to risks and
uncertainties and actual results could differ materially from the
expectations and beliefs reflected in the forward-looking statements. We
presently consider the following to be among the important factors that
could cause actual results to differ materially from our expectations
and beliefs: (1) changes in the budgets or regulatory environments of
our customers, primarily local and state governments, that could
negatively impact information technology spending; (2) our ability to
achieve our financial forecasts due to various factors, including
project delays by our customers, reductions in transaction size, fewer
transactions, delays in delivery of new products or releases or a
decline in our renewal rates for service agreements; (3) economic,
political and market conditions, including the recent global economic
and financial crisis, and the general tightening of access to debt or
equity capital; (4) technological and market risks associated with the
development of new products or services or of new versions of existing
or acquired products or services; (5) our ability to successfully
complete acquisitions and achieve growth or operational synergies
through the integration of acquired businesses, while avoiding
unanticipated costs and disruptions to existing operations; (6)
competition in the industry in which we conduct business and the impact
of competition on pricing, customer retention and pressure for new
products or services; (7) the ability to attract and retain qualified
personnel and dealing with the loss or retirement of key members of
management or other key personnel; and (8) costs of compliance and any
failure to comply with government and stock exchange regulations. A
detailed discussion of these factors and other risks that affect our
business are described in our filings with the Securities and Exchange
Commission, including the detailed "Risk Factors" contained in our most
recent annual report on Form 10-K. We expressly disclaim any obligation
to publicly update or revise our forward-looking statements.
Jetstream PR for Tyler Technologies
Tony Katsulos, 972-788-9456,