The company said last week it has entered into a digital services and cloud-hosting infrastructure deal with the state of Maryland.
The five-year contract is for fully cloud-hosted infrastructure and would include secure, scalable, public-facing services for residents. It affords Maryland the option to extend it for five additional years — which would make the two entities veteran partners.
Tyler has sold tech to Maryland for some 12 years, the company said in a news release March 5, indicating it provides the state more than 160 digital governmental services, including work on the state’s official website and Maryland Business Express for registrations and filings.
“We are proud to support the state of Maryland in providing best-in-class technology to residents and businesses,” Nancy Schmid, general manager for Tyler’s Maryland state enterprise, said in a statement. “I know the work we do in partnership with the state will continue to positively impact people across Maryland.”
The new deal with Maryland comes just about a month after another extended Tyler deal, with Amazon Web Services, the cloud-hosting arm of the e-commerce company. That pact will lead to more cloud-based contracts and services in the public sector, a Tyler executive said at the time.
That message was recently bolstered by Tyler CFO Brian Miller in the publicly traded company’s March update to investors.
“This can help both new agencies and existing customers to quickly adopt and leverage new technologies to service their constituents, provide transparency of operations and further empower those employees who serve the public,” he said of the new Amazon contract. “We have tremendous optimism for 2024 to complete our cloud optimization initiatives.”
That optimism came through in Tyler’s full year 2023 financial results.
The company reported that software-as-a-Service (SaaS) revenue, for instance, increased to $141 million for the fourth quarter of 2023, a nearly 22 percent year-over-year increase compared to the fourth quarter of 2022.
For the full year, SaaS revenue increased 23 percent, to $528 million.
“Cloud adoption with both new and existing on-premises clients continued at an accelerated pace across our product portfolio,” Tyler CEO Lynn Moore told investors during a February earnings call. “The increased SaaS adoption in 2023 was particularly notable in the public safety market where we have seen a significant increase in SaaS adoption with new clients.”
Total revenue for Tyler grew 6 percent, to $481 million, in the fourth quarter, and 5.5 percent, to $1.952 billion, for the full year.
