(Reuters) – Tyler Technologies raised its full-year revenue and profit forecasts on Wednesday, helped by robust demand in the public sector for its IT software and services.
The company provides integrated information management solutions and services, including software and hardware installation, for the public sector and professional IT services to clients.
State and local governments in the United States looking to digitize their operations and better manage e-governance services require IT products and services from companies like Tyler.
“Our new business pipeline remains at elevated levels, reflecting a robust market environment, growing cross-sell opportunities, and continued solid execution by our sales organization,” said CEO Lynn Moore.
The Plano, Texas-based company raised its revenue forecast for 2024 to between $2.12 billion and $2.15 billion, compared with its prior projection of $2.11 billion to $2.14 billion. According to LSEG data, analysts estimate revenue of $2.13 billion on average.
The company also raised its annual adjusted profit forecast to between $9.25 and $9.45 per share, from its prior estimate of $9.10 to $9.30.
The IT solutions provider’s subscription revenue rose 12.1% to $333.7 million in the second quarter ended June 30. Its SaaS (software as a service) revenue grew 23.2% to $156 million.
Tyler posted revenue of $541 million for the quarter, in line with estimates, and an adjusted profit of $2.40 per share.
(Reporting by Juby Babu in Mexico City; Editing by Tasim Zahid and Devika Syamnath)
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