Software and technology firm Tyler Technologies, Inc. (TYL) announced Thursday that it signed an agreement to acquire VendEngine, a privately-held cloud-based software provider focused on financial technology for the corrections market.
The purchase price is approximately $84 million in cash, subject to certain customary adjustments at closing. Together, Tyler and VendEngine will be better able to respond to the evolving needs of local and state government agencies, and the residents they serve.
They will provide a complete and robust cloud-based technology system. The transaction provides significant opportunities for continued innovation and expansion of offerings in Tyler's corrections suite. Additionally, Tyler will maintain VendEngine's commitment to providing essential services at a fair rate.
After closing, which is expected in the third quarter subject to customary closing conditions, VendEngine's President & CEO Silas Deane will serve as general manager, supported by the current VendEngine leadership team. The VendEngine business unit will continue to be based in Nashville.
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