Tyler Technologies to acquire payment platform Rapid Financial in $68M deal

• Tyler Technologies (NYSE:TYL) announced Thursday its plan to acquire Rapid Financial Solutions for $68M in combination of cash and common stock deal.
• Rapid Financial Solutions provides secure payments card issuance and digital disbursement capabilities.
• Tyler said through this acquisition it will offer "Rapid’s payments platform to local, state, and federal government clients to enhance their payments disbursement process and improve the timeliness and accuracy of their transactions with consumers."
• Rapid will join Tyler’s Payments business unit, which is part of Tyler’s NIC Division.
• Closing of the acquisition is expected in Q4 2022, with further details on the financial terms of the deal.
• The news follows Tyler Technologies Q3 2022 results where GAAP EPS of $1.26 beats consensus by $0.37. Read here for its fiscal guidance and detailed earnings report.