An asset that has a significant value but has no physical presence and provides a business long-term financial value is called an "intangible asset." Identifiable intangible assets are those that the company can market separately, that can be separated from other assets, and that can be identified. Examples of distinguishable intangible assets include intellectual property, including patents, trademarks, and copyrights, as well as non-cash government grants, such as airport landing rights or broadcasting licenses. A trademark is a sign that can be used to separate the products or services of one company from those of other companies. Intellectual property rights offer protection for trademarks. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
The gross value of intangible assets of Tyler Technologies grew by 68%, from $285.19 million in FY2020 to $479.15 million in FY2021. The company's intangible assets had a net value of $1,052.49 million in FY2021. Based on the company's valuation of the fair value of identified intangible assets, acquired software, and Trade names amounted to $433.80 million, and $45.35 million, respectively. Intangible asset amortization costs for the company in FY2021 were $90.8 million.
The company acquired NIC, Inc. (NIC) in 2021 for a total purchase price, net of cash acquired of $2.0 billion. The accounting for the Company's acquisition of NIC was complex due to the obvious size of the transaction and the estimation uncertainty in the Company's estimation of the fair value of identified intangible assets related to customer relationships and developed technology, which amounted to $777 million. In FY2021, VendEngine, Inc. was acquired by Tyler Technologies, in connection with this transaction They acquired goodwill at around $54.5 million as part of this transaction, none of which is expected to be tax deductible, and other identifiable intangible assets worth about $37.9 million. The $37.9 million in intangible assets will be amortized over a weighted average period of around 16 years and are attributed to trade names, purchased software, and customer relationships.
Around 79.1% of their revenue in 2021 was derived from subscriptions and maintenance, which are considered recurring revenue sources. Revenue from software licenses and royalties increased by 2% from the previous year. The increase is primarily attributable to a few significant on-premises sales of their solutions for courts and justice, enterprise, and platform technologies.
Tyler Technologies Inc (Tyler) is a provider of integrated software and technology services. The company’s offerings comprise software licenses, subscriptions, software services and maintenance, and software and hardware installation services. It also provides solutions in the areas of financial management and education, courts and justice, public safety, property appraisal, and tax, planning, regulatory and maintenance, land and vital records management, and data and insights. The company serves federal agencies, states, countries, municipalities, education, and special districts, among others. It has a business presence in the US, Canada, the Caribbean, and the Philippines.
United States of America
United States of America
United States of America
United States of America
United States of America
United States of America
Japan
United States of America
Ireland
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward