Plano-based Tyler Technologies Inc. on Thursday announced it will acquire corrections industry service provider VendEngine for $84 million.
According to a release, VendEngine President and CEO Silas Deane will serve as general manager, supported by the current VendEngine leadership team of eight individuals. VendEngine — which provides trust accounting and digital messaging services to incarcerated individuals and their families — will continue to be based in Nashville. The 10-year-old company operates in more than 230 counties and 32 states and is home to 55 people.
The release notes the transaction is expected to close in the third quarter, with the two companies to partner to provide a cloud-based technology system for the corrections industry.
Founded in 1965, Tyler Technologies ranks among the largest providers of software to the United States public sector, with offices in 17 states and one in Toronto. The company has more than 5,000 employees, typically records annual revenues of more than $1 billion and has a market value (Ticker: TYL) of more than $16 billion. Rusty Smith serves as president of the Tyler’s courts and justice division, which will oversee VendEngine.
“Tyler shares our core values of integrity, focus, community, inclusion, growth, and accountability, with a deep commitment to their clients and each other,” Deane said in the release. “We look forward to accelerating our growth in partnership with Tyler as we advance our goals of making a positive impact on the corrections market, supporting incarcerated individuals toward success and reducing national recidivism rates.”
In March 2020, VendEngine introduced an emergency program to expand support networks of families and friends for incarcerated individuals during the COVID-19 pandemic, including providing more than 40 million free connections — texts, emails and video visitation. The services will continue throughout this calendar year.