10 Best Prison and Law Enforcement Stocks To Invest In

3. Tyler Technologies Inc. (NYSE:TYL)

Number of Hedge Fund Holders: 40

Tyler Technologies Inc. (NYSE:TYL) is a software company that provides software and technology services for the public sector, including law enforcement and other agencies. Tyler Technologies’ (NYSE:TYL) Enterprise Corrections software also helps jails and other correctional facilities automate business processes and improve efficiency.

In the third quarter of 2024, Tyler Technologies Inc. (NYSE:TYL) reported impressive financial results. Total revenues reached $543.3 million, marking a 9.8% increase compared to the same period last year. Notably, recurring revenues from subscriptions and maintenance grew by 12.1% to $462.8 million, which now constitutes 85.2% of total revenues, up from 83.4% in Q3 2023. This shift indicates a robust demand for their subscription-based services, reflecting stability and predictability in revenue streams.

The company’s subscription revenues surged to $347.2 million, with Software as a Service (SaaS) revenues increasing by 20.3% to $166.6 million. This growth marks the 15th consecutive quarter of over 20% growth in SaaS revenue, demonstrating Tyler Technologies’ (NYSE:TYL) successful transition to cloud-based solutions. During the quarter, Tyler Technologies Inc. (NYSE:TYL) has also made strategic advancements by signing six new SaaS contracts for its public safety solutions, including significant contracts with police departments in Frisco and Round Rock, Texas. These contracts not only enhance the company’s market presence but also illustrate the growing trend of SaaS adoption among clients.