Acquisition adds priority-based budgeting solution to Tyler's ERP portfolio
Tyler Technologies, Inc. (NYSE:TYL) announced today it has acquired ResourceX, a leader in providing priority-based budgeting software to the public sector to address key challenges faced in traditional budgeting processes, such as lack of funding and transparency.
Through this acquisition, Tyler adds ResourceX's priority-based budgeting solutions to its portfolio, elevating Tyler's offerings in the public sector budgeting space and providing a unique enterprise resource planning (ERP) offering.
"Priority-based budgeting is an up-and-coming pillar in public sector budgeting solutions," said Chris Webster, president of Tyler's ERP & Civic Division. "We are excited to not only bring this comprehensive offering to our clients but also to integrate the ResourceX team into Tyler. We know this solution will enhance our entire ERP portfolio and bring even more efficiency and transparency to communities."
Today, line-item budgeting is widely used because of its ease of implementation; however, that approach has some limitations. Line-item budgeting can often lack a strategic focus, does not encourage a thorough review of program effectiveness, and limits the ability to reallocate resources quickly to address emerging challenges or opportunities.
Conversely, priority-based budgeting encourages a shift in the way resource allocation decisions are made, recentering the jurisdiction's options on the programs and services provided to achieve the outcomes that matter most to residents. Overall, priority-based budgeting improves the performance and efficiency of the government budget by removing limitations to line-item budgeting.
ResourceX's applications leverage machine learning and artificial intelligence (AI) to predict and identify multi-million-dollar opportunities, allowing its clients to reallocate resources to meet desired outcomes of programs and services. In addition, the company developed and introduced a capital budget prioritization solution, as well as automated reporting to meet key components of an annual budget book designed to adhere to the Government Finance Officers Association's (GFOA) standards.
ResourceX has more than 60 clients across the U.S. and Canada, including several jurisdictions near Tyler's Plano, Texas, headquarters, including the cities of Addison and Fort Worth, and Frisco Independent School District. Additionally, the cities of Tulsa, Oklahoma; Salt Lake City, Utah; Albuquerque, New Mexico; and Pittsburgh, Pennsylvania, use ResourceX's solutions.
"We look forward to combining our expertise in priority-based budgeting with Tyler's expertise and decades of experience in providing public sector ERP applications," said Chris Fabian, founder of ResourceX. "There is a major need for this kind of solution, and we're excited to help jurisdictions make better, data-informed decisions when it comes to budgeting."
Based in Denver, Colorado, ResourceX was founded by Chris Fabian in 2015. Management and staff will become part of Tyler's ERP & Civic Division.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE:TYL) provides integrated software and technology services to the public sector. Tyler's end-to-end solutions empower local, state, and federal government entities to operate efficiently and transparently with residents and each other. By connecting data and processes across disparate systems, Tyler's solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 40,000 successful installations across nearly 13,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including Government Technology's GovTech 100 list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.
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