Tyler Technologies, Inc. (NYSE: TYL) today announced it has acquired Sage Data Security, LLC*, leading experts in cybersecurity. Sage offers a suite of services that supports an entire cybersecurity lifecycle, including program development, education and training, threat detection, technology testing, advisory services, and digital forensics.
“The acquisition of Sage enables Tyler to be as proactive as possible in offering data security expertise and services, as risks to data are becoming more prevalent across all industries, including the public sector,” said Lynn Moore, president of Tyler. “With the addition of Sage and its core product for managed threat detection, nDiscovery, Tyler clients will have the opportunity to add an additional layer of security in a cost-effective way. We look forward to bringing even more security to our clients through this complementary offering.”
Sage currently delivers three primary offerings to approximately 240 clients in the healthcare, financial, retail, education, and government sectors.
Sage’s main security offerings include:
- Advisory services, which include developing risk assurance policies and consulting to clients when their data may have been compromised.
- Assurance services, often referred to as white hats or ethical hackers, which assess systems for vulnerabilities and conduct simulated attacks. The results are used to develop a remediation plan.
- Threat detection, which is the software used in conjunction with experts who review daily logs for new threats in the network environment.
The acquisition of Sage will allow Tyler to provide clients with unique cybersecurity services that further protect their investments in Tyler solutions. Sage’s nDiscovery offering pairs well with Tyler’s solutions and allows the company to provide additional value to our clients to manage cyberattacks and data security issues as cybersecurity threats grow in scope and sophistication. Currently, Tyler’s ERP & School Division uses Sage’s services in its SaaS environment.
“We are very excited at the opportunity to join Tyler Technologies. Our mission has been to protect the nation’s critical digital infrastructure. Until now, we have focused primarily on financial and healthcare verticals. Becoming part of Tyler allows Sage the opportunity to offer our expertise more broadly to the public sector,” said Rick Simonds, president of Sage.
Founded in 2002, Sage is headquartered in Portland, Maine, and employs 45 people. Sage management and staff will become part of Tyler’s ERP & School Division, and a new independent department for client data security will be created. Sage’s current employees are expected to remain in its current office space in Portland, Maine, and Sage’s president, Rick Simonds, will continue to lead Sage within Tyler.
Tyler also announced that it has completed the previously announced acquisition of Socrata, Inc., for a cash purchase price of $150 million, subject to net working capital and net debt adjustments. Both the Socrata and Sage acquisitions were effective April 30, and were funded through Tyler’s existing cash balances.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to empower the public sector - cities, counties, schools and other government entities - to become more efficient, more accessible and more responsive to the needs of their constituents. Tyler's client base includes more than 15,000 local government offices in all 50 states, Canada, the Caribbean, Australia, and other international locations. In 2017, Forbes ranked Tyler on its "Most Innovative Growth Companies" list, and Fortune included Tyler on its "100 Fastest-Growing Companies" list. More information about Tyler Technologies, headquartered in Plano, Texas, can be found at www.tylertech.com.
*In October 2019, Sage Data Security officially changed its name to Tyler Cybersecurity.