Tyler Technologies Inc., an electronic government payments solution provider in Plano, Texas, has acquired Logan-based Rapid Financial Solutions, a provider of a scalable and secure payment platform with card issuance and digital disbursement capabilities. The purchase price is approximately $68 million in cash and Tyler stock. The acquisition is expected to close before the end of the year.
Through this acquisition, Tyler will begin offering Rapid’s payments platform to local, state and federal government clients to enhance their payments disbursement process and improve the timeliness and accuracy of their transactions with consumers, a Tyler release said. Rapid will join Tyler’s Payments business unit, which is part of Tyler’s NIC Division.
“As a leader in the payments solutions market for 20 years, we understand our clients’ challenges when it comes to disbursing payments. This includes required paperwork, processing paper checks and the ability to provide immediate access of funds to recipients,” said Elizabeth Proudfit, president of Tyler’s NIC Division. “The acquisition of Rapid allows us to offer our public- sector clients a proven and trusted payments platform which makes disbursing these payments easy, quick and secure.”
Tyler feels that Rapid is uniquely positioned to grow as jurisdictions are moving away from cash and paper checks to respond to consumers’ timely settlement expectations, Proudfit said. Rapid’s more than 1,500 customers nationwide include courts, county offices and correctional facilities, who use Rapid’s solutions to make payments related to juries, restitution, inmate release and probation. Tyler serves approximately 7,200 clients in the payments space, helping them process 455 million transactions representing $28.9 billion in 2021.
“Over the last few years in particular, there has been tremendous demand at the federal, state and local levels for our payments platform solutions. We couldn’t be more excited to be joining Tyler at this time,” said Daren Jackson, founder and CEO of Rapid. “Our two organizations have a common focus on continuous innovation and a shared passion for making customer interactions stronger and more secure. We look forward to expanding on our payments success with Tyler as we serve the public sector together.”
Rapid was founded in 2010. Its management and staff will become part of Tyler’s NIC Division and current employees will remain in their office locations.