Tyler Technologies makes software exclusively for U.S. government agencies — cities, counties, states, courts, school districts, and public safety departments. Tyler's products manage core government operations: financial management (ERP), property appraisal and tax billing, court and justice case management, public safety dispatch and records, permitting and licensing, and K-12 school administration. Tyler sells primarily through a direct sales force, with long sales cycles and formal RFP procurement processes common for larger deals. Tyler's revenue is roughly 87% recurring, split between subscriptions (~70% of revenue) and maintenance and support (~17%). Subscriptions include both SaaS fees and transaction-based fees from Tyler's payments platform, which processes nearly half a billion transactions annually. The remaining ~11% comes from professional services, which Tyler is intentionally deemphasizing. A key business model dynamic is the migration of on-premises clients to SaaS — when a client flips from a maintenance contract to SaaS, Tyler captures a revenue uplift of roughly 1.7–1.8x the prior fee. Roughly half of Tyler's installed base has already migrated, with the flip cycle expected to peak around 2027–2028. Client churn runs at roughly 2% annually, reflecting the mission-critical, deeply integrated nature of Tyler's products. Tyler's growth strategy centers on completing the cloud transition, cross-selling additional products to its existing client base (currently averaging 2–3 products per client), expanding its embedded payments business, and pursuing tuck-in M&A to add adjacent capabilities. Tyler is also embedding AI across its product lines, with plans to monetize AI through productivity-based SaaS pricing.