(Reuters) -Tyler Technologies beat Wall Street expectations for third-quarter revenue on Wednesday, benefiting from strong demand for its software-based services as customers look to digitize their operations and shift work to the cloud.
Tyler has been benefiting from a transition to a software subscription business model as it looks to aid its public sector customers in streamlining operations with the cloud.
“Leading sales indicators remain steady, reflecting a healthy new business pipeline supported by a resilient budget environment and sustained demand for digital modernization,” CEO Lynn Moore said in a statement.
The company reported revenue of $595.9 million for the third quarter ended September 30, beating estimates of $594.4 million, according to data compiled by LSEG.
It reported net income per share of $1.93 in the quarter, compared with a profit of $1.74 per share a year ago.
Tyler raised the lower end of its annual forecast revenue to between $2.34 billion and $2.36 billion, compared with its prior projection of between $2.33 billion and $2.36 billion.
(Reporting by Zaheer Kachwala in Bengaluru and Juby Babu in Mexico City; Editing by Vijay Kishore)
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