Benzinga | Jun 3, 2021 10:23AM EDT

Tyler to Acquire Financial Cloud Software Provider VendEngine for $84M

* Tyler Technologies Inc (NYSE:TYL) inked an agreement to acquire VendEngine for $84 million in cash.

* VendEngine is a cloud-based software provider focused on financial technology for the corrections market.

* The acquisition aimed to better respond to the evolving needs of local and state government agencies and the residents served by the companies.

* The transaction is estimated to close in Q3.

* Deane, a member of the Technology Advisory Council for the International Corrections & Prisons Association, will serve as the GM, supported by the current VendEngine leadership team. The VendEngine business unit will continue to be based in Nashville.

* Tyler held $1.3 billion in cash and equivalents as of Mar.31, 2021.

* Price action: TYL shares traded lower by 0.58% at $398.65 on the last check Thursday.