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Olathe-based NIC Inc. to sell for $2.3B

Digital government solutions and payments company, NIC, has entered an agreement to sell all its outstanding shares to Texas-based Tyler Technologies Inc. The deal is valued at $2.3 billion and follows increased demand for NIC’s services over the last several months.

Headquartered in Olathe, Kan. since 1992, NIC Inc. announced it will sell to Texas-based Tyler Technologies Inc. for $2.3 billion.

Image courtesy of NIC Inc.

The all-cash transaction will be made for NIC’s outstanding shares, which are currently around $34 per share.

NIC Inc. is a leading digital government solutions and payments company with 30 offices nationwide, and serves more than 7,100 federal, state and local government agencies across the U.S.

In partnership with governments, the company’s digital services include providing easier and more efficient ways for users to submitting business filings, renewing licenses, make secure payments and more, without having to visit a government office.

In 2020, NIC securely processed 400 million online transactions and more than $24 billion on behalf of government agencies.

During the bulk of COVID-19 in 2020 NIC saw increased demand in services, and developed more than 130 new solutions to address needs such as crisis communications, pandemic unemployment, COVID-19 testing, and vaccine scheduling.

Tyler Technologies has clients spread across all 50 states and said the addition of NIC will help expand services to state and federal clients.

Tyler also expects to see an increase in the company’s state revenue by roughly 322 percent and federal revenue by 47 percent, according to Wednesday news release.

The acquisition is expected to close within the next few months, in Q2 of 2021.