Tyler Technologies is the largest pure-play public-sector software company in North America, with 98% gross client retention and ~87% recurring revenue mix creating a durable, compounding subscription franchise. The multi-year cloud migration of ~50% of its on-premise installed base provides a long visible growth runway, with SaaS revenue growing 20%+ annually and management targeting 30%+ non-GAAP operating margins by 2030. The government software TAM of ~$35B is highly fragmented (~6% TYL share), and Tyler's integrated suite of courts, tax, ERP, public safety, and payments solutions creates deep switching costs that insulate it from generalist cloud competitors like Salesforce and ServiceNow.