EVR-ISI Software: Daily Cloud Bytes (Software Panel, Cloud Monsters, TYL, SAP &

Research evidence excerpt

EVR-ISI Software: Daily Cloud Bytes (Software Panel, Cloud Monsters, TYL, SAP &

Technology | Software

f3.24O

May 11, 2026

Kirk Materne, CFA EVR-ISI Software: Daily Cloud Bytes

212 497 0873 (Software Panel, Cloud Monsters, TYL, SAP kirk.materne@evercoreisi.com

Peter Levine & More)

212 497 0833

EVR-ISI Software Daily Nugget: Good morning. Today, we’ll be co- peter.levine@evercoreisi.com

hosting a panel in Evercore’s NYC office with the President of Vista

Peter Burkly

Equity Partners. As far as news is concerned, we would highlight that 212 497 0831

peter.burkly@evercoreisi.com TYL announced plans to raise $1.0bn through a private offering of

Bill McNamara convertible senior notes due 2031, with initial purchasers also expected

212 446 5626 to receive an option to buy up to an additional $150mn. The company

bill.mcnamara@evercoreisi.com framed the transaction as an opportunistic capital raise to improve

Charlie Zhou financial flexibility, fund capped call transactions designed to reduce

646-551-8513 potential dilution, repurchase up to $350mn of stock concurrently with

charlie.zhou@evercoreisi.com pricing, and support general corporate purposes. The structure adds

balance sheet flexibility while pairing the convert with capped calls and

Weekly Video: buybacks to help manage dilution. The concurrent repurchase could

provide near-term support to the stock and may influence the initial

conversion price, while related hedging activity could create some

technical trading noise around pricing. Over the weekend we published

our Cloud Monster note, where demand for cloud and AI services

remains exceptionally strong, with accelerating growth, record backlog,

and massive AI-driven bookings reinforcing visibility for 2026. While the