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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 27, 1999 (January 8, 1999)
TIER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
California 000-23195 94-3145844
(State or other jurisdiction of (Commission (IRS Employer Identification No.)
incorporation) File Number)
1350 Treat Boulevard, Suite 250 94596
Walnut Creek, California (Zip Code)
(Address of principal executive offices)
(925) 937-3950
(Registrant's telephone number, including area code)
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Item 5. Other Events.
Acquisition of ADC Consultants Pty Limited
On January 8, 1999, Tier Technologies, Inc., a California corporation
(the "Company"), closed the acquisition of 100% of the capital stock of ADC
Consultants Pty Limited ("ADC"), a company organized under the laws of the
Commonwealth of Australia and in the business of providing data management
services, for a total initial consideration of approximately $3.8 million (AUD)
(approximately $2.3 million at exchange rates in effect at the time of execution
of the agreement). Up to an additional $3.2 million (AUD) (approximately $2.0
million at exchange rates in effect at the time of execution of the agreement)
may be paid to ADC in cash and in shares of the Company's Class B Common Stock
based on the achievement of performance targets over the next three years. The
purchase was effective as of January 1, 1999 and the purchase price was
determined by arms-length negotiations between representatives of the Company
and ADC. The funds used and to be used by the Company in connection with the
acquisition are from Registrant's working capital. The Company intends to
continue to use the acquired assets for the same general purposes as ADC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TIER TECHNOLOGIES, INC.
By: /s/ George K. Ross
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George K. Ross
Executive Vice President and
Chief Financial Officer
Date: January 25, 1999
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