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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): May 14, 1999 ( April 30, 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)
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(925) 937-3950
(Registrant's telephone number, including area code)
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Item 5. Other Events.
Acquisition of Certain Assets and Liabilities of Automated Concepts, Inc.
On April 30, 1999, Tier Technologies, Inc., a California corporation (the
"Company"), closed the acquisition of certain assets and the assumption of
certain liabilities of Automated Concepts, Inc. ("ACI"), a New York corporation.
The Company acquired ACI's Technology Training Services division, a leading
provider of training services to the IT professionals of Fortune 500 companies
and other major corporations, for an initial payment of approximately $1.5
million in cash. Up to an additional $1.5 million in shares of the Company's
Class B common stock may be issued to ACI on the achievement of performance
targets over the next two years. The purchase was effective as of May 1, 1999,
and the purchase price was determined by arms-length negotiations between
representatives of the Company and ACI. The acquisition was accounted for under
the purchase method of accounting. The funds used and to be used by the Company
in connection with the acquisition are from the Company's working capital. The
Company intends to continue to use the acquired assets for the same general
purpose as ACI.
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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: May 14, 1999
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