Tier Selected as a Key Subcontractor for Indiana Unemployment Insurance Modernization Project
September 15 2005 - 1:13PM
Business Wire
Tier Technologies, Inc. (Nasdaq:TIER), a leading provider of
transaction processing and packaged software and systems
integration solutions for public sector clients, today announced
that it has been awarded a subcontract as a member of a project
team to develop, implement and maintain the Indiana Department of
Workforce Development's (IDWD) new unemployment insurance
processing system. The value of Tier's fixed price subcontract is
expected to be a significant portion of the approximately $24
million prime contract over the approximately three-year term.
Under this contract, Tier is serving as a major subcontractor to
Haverstick Consulting, Inc., a technology services and business
consulting firm based in Carmel, Indiana. The project team will
modernize IDWD's unemployment insurance computer system, delivering
a solution designed to automate processes for both collecting and
paying unemployment insurance. This project is expected to save
taxpayer dollars by reducing overpayments, and improve customer
service by providing users with around-the-clock access to
unemployment information. "We are pleased to work with Haverstick's
project team that will assist Indiana in the important work of
modernizing its unemployment insurance systems," said James R.
Weaver, Tier's Chairman and Chief Executive Officer. "Tier's
Unemployment Insurance Practice has established a track record of
success in helping states transform their unemployment insurance
operations and increase efficiencies through the use of
leading-edge technology solutions. With approximately 40 government
customers in the state, Tier's commitment to Indiana is strong. We
look forward to extending that commitment through our participation
in this team, for the ultimate benefit of the employers and
citizens of Indiana." "We will be managing an exceptional project
team whose members have implemented numerous successful
unemployment insurance systems in other states, and we're pleased
to count Tier as a member of our team," said Howard Bates,
Haverstick's President. Tier's Unemployment Insurance Practice
provides systems integration and services for state unemployment
insurance administration programs. The Indiana Unemployment
Insurance Modernization Project will be developed using Tier's UI
Connect(SM) framework - a completely integrated unemployment
insurance tax, benefits and appeals solution. UI Connect(SM) offers
states a significant head start advantage in modernizing their
legacy unemployment insurance computing environments. About Tier
Tier is a leading provider of transaction processing and packaged
software and systems integration services for public sector
clients. We combine our understanding of enterprise-wide systems
with domain knowledge enabling our clients to rapidly channel
emerging technologies into their operations. We focus on sectors
that we believe are driven by forces that make demand for our
services less discretionary and are likely to provide us with
recurring long-term revenue streams. More information about the
Company is available at www.Tier.com. Statements made in this press
release that are not historical facts, including statements
regarding expectations for future revenues, earnings, and expenses,
are forward-looking statements that are made pursuant to the safe
harbor provisions of the Securities Litigation Reform Act of 1995.
Tier undertakes no obligation to update any such forward-looking
statements. Each of these statements is made as of the date hereof
based only on current information and expectations that are
inherently subject to change and involve a number of risks and
uncertainties. Actual events or results may differ materially from
those projected in any of such statements due to various factors,
including but not limited to the potential loss of funding by
clients, including due to government budget shortfalls or revisions
to mandated statutes; failure to achieve anticipated gross margin
levels with respect to individual projects, including due to
unanticipated costs incurred in fixed-price or transaction-based
projects; the timing, initiation, completion, renewal, extension or
early termination of client projects; the Company's ability to
realize revenues from its business development opportunities and
achieve cost savings from its restructuring activities; and
unanticipated claims as a result of project performance, including
due to the failure of software providers or subcontractors to
satisfactorily complete engagements. For a discussion of these and
other factors which may cause our actual events or results to
differ from those projected, please refer to the Company's annual
report on Form 10-K for the year ended Sept. 30, 2004, our most
recent quarterly report on Form 10-Q for the quarter ended June 30,
2005, as well as other filings with the SEC.
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