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Tier Technologies Completes IPO

Computer Systems consultancy Tier Technologies (Walnut Creek, CA; Nasdaq: TIER) has completed an initial public offering of 3.4 million shares of its Class B Common Stock. The offering, which raised nearly $29 million, was co-managed by Adams, Harkness and Hill (Boston) and NationsBanc Montgomery Securities (San Francisco). The shares were offered at $8.50 per share, and closed at $9.375.

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