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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): April 20, 1999
MEDAPHIS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 000-19480 58-1651222
(State of other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
2840 MT. WILKINSON PARKWAY
SUITE 300
ATLANTA, GEORGIA 30339
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 444-5300
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Exhibit Index Located on Page: ___4___
Total Number of Pages: ___36___
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Item 2. Acquisition or Disposition of Assets.
On April 20, 1999, the Registrant completed the sale (the "Sale") to
Complete Business Solutions, Inc. ("CBSI") of all the issued and outstanding
shares of capital stock of E-Business Solutions.com, Inc. (formerly known as
Impact Innovations Group, Inc.). The Sale was consummated in accordance with
the terms of a Stock Purchase Agreement dated April 20, 1999. The Sale
represents the disposition by the Registrant of its commercial division of
Impact Innovations.
The consideration paid to Registrant in connection with the Sale was $15
million in cash, subject to final closing adjustments. The total consideration
paid in the Sale was determined through arm's length negotiations between
representatives of the Registrant and CBSI. Neither Registrant, CBSI, nor any of
their affiliates had, nor to the knowledge of Registrant or CBSI did any
director or officer or any associate of any such director or officer of
Registrant or CBSI have, any material relationship with CBSI prior to the Sale.
E-Business Solutions.com, Inc. provides delivery chain management services
including electronic resource management and e-commerce services primarily to
the communications, energy, financial and technology sectors.
Item 7. Financial Statements and Exhibits
(c) Exhibits
2.1 Stock Purchase Agreement dated as of April 20, 1999, among
Registrant, E-Business Solutions.com, Inc., Impact Innovations
Holdings, Inc. and CBSI
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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 thereunto duly authorized.
Date: May 5, 1999
MEDAPHIS CORPORATION
By: /s/ ALLEN W. RITCHIE
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Allen W. Ritchie
President and Chief Executive Officer
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INDEX TO EXHIBIT
EXHIBIT
NO. DESCRIPTION OF EXHIBIT
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2.1 Stock Purchase Agreement dated as of April 20, 1999, among Registrant,
E-Business Solutions.com, Inc., Impact Innovations Holdings, Inc. and CBSI