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): September 1,
2010
TECHTEAM
GLOBAL, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-16284
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38-2774613
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
No.)
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(IRS
Employer
Identification
No.)
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27335
West 11 Mile Road
Southfield,
Michigan
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48033
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number including area code: (248)
357-2866
(Former
name or former address if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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£
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230
.425)
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£
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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£
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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£
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 2.01
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Completion of Disposition of
Assets
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On
September 1, 2010, TechTeam Global AB (“TechTeam Sweden”), a wholly-owned
subsidiary of TechTeam Global, Inc. (the “Company”), executed and closed
on a transaction to sell 100% of the stock of its wholly-owned subsidiary,
TechTeam SQM AB (“SQM”), to Koneo AB (“Koneo”) for SEK 7,000,000
(approximately $940,000), subject to a working capital adjustments in
accordance with the terms of the Agreement. The amount of assets disposed
of in this transaction amount to less than 2% of the total assets of the
Company.
SQM
primarily provides IT staffing services to its customers, but it also
provided certain IT Outsourcing Services, such as IT service desk
services. Contemporaneous with the execution and close of the transaction,
SQM assigned to TechTeam Sweden its IT Outsourcing Services contracts,
which the Company will continue to service. Also on September 1, 2010,
TechTeam Sweden and Koneo entered into a Joint Marketing Agreement to
mutually utilize the expertise of the other company in their sales efforts
in the Swedish IT marketplace. Accordingly, the transaction allows
TechTeam Sweden to focus its efforts exclusively on the commercial IT
Outsourcing market in Sweden, while working with Koneo to meet customer
needs in IT staffing and deskside support
services.
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SIGNATURE
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.
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TECHTEAM
GLOBAL, INC.
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By
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/s/Michael A. Sosin
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Michael
A. Sosin
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Vice
President, General Counsel and
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Secretary
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Date: September
3, 2010
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E-1