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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 31, 2008</B>



<P style="font-size: 24pt" align="center"><B>Technology Solutions
Company<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>000-19433</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>36-3584201</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>55 East Monroe Street, Suite
2600<BR>
Chicago, Illinois<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>60603</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(312) 228-4500</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;1.01 Entry into a
Material Definitive Agreement.</B>

<P style="font-size: 10pt" align="justify">On December&nbsp;31, 2008,
Technology Solutions Company (the &#8220;Company&#8221;) and Valkre Solutions,
Inc. (&#8220;Valkre&#8221;) entered into an Asset Purchase Agreement (the
&#8220;Purchase Agreement&#8221;) pursuant to which the Company agreed to sell
and Valkre agreed to acquire substantially all of the assets and assume certain
liabilities of the Company&#8217;s Customer Value Creation (&#8220;CVC&#8221;)
practice (the &#8220;Practice&#8221;) together with certain other assets,
liabilities, properties and rights of the Company relating to its CVC business.
Under the terms of the Purchase Agreement, (a)&nbsp;Valkre will pay the Company a purchase
price of Four Hundred Thousand Dollars ($400,000), and will be obligated to pay a
seven percent (7%) commission on all signed contracts exceeding One Million Two Hundred
and Fifty Thousand Dollars ($1,250,000) for a period of twelve months from the effective
date, (b)&nbsp;Valkre will assume specified liabilities of the
Practice and certain obligations under assigned contracts and intellectual
property, and (c)&nbsp;Valkre will provide the Company a Senior Promissory
Note, effective December&nbsp;31, 2008, in the amount of $270,000 at the then
applicable federal rate published by the Internal Revenue Service to be repaid
in two installments, with the first payment to be made March&nbsp;31, 2009 and
the second payment to be made June&nbsp;30, 2009. Jerry Alderman, a former
Senior Vice President for the Company, is the primary shareholder of Valkre.

<P style="font-size: 10pt" align="justify">A copy of the Purchase Agreement is
attached to this Current Report on Form 8-K as Exhibit&nbsp;10.1 and is
incorporated herein by reference. A copy of the Senior Promissory Note is
attached to this Current Report on Form 8-K as Exhibit 10.2 and is incorporated
herein by reference.

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;2.01 Completion of
Acquisition or Disposition of Assets.</B>

<P style="font-size: 10pt" align="justify">On December&nbsp;31, 2008, the
Company closed on the divestiture of the CVC Practice pursuant to the Purchase
Agreement (see &#8220;Item&nbsp;1.01 Entry into a Material Definitive
Agreement&#8221;).

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;7.01 Regulation&nbsp;FD
Disclosure.</B>

<P style="font-size: 10pt" align="justify">The Company issued a press release
on January&nbsp;6, 2009, announcing that the parties had entered into and
closed the Purchase Agreement and other corporate information. A copy of the
press release is attached hereto as Exhibit&nbsp;99.1 and is incorporated
herein by reference.

<P style="font-size: 10pt" align="justify">The information in set forth in
Item&nbsp;7.01 of this Current Report on Form 8-K, including Exhibit&nbsp;99.1,
is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of
Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section. The information in this
Current Report on Form 8-K will not be incorporated by reference into any
registration statement or other document filed by the Company under the
Securities Act of 1933, as amended, unless specifically identified therein as
being incorporated by reference.

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;9.01 Financial
Statements and Exhibits.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify"><B><I>(b)&nbsp;Pro
Forma Financial Information.</I></B>

<P style="font-size: 10pt" align="justify">Pro-forma financial information is
attached to this Current Report on Form 8-K as Exhibit&nbsp;10.3 and is
incorporated herein by reference.

<P style="font-size: 10pt; text-indent: 4%"
align="justify"><B><I>(d)&nbsp;Exhibits.</I></B>

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%">10.1</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Asset Purchase Agreement between Valkre
Solutions, Inc. and Technology Solutions Company</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%">10.2</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Senior Promissory Note between Valkre
Solutions, Inc. and Technology Solutions Company</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%">10.3</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Pro-forma financial information for
Company</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%">99.1</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Press Release titled Technology Solutions
Company Announces Sale of Business Unit dated January&nbsp;6, 2009</DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="justify">SIGNATURES

<P style="font-size: 10pt" align="justify">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.

<P style="font-size: 10pt; margin-left: 45%" align="justify"><B>TECHNOLOGY
SOLUTIONS COMPANY</B>

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%" colspan="3"><DIV style="text-align: justify">Date: January&nbsp;7, 2009</div></TD>
 </TR>

</TABLE>


<P style="margin-top: -11pt; font-size: 10pt; margin-left: 45%"
align="justify">By: <U>/s/&nbsp;&nbsp;Timothy G. Rogers&nbsp;&nbsp;&nbsp;</U><BR>Name: Timothy G. Rogers<BR>
Title: Chief
Financial Officer</DIV>


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<P style="display: none; font-size: 10pt" align="center">4
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<P style="font-size: 10pt" align="justify">EXHIBIT INDEX
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><b>Exhibit
No.</b></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center"><b>Description</b></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Asset Purchase Agreement between Valkre
Solutions, Inc. and Technology Solutions Company</TD>
 </TR>
<TR><TD>&nbsp;</TD></TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Senior Promissory Note between Valkre
Solutions, Inc. and Technology Solutions Company</TD>
 </TR>
<TR><TD>&nbsp;</TD></TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.3 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Pro-forma financial information for Company</TD>
 </TR>
<TR><TD>&nbsp;</TD></TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release titled Technology Solutions
Company Announces Sale of Business Unit dated January&nbsp;6, 2009</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">5
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Filed by Bowne Pure Compliance
UNITED STATES
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): December 31, 2008
Technology Solutions
Company
(Exact name of registrant as
specified in its charter)
Delaware
000-19433
36-3584201
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
55 East Monroe Street, Suite
2600
Chicago, Illinois
60603
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(312) 228-4500
Not
Applicable
(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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a
Material Definitive Agreement.
On December 31, 2008,
Technology Solutions Company (the "Company") and Valkre Solutions,
Inc. ("Valkre") entered into an Asset Purchase Agreement (the
"Purchase Agreement") pursuant to which the Company agreed to sell
and Valkre agreed to acquire substantially all of the assets and assume certain
liabilities of the Company's Customer Value Creation ("CVC")
practice (the "Practice") together with certain other assets,
liabilities, properties and rights of the Company relating to its CVC business.
Under the terms of the Purchase Agreement, (a) Valkre will pay the Company a purchase
price of Four Hundred Thousand Dollars ($400,000), and will be obligated to pay a
seven percent (7%) commission on all signed contracts exceeding One Million Two Hundred
and Fifty Thousand Dollars ($1,250,000) for a period of twelve months from the effective
date, (b) Valkre will assume specified liabilities of the
Practice and certain obligations under assigned contracts and intellectual
property, and (c) Valkre will provide the Company a Senior Promissory
Note, effective December 31, 2008, in the amount of $270,000 at the then
applicable federal rate published by the Internal Revenue Service to be repaid
in two installments, with the first payment to be made March 31, 2009 and
the second payment to be made June 30, 2009. Jerry Alderman, a former
Senior Vice President for the Company, is the primary shareholder of Valkre.
A copy of the Purchase Agreement is
attached to this Current Report on Form 8-K as Exhibit 10.1 and is
incorporated herein by reference. A copy of the Senior Promissory Note is
attached to this Current Report on Form 8-K as Exhibit 10.2 and is incorporated
herein by reference.
Item 2.01 Completion of
Acquisition or Disposition of Assets.
On December 31, 2008, the
Company closed on the divestiture of the CVC Practice pursuant to the Purchase
Agreement (see "Item 1.01 Entry into a Material Definitive
Agreement").
Item 7.01 Regulation FD
Disclosure.
The Company issued a press release
on January 6, 2009, announcing that the parties had entered into and
closed the Purchase Agreement and other corporate information. A copy of the
press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
The information in set forth in
Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1,
is being furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section. The information in this
Current Report on Form 8-K will not be incorporated by reference into any
registration statement or other document filed by the Company under the
Securities Act of 1933, as amended, unless specifically identified therein as
being incorporated by reference.
Item 9.01 Financial
Statements and Exhibits.
(b) Pro
Forma Financial Information.
Pro-forma financial information is
attached to this Current Report on Form 8-K as Exhibit 10.3 and is
incorporated herein by reference.
(d) Exhibits.
10.1
Asset Purchase Agreement between Valkre
Solutions, Inc. and Technology Solutions Company
10.2
Senior Promissory Note between Valkre
Solutions, Inc. and Technology Solutions Company
10.3
Pro-forma financial information for
Company
99.1
Press Release titled Technology Solutions
Company Announces Sale of Business Unit dated January 6, 2009
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.
TECHNOLOGY
SOLUTIONS COMPANY
Date: January 7, 2009
By:
/s/  Timothy G. Rogers
Name: Timothy G. Rogers
Title: Chief
Financial Officer
EXHIBIT INDEX
Exhibit
No.
Description
10.1
Asset Purchase Agreement between Valkre
Solutions, Inc. and Technology Solutions Company
10.2
Senior Promissory Note between Valkre
Solutions, Inc. and Technology Solutions Company
10.3
Pro-forma financial information for Company
99.1
Press Release titled Technology Solutions
Company Announces Sale of Business Unit dated January 6, 2009