UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
ProBusiness Services, Inc.
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(Name of Issuer)
Common Stock, par value $.001 per share
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(Title of Class of Securities)
742674104
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the reminder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 742674104 13G Page 2 of 8 pages
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1 Name of Reporting Person General Atlantic Partners, LLC
S.S. or I.R.S. Identifica-
tion No. of Above Person
- --------------------------------------------------------------------------------
2 Check the Appropriate Box (a) [X]
if a Member of a Group (b) [ ]
- --------------------------------------------------------------------------------
3 S.E.C. Use Only
- --------------------------------------------------------------------------------
4 Citizenship or Place of Organization Delaware
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Number of Shares (5) Sole Voting Power 0
Beneficially (6) Shared Voting Power 1,449,466
Owned by Each (7) Sole Dispositive Power 0
Reporting Person (8) Shared Dispositive Power 1,449,466
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,449,446
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares ______
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row 9 13.5%
- --------------------------------------------------------------------------------
12. Type of Reporting Person 00
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CUSIP NO. 742674104 13G Page 3 of 8 pages
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1. Name of Reporting Person General Atlantic Partners 39, L.P.
S.S. or I.R.S. Identifica-
tion No. of Above Person
- --------------------------------------------------------------------------------
2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [ ]
- --------------------------------------------------------------------------------
3. S.E.C. Use Only
- --------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power 0
Beneficially (6) Shared Voting Power 1,449,466
Owned by Each (7) Sole Dispositive Power 0
Reporting Person (8) Shared Dispositive Power 1,449,466
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,449,446
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares ______
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row 9 13.5%
- --------------------------------------------------------------------------------
12. Type of Reporting Person PN
- --------------------------------------------------------------------------------
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CUSIP NO. 742674104 13G Page 4 of 8 pages
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1. Name of Reporting Person GAP Coinvestment Partners, L.P.
S.S. or I.R.S. Identifica-
tion No. of Above Person
- --------------------------------------------------------------------------------
2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [ ]
- --------------------------------------------------------------------------------
3. S.E.C. Use Only
- --------------------------------------------------------------------------------
4. Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power 0
Beneficially (6) Shared Voting Power 1,449,466
Owned by Each (7) Sole Dispositive Power 0
Reporting Person (8) Shared Dispositive Power 1,449,466
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,449,446
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares ______
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row 9 13.5%
- --------------------------------------------------------------------------------
12. Type of Reporting Person PN
- --------------------------------------------------------------------------------
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CUSIP NO. 742674104 13G Page 5 of 8 pages
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Item 1.
(a) Name of Issuer
ProBusiness Services, Inc.
(b) Address of Issuer's Principal Executive Offices
4125 Hopyard Road
Pleasanton, California 94588
Item 2.
(a) Names of Persons Filing
General Atlantic Partners, LLC ("GAP")
General Atlantic Partners 39, L.P. ("GAP 39") and
GAP Coinvestment Partners, L.P. ("GAPCO" and,
together with GAP and GAP 39, the "Reporting
Persons")
(b) Address of Principal Business Office
c/o General Atlantic Service Corporation
3 Pickwick Plaza
Greenwich, CT 06830
(c) Citizenship
GAP - Delaware
GAP 39 -Delaware
GAPCO - New York
(d) Title of Class Securities
Common Stock, par value $.001 per share (the "Shares")
(e) CUSIP Number
742674104
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CUSIP NO. 742674104 13G Page 6 of 8 pages
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Item 3. This statement is not filed pursuant to Rule 13d-1(b), or
13d-2(b).
Item 4. As of December 31, 1997, GAP, GAP 39 and GAPCO each owned of
record no Shares, 1,234,006 Shares, and 215,460 Shares,
respectively, or 0%, 11.5%, and 2%, respectively, of the
issued and outstanding Shares. The general partner of GAP 39
is GAP. The managing members of GAP are Steven A. Denning,
David C. Hodgson, Stephen P. Reynolds, J. Michael Cline,
William O. Grabe and William E. Ford (collectively, the "GAP
Managing Members"). David C. Hodgson is a director of
ProBusiness Services, Inc. The GAP Managing Members are the
general partners of GAPCO. By virtue of the fact that the GAP
Managing Members are also the general partners authorized and
empowered to vote and dispose of the securities held by GAPCO,
the Reporting Persons may be deemed to share voting power and
the power to direct the disposition of the Shares which each
of them owns of record. Accordingly, as of December 31, 1997,
each of the Reporting Persons may be deemed to own
beneficially an aggregate of 1,449,466 Shares or 13.5% of the
issued and outstanding Shares. Each of the Reporting Persons
has the shared power to direct the vote and the shared power
to direct the disposition of the 1,449,466 Shares that may be
deemed to be owned beneficially by each of them.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person
See Item 4.
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on by the Parent Holding
Company
Not applicable.
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CUSIP NO. 742674104 13G Page 7 of 8 pages
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Item 8. Identification and Classification of Members of the Group
See Item 4.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
Not applicable.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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CUSIP NO. 742674104 13G Page 8 of 8 pages
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated as of February 5, 1998.
GENERAL ATLANTIC PARTNERS, LLC
By: /s/ Nancy E. Cooper
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Nancy E. Cooper,
a Managing Member
GENERAL ATLANTIC PARTNERS 39, L.P.
By: GENERAL ATLANTIC PARTNERS, LLC
its General Partner
By: /s/ Nancy E. Cooper
--------------------------------------------------
Nancy E. Cooper,
a Managing Member
GAP COINVESTMENT PARTNERS, L.P.
By: /s/ Nancy E. Cooper
--------------------------------------------------
Nancy E. Cooper,
General Partner
