<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. _____)*
MemberWorks Incorporated
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
586002 10 7
----------------------------------------
(CUSIP Number)
Robert C. Bensky, c/o Technology Crossover Ventures,
101 Eisenhower Parkway, Roseland, NJ 07068 (201) 228-2234
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 28, 1997
-------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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 remainder 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).
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 2 OF 30 PAGES
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NAME OF REPORTING PERSON TECHNOLOGY CROSSOVER VENTURES, L.P.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
See Item 2 for identification of General Partner
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 626,431(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 626,431(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
626,431(A)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.3%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
PN
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(A) Excludes an aggregate of 137,809 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 3 OF 30 PAGES
--- ---
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NAME OF REPORTING PERSON TECHNOLOGY CROSSOVER VENTURES, C.V.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SEE ITEM 2 FOR A LIST OF GENERAL PARTNERS
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
NETHERLANDS ANTILLES
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SOLE VOTING POWER
7
NUMBER OF 49,609(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 49,609(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
49,609(A)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.3%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
PN
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(A) Excludes an aggregate of 714,631 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 4 OF 30 PAGES
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NAME OF REPORTING PERSON TECHNOLOGY CROSSOVER MANAGEMENT, L.L.C.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
See Item 2 for list of Managing Members
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
OO
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF 676,040(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 676,040(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
676,040(A)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.6%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
OO
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(A) Excludes an aggregate of 88,200 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 5 OF 30 PAGES
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NAME OF REPORTING PERSON TECHNOLOGY CROSSOVER VENTURES II, L.P.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
See Item 2 for identification of General Partner
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
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SOLE VOTING POWER
7
NUMBER OF 42,193(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 42,193(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
42,193(A)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.3%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
PN
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(A) Excludes an aggregate of 722,047 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 6 OF 30 PAGES
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NAME OF REPORTING PERSON TCV II (Q), L.P.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SEE ITEM 2 FOR IDENTIFICATION OF GENERAL PARTNER
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
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SOLE VOTING POWER
7
NUMBER OF 32,438(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 32,438(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
32,438(A)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.2%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
PN
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(A) Excludes an aggregate of 731,802 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 7 OF 30 PAGES
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NAME OF REPORTING PERSON TCV II STRATEGIC PARTNERS, L.P.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SEE ITEM 2 FOR IDENTIFICATION OF GENERAL PARTNER
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
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SOLE VOTING POWER
7
NUMBER OF 5,756(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 5,756(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,756(A)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
LESS THAN 0.1%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
PN
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(A) Excludes an aggregate of 758,484 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 8 OF 30 PAGES
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NAME OF REPORTING PERSON TECHNOLOGY CROSSOVER VENTURES II, C.V.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SEE ITEM 2 FOR A LIST OF GENERAL PARTNERS
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
NETHERLANDS ANTILLES
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SOLE VOTING POWER
7
NUMBER OF 6,441(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 6,441(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
6,441(A)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
LESS THAN 0.1%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
PN
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(A) Excludes an aggregate of 757,799 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 9 OF 30 PAGES
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NAME OF REPORTING PERSON TCV II, V.O.F.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SEE ITEM 2 FOR A LIST OF MANAGING GENERAL PARTNERS
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
NETHERLANDS ANTILLES
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 1,372(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 1,372(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,372(A)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
LESS THAN 0.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
PN
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(A) Excludes an aggregate of 762,868 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 10 OF 30 PAGES
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NAME OF REPORTING PERSON TECHNOLOGY CROSSOVER MANAGEMENT II, L.L.C.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SEE ITEM 2 FOR A LIST OF MANAGING MEMBERS
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 88,200(A)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0(A)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 88,200(A)
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0(A)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
88,200(A)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
OO
- ------------------------------------------------------------------------------
(A) Excludes an aggregate of 676,040 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 11 OF 30 PAGES
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NAME OF REPORTING PERSON JAY C. HOAG
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S. CITIZEN
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
764,240
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 764,240
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
764,240
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
IN
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 586002 10 7 PAGE 12 OF 30 PAGES
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NAME OF REPORTING PERSON RICHARD H. KIMBALL
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S. CITIZEN
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
764,240
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 764,240
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
764,240
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
12 (SEE INSTRUCTIONS)
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
IN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
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CUSIP No. 586002 10 7 Page 13 of 30 Pages
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ITEM 1.
SECURITY AND ISSUER.
-------------------
The title of the class of securities to which this Schedule 13D relates is
Common Stock ("Common Stock") of MemberWorks Incorporated, a Delaware
corporation (the "Issuer"). The principal executive offices of the Issuer are
located at 680 Washington Boulevard, Suite 1100, Stamford, CT, 06901.
ITEM 2.
IDENTITY AND BACKGROUND.
-----------------------
Set forth below is the following information with respect to each of the
persons filing this Schedule 13D (together, the "Filing Persons") and, in
addition, each of such person's managing partners or managing members, as the
case may be, and, if applicable, the persons controlling such managing partners
or managing members (such additional persons, together with the Filing Persons,
the "Item 2 Persons"): (a) name; (b) address of principal offices (if entity)
or residence or business address (if individual); (c) principal business (if
entity) or principal occupation and name, business and address of employer (if
individual); (d) information concerning criminal convictions during the last
five years; (e) information concerning civil or administrative proceedings under
state or federal securities laws during the past five years with respect to any
state or federal securities laws and (f) citizenship (if individual) or
jurisdiction of organization (if entity).
I.
a) Technology Crossover Ventures, L.P., a Delaware limited partnership ("TCV I,
L.P."). The General Partner of TCV I, L.P. is Technology Crossover
Management, L.L.C., a Delaware limited liability company ("TCM I"). The sole
Managing Members of TCM I are Jay C. Hoag ("Hoag") and Richard H. Kimball
("Kimball").
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) TCV I, L.P. is an investment fund.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Delaware
II.
<PAGE>
SCHEDULE 13D
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CUSIP No. 586002 10 7 Page 14 of 30 Pages
- --------------------------------------------------------------------------------
a) Technology Crossover Ventures, C.V., a Netherlands Antilles limited
partnership ("TCV I, C.V."). The General Partners of TCV I, C.V. are TCM I
and Technology Crossover Administrator, N.V., a Netherlands Antilles
corporation ("TCA I"). TCA I is ultimately controlled by Hoag and Kimball.
b) Pietermaai 15, Willemstad, Curacao, Netherlands Antilles
c) TCV I, C.V. is an investment fund.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Netherlands Antilles
III.
a) Technology Crossover Management, L.L.C., a Delaware limited liability
company.
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) TCM I is an investment fund manager.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Delaware
IV.
a) Technology Crossover Administrator, N.V., a Netherlands Antilles
corporation.
b) Pietermaai 15, Willemstad, Curacao, Netherlands Antilles
c) TCA I is the Administrative General Partner of TCV I, C.V.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Netherlands Antilles
V.
a) Technology Crossover Ventures II, L.P., a Delaware limited partnership
("TCV II, L.P."). The General Partner of TCV II, L.P. is Technology
Crossover Management II, L.L.C., a Delaware limited liability company
("TCM II"). The sole Managing Members of TCM II are Hoag and Kimball.
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) TCV II, L.P. is an investment fund.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Delaware
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 15 of 30 Pages
- --------------------------------------------------------------------------------
VI.
a) TCV II (Q), L.P., a Delaware limited partnership ("TCV II (Q)"). The
General Partner of TCV II (Q) is TCM II.
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) TCV II (Q) is an investment fund.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Delaware
VII.
a) TCV II Strategic Partners, L.P., a Delaware limited partnership ("TCV II
Strategic Partners"). The General Partner of TCV II Strategic Partners is
TCM II.
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) TCV II Strategic Partners is an investment fund.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Delaware
VIII.
a) Technology Crossover Ventures II, C.V., a Netherlands Antilles limited
partnership ("TCV II, C.V."). The General Partners of TCV II, C.V. are
TCM II and Technology Crossover Administrator II, N.V., a Netherlands
Antilles corporation ("TCA II"). TCA II is ultimately controlled by Hoag
and Kimball.
b) Pietermaai 15, Willemstad, Curacao, Netherlands Antilles
c) TCV II, C.V. is an investment fund.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Netherlands Antilles
IX.
a) TCV II, V.O.F., a Netherlands Antilles general partnership ("TCV II,
V.O.F."). The Managing General Partners of TCV II, V.O.F. are TCM II and TCA
II.
b) Pietermaai 15, Willemstad, Curacao, Netherlands Antilles
c) TCV II, V.O.F. is an investment fund.
d) No criminal convictions(1)
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 16 of 30 Pages
- --------------------------------------------------------------------------------
e) No adverse civil judgments for violations of securities laws(1)
f) Netherlands Antilles
X.
a) Technology Crossover Management II, L.L.C., a Delaware limited liability
company.
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) TCM II is an investment fund manager.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Delaware
XI.
a) Technology Crossover Administrator II, N.V., a Netherlands Antilles
corporation.
b) Pietermaai 15, Willemstad, Curacao, Netherlands Antilles
c) TCA II is the Administrative General Partner of TCV II, C.V. and TCV II,
V.O.F.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Netherlands Antilles
XII.
a) Jay C. Hoag
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) Hoag is a Managing Member of both TCM I and TCM II.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Citizen of the United States of America
XIII.
a) Richard H. Kimball
b) 575 High Street, Suite 400, Palo Alto, CA 94301
c) Kimball is a Managing Member of both TCM I and TCM II.
d) No criminal convictions(1)
e) No adverse civil judgments for violations of securities laws(1)
f) Citizen of the United States of America
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 17 of 30 Pages
- --------------------------------------------------------------------------------
_______________
(1) During the last five years, no person listed above has been convicted in
a criminal proceeding (excluding traffic violations or similar misdemeanors),
nor has any such person been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction that resulted in such person
becoming subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
-------------------------------------------------
All of the securities of the Issuer disclosed on the cover pages to this
Schedule 13D are held of record by the entities listed below. The source of
funds used in the acquisition of such securities, in each case, was the general
working capital of such entities. Such working capital was contributed by such
entities' respective partners.
<TABLE>
<CAPTION>
==============================================================================
AGGREGATE WEIGHTED
NUMBER OF AGGREGATE AVERAGE
HOLDER SHARES(1) AMOUNT PAID(2) PRICE PER SHARE
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
TCV I, L.P. 626,431 $4,632,309 $ 7.39
- ------------------------------------------------------------------------------
TCV I, C.V. 49,609 $ 366,843 $ 7.39
- ------------------------------------------------------------------------------
TCV II, V.O.F. 1,372 $ 22,298 $16.25
- ------------------------------------------------------------------------------
TCV II, L.P. 42,193 $ 685,708 $16.25
- ------------------------------------------------------------------------------
TCV II (Q) 32,438 $ 527,173 $16.25
- ------------------------------------------------------------------------------
TCV II Strategic Partners 5,756 $ 93,545 $16.25
- ------------------------------------------------------------------------------
TCV II, C.V. 6,441 $ 104,677 $16.25
- ------------------------------------------------------------------------------
TOTALS 764,240 $6,432,552 $ 8.42
==============================================================================
</TABLE>
- ---------------
(1) Includes shares issuable upon the exercise of warrants. Includes both open
market purchases of Common Stock and Common Stock issued upon conversion
of Preferred Stock of the Issuer.
(2) Includes exercise price of warrants exercisable within 60 days of the date
hereof.
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 18 of 30 Pages
- --------------------------------------------------------------------------------
ITEM 4.
PURPOSE OF TRANSACTION.
----------------------
The acquisitions of the shares of the Issuer's Common Stock that are the
subject of this filing were made for the purpose of investment and not with a
view to distribution of the shares or with a view toward acquiring control of
the Issuer. The Item 2 Persons with the power to do so may sell, or cause to
be sold, all or part of such shares or acquire, or cause to be acquired,
additional securities of the Issuer depending on market conditions and other
economic factors.
Except as described above, no reporting person has any current plans or
proposals that relate to or would result in:
a. The acquisition by any person of additional securities of the Issuer, or
the disposition of securities of the Issuer;
b. An extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries;
c. A sale or transfer of a material amount of assets of the Issuer or any of
its subsidiaries;
d. Any change in the present board of directors or management of the Issuer,
including any plans or proposals to change the number or term of directors
or to fill any existing vacancies on the board;
e. Any material change in the present capitalization or dividend policy of the
Issuer;
f. Any other material change in the Issuer's business or corporate structure;
g. Changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person;
h. Causing a class of securities of the Issuer to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an inter-
dealer quotation system of a registered national securities association;
i. A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Exchange
Act; or
j. Any action similar to any of those enumerated above.
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 19 of 30 Pages
- --------------------------------------------------------------------------------
ITEM 5.
INTEREST IN SECURITIES OF THE ISSUER.
------------------------------------
(A) AND (B) Except to the extent otherwise expressly stated herein, this
Schedule 13D shall not be construed as an admission that any Item 2 Person is,
for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any
Common Stock disclosed in this Schedule 13D. The aggregate number and percentage
of the class of securities identified pursuant to Item 1 of this Schedule 13D
that are beneficially owned by each Item 2 Person are as follows:
<TABLE>
<CAPTION>
Common Stock Beneficially Owned
--------------------------------------
Item 2 Person Shares Outstanding Shares Subject to % of Voting Dispositive
- ---------------------- ------------------ ----------------- --------- ------ -----------
Option or Class(1) Power Power
----------------- --------- ------ -----------
Warrant
-----------------
<S> <C> <C> <C> <C> <C>
TCV I, L.P. (2) 601,152 25,279 4.3% sole sole
TCV I, C.V. (2) 47,608 2,001 0.3% sole sole
TCM I 648,760 27,280 4.6% sole sole
TCA I 0 0 0% N/A N/A
TCV II, L.P. (3) 42,193 0 0.3% sole sole
TCV II (Q) (3) 32,438 0 0.2% sole sole
TCV II Strategic 5,756 0 less than 0.1% sole sole
Partners (3)
TCV II, C.V. (3) 6,441 0 less than 0.1% sole sole
TCV II, V.O.F. (3) 1,372 0 less than 0.1% sole sole
TCM II 88,200 0 0.6% sole sole
TCA II 0 0 0% N/A N/A
Hoag (4) 736,960 27,280 5.2% shared sole
Kimball (4) 736,960 27,280 5.2% shared sole
</TABLE>
______________________
(1) All percentages in this table are based, pursuant to Rule 13d-1(e) of the
Securities Exchange Act of 1934, on the 14,665,857 shares of Common Stock of
the Company
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 20 of 30 Pages
- --------------------------------------------------------------------------------
outstanding as of April 30, 1997, as reported in the Company's Quarterly
Report on Form 10-Q for the period ended March 31, 1997.
(2) Each noted entity (together, the "TCV I Funds") is the holder of record
of the securities set forth opposite the name of such entity and has sole
voting and investment power with respect to such securities. TCM I, as sole
General Partner of TCV I, L.P. and as Investment General Partner of TCV I,
C.V., may also be deemed to have sole voting and investment power with
respect to such securities.
(3) Each noted entity (together, the "TCV II Funds") is the holder of
record of the securities set forth opposite the name of such entity and has
sole voting and investment power with respect to such securities. TCM II, as
sole General Partner of TCV II, L.P., TCV II (Q) and TCV II Strategic
Partners and as Investment General Partner of TCV II, C.V. and TCV II,
V.O.F., may also be deemed to have sole voting and investment power with
respect to such securities.
(4) Under the operating agreements of both TCM I and TCM II, Hoag and Kimball
have the independent power to cause the funds managed by such entities to
buy and sell securities of publicly traded portfolio companies, however, in
general, they must act by unanimous consent with respect to all other
matters, including directing the voting of such securities. As a result,
Hoag and Kimball may also be deemed to have sole dispositive power and
shared voting power with respect to the securities held by the TCV I Funds
and the TCV II Funds.
Shares Held by Marc S. Tesler
- -----------------------------
Marc S. Tesler ("Tesler") is a non-managing member of both TCM I and TCM
II. Tesler is also a member of the Board of Directors of the Issuer.
Mr. Tesler's beneficial ownership of Common Stock of the Issuer consists
exclusively of 9,000 shares of Common Stock of the Issuer subject to options
which may become exercisable within 60 days of the date hereof (the "Tesler
Shares"). Tesler also holds options covering an additional 27,000 shares of
Common Stock of the Issuer that will not become exercisable within 60 days of
the date hereof. Under the operating agreements of both TCM I and TCM II,
non-managing members have no voting or dispositive power with respect to
securities held by the TCV I Funds or the TCV II Funds. No Item 2 Person has the
sole or shared power to vote or dispose of any of the Tesler Shares.
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 21 of 30 Pages
- --------------------------------------------------------------------------------
(c) The following is a list of transactions in the Issuer's securities by
the Item 2 Persons within the last 60 days, all of which were open market
purchases effected on May 28, 1997:
<TABLE>
<CAPTION>
SHARES PRICE PER
ITEM 2 PERSON PURCHASED SHARE
- ------------- --------- ---------
<S> <C> <C>
TCV I, L.P. 1,668 $15.13
TCV I, C.V. 132 $15.13
TCV II, V.O.F. 594 $15.13
TCV II, L.P. 18,274 $15.13
TCV II (Q) 14,049 $15.13
TCV II Strategic Partners 2,493 $15.13
TCV II, C.V. 2,790 $15.13
TOTAL 40,000 $15.13
</TABLE>
(d) Inapplicable.
(e) Inapplicable.
ITEM 6.
CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
--------------------------------------------------------
WITH RESPECT TO SECURITIES OF THE ISSUER.
----------------------------------------
There are no contracts, arrangements or understandings among any of the Item 2
Persons made or entered into specifically with respect to holding, voting or
disposing of the Common Stock of the Issuer.
Under the terms of the respective Partnership Agreements of the TCV I Funds,
TCM I possesses the power to manage the investment activities of the TCV I
Funds, including the power to direct the voting and direct the disposition of
the Common Stock of the Issuer. Under the terms of the respective Partnership
Agreements of the TCV II Funds, TCM II possesses the power to manage the
investment activities of the TCV II Funds, including the power to direct the
voting and
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 22 of 30 Pages
- --------------------------------------------------------------------------------
disposition of the Common Stock of the Issuer. Under the Operating Agreements of
TCM I and TCM II, Hoag and Kimball (the sole Managing Members of each of such
entities) possess the power to cause TCM I and TCM II to exercise such voting
and dispositive power with respect to the securities of the Issuer held by the
TCV I Funds and the TCV II Funds.
ITEM 7.
MATERIAL TO BE FILED AS EXHIBITS.
--------------------------------
The following exhibit is attached hereto:
A - Statement Appointing Designated Filer and Authorized Signer
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 23 of 30 Pages
- --------------------------------------------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated June 6, 1997
TECHNOLOGY CROSSOVER VENTURES, L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
TECHNOLOGY CROSSOVER VENTURES, C.V.,
a Netherlands Antilles Limited Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
TECHNOLOGY CROSSOVER MANAGEMENT, L.L.C.,
a Delaware Limited Liability Company
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
TECHNOLOGY CROSSOVER VENTURES II, L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
TCV II (Q), L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 24 of 30 Pages
- --------------------------------------------------------------------------------
TCV II STRATEGIC PARTNERS, L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
TECHNOLOGY CROSSOVER VENTURES II, C.V.,
a Netherlands Antilles Limited Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
TCV II, V.O.F.,
a Netherlands Antilles General Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
TECHNOLOGY CROSSOVER MANAGEMENT II, L.L.C.,
a Delaware Limited Liability Company
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
Jay C. Hoag
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
Richard H. Kimball
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky, Authorized Signatory
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 25 of 30 Pages
- --------------------------------------------------------------------------------
EXHIBIT A
STATEMENT APPOINTING DESIGNATED FILER AND AUTHORIZED SIGNER
Each of the undersigned entities and individuals (collectively, the
"Reporting Persons") hereby designates the entity listed in Column II of
Exhibit A hereto, or such other person or entity as is designated in writing by
- ---------
Robert C. Bensky (any such entity is referred to as the "Designated Filer") as
the beneficial owner to make filings of Schedules 13D and 13G (and any
amendments thereto) pursuant to Section 13(d) of the Securities Exchange Act of
1934 (the "Exchange Act") and of Forms 3, 4 and 5 (and any amendments thereto)
pursuant to Section 16(a) of the Exchange Act (collectively, the "Reports") with
respect to the securities of the entities listed in Column I of Exhibit A hereto
---------
and with respect to the securities of any other entity whose securities are now,
or hereafter become, publicly traded and whose securities are beneficially owned
(directly or indirectly) both by such Reporting Person and by such Designated
Filer (collectively, the "Companies").
Each Reporting Person hereby further authorizes and designates ROBERT C.
BENSKY (the "Authorized Signatory") to execute and file on behalf of such
Reporting Person the Reports with respect to the securities of the Companies,
including all Schedules 13D and 13G and Forms 3, 4 and 5, and any amendments
thereto, that such Reporting Person may be required to file with the United
States Securities and Exchange Commission as a result of such Reporting Person's
ownership of, or transactions in securities of the Companies.
The authority of the Designated Filer and the Authorized Signatory under
this document with respect to each Reporting Person shall continue until such
Reporting Person is no longer required to file Schedules 13D or 13G or
Forms 3, 4 and 5 with respect to the Reporting Person's ownership of, or
transactions in, the securities of the Companies, unless earlier revoked in
writing. Each Reporting Person acknowledges that the Designated Filer and the
Authorized Signatory are not assuming any of the Reporting Person's
responsibilities to comply with Section 13(d) or Section 16 of the Exchange Act.
Date: June 2, 1997 TECHNOLOGY CROSSOVER MANAGEMENT, L.L.C.,
a Delaware Limited Liability Company
By: /s/ Jay C. Hoag
--------------------------------
Jay C. Hoag, Managing Member
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 26 of 30 Pages
- --------------------------------------------------------------------------------
Date: June 2, 1997 TECHNOLOGY CROSSOVER VENTURES, L.P.,
a Delaware Limited Partnership
By: Technology Crossover Management, L.L.C.
a Delaware Limited Liability Company
Its General Partner
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
Date: June 2, 1997 TECHNOLOGY CROSSOVER VENTURES, C.V.,
a Netherlands Antilles Limited Partnership
By: Technology Crossover Management, L.L.C.
a Delaware Limited Liability Company
Its Investment General Partner
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
And By: Technology Crossover Administrator, N.V.
a Netherlands Antilles Corporation
Its Administrative General Partner
By: /s/ ABN AMRO Trust Company (Curacao) N.V.
-------------------------------------------
ABN AMRO Trust Company (Curacao) N.V.
Managing Director
Date: June 2, 1997 TECHNOLOGY CROSSOVER MANAGEMENT II, L.L.C.,
a Delaware Limited Liability Company
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 27 of 30 Pages
- --------------------------------------------------------------------------------
Date: June 2, 1997 TECHNOLOGY CROSSOVER VENTURES II, L.P.,
a Delaware Limited Partnership
By: Technology Crossover Management II, L.L.C.
a Delaware Limited Liability Company
Its General Partner
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
Date: June 2, 1997 TCV II (Q), L.P.,
a Delaware Limited Partnership
By: Technology Crossover Management II, L.L.C.
a Delaware Limited Liability Company
Its General Partner
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
Date: June 2, 1997 TCV II STRATEGIC PARTNERS, L.P.,
a Delaware Limited Partnership
By: Technology Crossover Management II, L.L.C.
a Delaware Limited Liability Company
Its General Partner
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 28 of 30 Pages
- --------------------------------------------------------------------------------
Date: June 2, 1997 TECHNOLOGY CROSSOVER VENTURES II, C.V.,
a Netherlands Antilles Limited Partnership
By: Technology Crossover Management II, L.L.C.
a Delaware Limited Liability Company
Its Investment General Partner
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
And By: Technology Crossover Administrator II, N.V.
a Netherlands Antilles Corporation
Its Administrative General Partner
By: /s/ ABN AMRO Trust Company (Curacao) N.V.
-------------------------------------------
ABN AMRO Trust Company (Curacao) N.V.
Managing Director
Date: June 2, 1997 TCV II, V.O.F.,
a Netherlands Antilles General Partnership
By: Technology Crossover Management II, L.L.C.
a Delaware Limited Liability Company
Its Investment General Partner
By: /s/ Jay C. Hoag
---------------------------------------
Jay C. Hoag, Managing Member
And By: Technology Crossover Administrator II, N.V.
a Netherlands Antilles Corporation
Its Administrative General Partner
By: /s/ ABN AMRO Trust Company (Curacao) N.V.
-------------------------------------------
ABN AMRO Trust Company (Curacao) N.V.
Managing Director
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 29 of 30 Pages
- --------------------------------------------------------------------------------
Date: June 2, 1997 /s/ Robert C. Bensky
-----------------------------------------------
Robert C. Bensky
Date: June 2, 1997 /s/ Jay C. Hoag
-----------------------------------------------
Jay C. Hoag
Date: June 2, 1997 /s/ Richard H. Kimball
-----------------------------------------------
Richard H. Kimball
Date: June 2, 1997 /s/ Andrew B. Sessions
-----------------------------------------------
Andrew B. Sessions
Date: June 2, 1997 /s/ Marc S. Tesler
-----------------------------------------------
Marc S. Tesler
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP No. 586002 10 7 Page 30 of 30 Pages
- --------------------------------------------------------------------------------
EXHIBIT A
<TABLE>
<CAPTION>
Column I Column II Persons/Entities on Whose Behalf
- --------------------------- ---------------- ------------------------------------------
Publicly Traded Company Designated Filer the Designated Filer May Act
- --------------------------- ---------------- ------------------------------------------
<S> <C> <C>
MemberWorks Incorporated Technology Technology Crossover Management, L.L.C.
Crossover Technology Crossover Ventures, L.P.
Management II, Technology Crossover Ventures, C.V.
L.L.C. Technology Crossover Management II, L.L.C.
Technology Crossover Ventures II, L.P.
TCV II (Q), L.P.
TCV II Strategic Partners, L.P.
Technology Crossover Ventures II, C.V.
TCV II, V.O.F.
Robert C. Bensky
Jay C. Hoag
Richard H. Kimball
Andrew B. Sessions
Marc S. Tesler
- -------------------------------------------------------------------------------------------
</TABLE>
