<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
MEMBERWORKS INCORPORATED
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
586002107
- --------------------------------------------------------------------------------
(CUSIP Number)
ROBERT C. BENSKY
C/O TECHNOLOGY CROSSOVER VENTURES
56 MAIN STREET, SUITE 200
MILLBURN, NJ 07041
(973) 467-5320
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
November 23, 1999
(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(e), (f) or (g), check the following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. 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> 2
SCHEDULE 13D
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CUSIP NO. 586002107 Page 2 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TECHNOLOGY CROSSOVER VENTURES, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 626,431(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
626,431(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
626,431(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
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14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(A) Excludes an aggregate of 49,609 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE> 3
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 3 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TECHNOLOGY CROSSOVER VENTURES, C.V.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for a list of General Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands Antilles
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 49,609(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
49,609(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
49,609(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(A) Excludes an aggregate of 626,431 shares owned beneficially by the other
reporting persons indicated in this Schedule 13D, as to which this
reporting person disclaims beneficial ownership.
<PAGE> 4
SCHEDULE 13D
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CUSIP NO. 586002107 Page 4 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TECHNOLOGY CROSSOVER MANAGEMENT, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for list of Managing Members
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 676,040
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
676,040
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,040
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
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14 TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
<PAGE> 5
SCHEDULE 13D
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CUSIP NO. 586002107 Page 5 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TECHNOLOGY CROSSOVER VENTURES II, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 6
SCHEDULE 13D
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CUSIP NO. 586002107 Page 6 of 32 Pages
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1 NAME OF REPORTING PERSON
TCV II(Q), L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 7
SCHEDULE 13D
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CUSIP NO. 586002107 Page 7 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TCV II STRATEGIC PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 8
SCHEDULE 13D
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CUSIP NO. 586002107 Page 8 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TECHNOLOGY CROSSOVER VENTURES II, C.V.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for a list of Managing General Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NETHERLANDS ANTILLES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 9
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 9 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TCV II, V.O.F.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for a list of Managing General Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NETHERLANDS ANTILLES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 10
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 10 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TECHNOLOGY CROSSOVER MANAGEMENT II, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for a list of Managing Members
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY
OWNED BY ------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH 0(A)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
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> 11
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 11 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TCV III (GP)
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 0(A)
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 12
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 12 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TCV III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 0(A)
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 13
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 13 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TCV III (Q), L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 0(A)
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 14
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 14 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TCV III Strategic Partners, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for identification of General Partner
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 0(A)
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
(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> 15
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 15 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
TECHNOLOGY CROSSOVER MANAGEMENT III, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
See Item 2 for a list of Managing Members
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0(A)
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 0(A)
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0(A)
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0(A)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0(A)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
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> 16
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 16 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
JAY C. HOAG
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 676,040
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
676,040
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,040
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE> 17
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 17 of 32 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
RICHARD H. KIMBALL
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 676,040
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
676,040
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,040
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE> 18
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 18 of 32 Pages
- --------------------------------------------------------------------------------
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.
(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.
<PAGE> 19
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 19 of 32 Pages
- --------------------------------------------------------------------------------
(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. The sole Managing Members of
TCM I are Hoag and Kimball.
(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. TCA I is ultimately controlled by
Hoag and Kimball.
(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.
<PAGE> 20
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 20 of 32 Pages
- --------------------------------------------------------------------------------
(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.
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 SP"). The General Partner of TCV II
Strategic Partners is TCM II.
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) TCV II SP 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
Managing 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.
<PAGE> 21
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 21 of 32 Pages
- --------------------------------------------------------------------------------
(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).
(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. The sole Managing Members of
TCM II are Hoag and Kimball.
(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. TCA II is ultimately
controlled by Hoag and Kimball.
(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).
<PAGE> 22
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 22 of 32 Pages
- --------------------------------------------------------------------------------
(e) No adverse civil judgments for violations of securities
laws (1).
(f) Netherlands Antilles.
XII.
(a) TCV III (GP), a Delaware general partnership. The
General Partner of TCV III (GP) is Technology Crossover
Management III, L.L.C., a Delaware limited liability
company ("TCM III"). The sole Managing Members of TCM
III are Hoag and Kimball.
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) TCV III (GP) is an investment fund.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities
laws (1).
(f) Delaware.
XIII.
(a) TCV III, L.P., a Delaware limited partnership. The
General Partner of TCV III, L.P. is TCM III. The sole
Managing Members of TCM III are Hoag and Kimball.
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) TCV III, L.P. is an investment fund.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities
laws (1).
(f) Delaware.
XIV.
(a) TCV III (Q), L.P., a Delaware limited partnership ("TCV
III (Q)"). The General Partner of TCV III (Q) is TCM
III. The sole Managing Members of TCM III are Hoag and
Kimball.
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) TCV III (Q) is an investment fund.
(d) No criminal convictions (1).
<PAGE> 23
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 23 of 32 Pages
- --------------------------------------------------------------------------------
(e) No adverse civil judgments for violations of securities
laws (1).
(f) Delaware.
XV.
(a) TCV III Strategic Partners, L.P., a Delaware limited
partnership ("TCV III SP"). The General Partner of TCV
III SP is TCM III. The sole Managing Members of TCM III
are Hoag and Kimball.
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) TCV III SP is an investment fund.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities
laws (1).
(f) Delaware.
XVI.
(a) Technology Crossover Management III, L.L.C., a Delaware
limited liability company. The sole Managing Members of
TCM III are Hoag and Kimball.
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) TCM III is an investment fund manager.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities
laws (1).
(f) Delaware.
XVII.
(a) Jay C. Hoag
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) Hoag is a Managing Member of TCM I, TCM II and TCM III.
(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> 24
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 24 of 32 Pages
- --------------------------------------------------------------------------------
XVIII.
(a) Richard H. Kimball
(b) 575 High Street, Suite 400, Palo Alto, CA 94301.
(c) Kimball is a Managing Member of TCM I, TCM II and TCM
III.
(d) No criminal convictions (1).
(e) No adverse civil judgments for violations of securities
laws (1).
(f) Citizen of the United States of America.
- -----------
(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 Price
Holder Shares (1) Amount Paid (2) 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, L.P. 0 0 0
TCV II (Q) 0 0 0
TCV II SP 0 0 0
TCV II, C.V. 0 0 0
TCV II, V.O.F. 0 0 0
TCV III (GP) 0 0 0
TCV III, L.P. 0 0 0
TCV III (Q) 0 0 0
TCV III SP 0 0 0
- ---------------------------------------------------------------------------------------------
TOTALS 676,040 $4,999,152 $7.39
======= ========== =====
</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> 25
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 25 of 32 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) Change in the Issuer's character, 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.
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
<PAGE> 26
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 26 of 32 Pages
- --------------------------------------------------------------------------------
Section 13(d) or 13(g) of the Act, the beneficial owner or 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
----------------------------------
Shares Subject %
to Option or of Class Voting Dispositive
Item 2 Person Shares Outstanding Warrant (1) Power Power
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TCV I, L.P.(2) 601,152 25,279 4.0% sole sole
TCV I, C.V.(2) 47,608 2,001 0.3% sole sole
TCM I 648,760 27,280 4.4% sole sole
TCA I 0 0 0.0% N/A N/A
TCV II, L.P.(3) 0 0 0.0% sole sole
TCV II (Q)(3) 0 0 0.0% sole sole
TCV II SP(3) 0 0 0.0% sole sole
TCV II, C.V.(3) 0 0 0.0% sole sole
TCV II, V.O.F.(3) 0 0 0.0% sole sole
TCM II 0 0 0.0% sole sole
TCA II 0 0 0.0% N/A N/A
TCV III (GP)(4) 0 0 0.0% sole sole
TCV III, L.P.(4) 0 0 0.0% sole sole
TCV III (Q)(4) 0 0 0.0% sole sole
TCV III SP(4) 0 0 0.0% sole sole
TCM III 0 0 0.0% sole sole
Hoag (5) 648,760 27,280 4.4% shared sole
Kimball (5) 648,760 27,280 4.4% shared sole
</TABLE>
- -------------
(1) All percentages in this table are based, pursuant to Rule 13d-1(j) of
the Securities Exchange Act of 1934, on the 15,471,402 shares of Common
Stock of the Company outstanding as of October 29, 1999, as reported in
the Company's Quarterly Report on Form 10-Q for the period ended
September 30, 1999.
(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 SP,
and as Investment General Partner of TCV II, V.O.F. and TCV II, C.V.,
may also be deemed to have sole voting and investment power with respect
to such securities.
(4) Each noted entity (together, the "TCV III 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 III, as sole General Partner of the TCV III Funds, may also be
deemed to have sole voting and investment power with respect to such
securities.
(5) Under the operating agreements of TCM I, TCM II, and TCM III, Hoag and
Kimball have the independent power to cause the funds managed by such
entities to buy and sell securities of publicly traded portfolio
<PAGE> 27
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 27 of 32 Pages
- --------------------------------------------------------------------------------
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, TCV II Funds and TCV III Funds.
Shares Held by Marc S. Tesler
Marc S. Tesler ("Tesler") is a non-managing member of TCM I, TCM II and
TCM III. 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 27,000 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 9,000 shares of Common Stock of
the Issuer that will not become exercisable within 60 days of the date hereof.
Under the operating agreements of TCM I, TCM II and TCM III, non-managing
members have no voting or dispositive power with respect to securities held by
the TCV I Funds, TCV II Funds, or TCV III Funds. No Item 2 Person has the sole
or shared power to vote or dispose of any of the Tesler Shares.
(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 the dates set forth below:
<TABLE>
<CAPTION>
November 1, 1999 November 2, 1999 November 5, 1999 November 23, 1999
- ------------------------------------------------------------------------------------------------
Price Price Price Price
Shares Per Shares Per Shares Per Shares Per
Item 2 Person Sold Share Sold Share Sold Share Sold Share
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TCV II, L.P. 1,530 $27.06 3,062 $27.00 10,046 $26.51 23,490 $27.54
TCV II (Q) 1,177 27.06 2,353 27.00 7,723 26.51 18,058 27.54
TCV II SP 209 27.06 417 27.00 1,370 26.51 3,205 27.54
TCV II, C.V. 234 27.06 468 27.00 1,535 26.51 3,584 27.54
TCV II, V.O.F. 50 27.06 100 27.00 326 26.51 763 27.54
TCV III (GP) 13 27.06 26 27.00 84 26.51 197 27.54
TCV III, L.P. 62 27.06 124 27.00 397 26.51 935 27.54
TCV III (Q), L.P. 1,651 27.06 3,301 27.00 10,544 26.51 24,850 27.54
TCV III SP 74 27.06 149 27.00 475 26.51 1,118 27.54
- ------------------------------------------------------------------------------------------------
Total 5,000 $27.06 10,000 $27.00 32,500 $26.51 76,200 $27.54
</TABLE>
- --------------
(d) Inapplicable.
(e) Except to the extent otherwise expressly stated herein, this Schedule
13D shall not be construed as an admission that any Item 2 Person is, or
was, for purposes of Section 13(d) or 13(g) of the Act, the beneficial
owner of any Common Stock disclosed in this Schedule 13D. Each Item 2
Person ceased to be the beneficial owner of more than five percent of
the class of securities on November 23, 1999.
<PAGE> 28
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 28 of 32 Pages
- --------------------------------------------------------------------------------
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 disposition of the Common Stock of the Issuer. Under the terms of the
respective Partnership Agreements of the TCV III Funds, TCM III possesses the
power to manage the investment activities of the TCV III Funds, including the
power to direct the voting and disposition of the Common Stock of the Issuer.
Under the Operating Agreements of TCM I TCM II, and TCM III, Hoag and Kimball
(the sole Managing Members of each of such entities) possess the power to cause
TCM I, TCM II and TCM III to exercise such voting and dispositive power with
respect to the securities of the Issuer held by the TCV I Funds, TCV II Funds
and the TCV III Funds.
Item 7. Material to be Filed as Exhibits.
The following exhibit was filed as Exhibit A to the original Schedule
13D relating to the Common Stock of MemberWorks Incorporated, filed by the
undersigned with the Securities and Exchange Commission on June 6, 1997, and is
hereby incorporated herein by reference:
Exhibit A - Statement Appointing Designated Filer and Authorized Signer
The following exhibit was filed as Exhibit C to the Schedule 13G
relating to the Common Stock of CacheFlow, Inc., filed by the undersigned with
the Securities and Exchange Commission on November 29, 1999, and is hereby
incorporated herein by reference:
Exhibit B - Agreement to File Jointly and Statement Appointing
Designated Filer and Authorized Signatory
<PAGE> 29
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 29 of 32 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: December 6, 1999
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
<PAGE> 30
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 30 of 32 Pages
- --------------------------------------------------------------------------------
TCV II (Q), L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
---------------------------------------
Robert C. Bensky
Authorized Signatory
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
<PAGE> 31
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 31 of 32 Pages
- --------------------------------------------------------------------------------
TECHNOLOGY CROSSOVER MANAGEMENT II,
L.L.C., a Delaware Limited Liability Company
By: /s/ Robert C. Bensky
-----------------------------------------
Robert C. Bensky
Authorized Signatory
TCV III (GP),
a Delaware General Partnership
By: /s/ Robert C. Bensky
-----------------------------------------
Robert C. Bensky
Authorized Signatory
TCV III, L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
-----------------------------------------
Robert C. Bensky
Authorized Signatory
TCV III (Q), L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
-----------------------------------------
Robert C. Bensky
Authorized Signatory
TCV III STRATEGIC PARTNERS, L.P.,
a Delaware Limited Partnership
By: /s/ Robert C. Bensky
-----------------------------------------
Robert C. Bensky
Authorized Signatory
<PAGE> 32
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 586002107 Page 32 of 32 Pages
- --------------------------------------------------------------------------------
TECHNOLOGY CROSSOVER MANAGEMENT III,
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
