UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ________)*
INSWEB CORPORATION
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.001 per share
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(Title of Class of Securities)
45809K1034
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(CUSIP Number)
RONALD FISHER STEPHEN A. GRANT, ESQ.
SOFTBANK INC. SULLIVAN & CROMWELL
1188 CENTRE STREET 125 BROAD STREET
NEWTON CENTER, MA 02159 NEW YORK, NY 10004
(617) 928-9300 (212) 558-4000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 23, 1999
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If a 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).
(continued on following pages)
<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 2 OF 20 PAGES
- -------------------- -----------------------
- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK Ventures Inc.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 0
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,070,610
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.16%
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14. TYPE OF REPORTING PERSON
CO
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<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 3 OF 20 PAGES
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- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTVEN No. 2 Investment Enterprise Partnership
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 0
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,070,610
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.16%
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14. TYPE OF REPORTING PERSON
PN
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<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 4 OF 20 PAGES
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- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK America Inc.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 0
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,070,610
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.16%
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
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<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 5 OF 20 PAGES
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK Finance Corporation
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 0
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,070,610
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.16%
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14. TYPE OF REPORTING PERSON
CO
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<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 6 OF 20 PAGES
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK Holdings Inc.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 0
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,070,610
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.16%
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14. TYPE OF REPORTING PERSON
HC, CO
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<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 7 OF 20 PAGES
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- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SOFTBANK Corp.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 0
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,070,610
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.16%
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14. TYPE OF REPORTING PERSON
HC, CO
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<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 8 OF 20 PAGES
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Ronald D. Fisher
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
66,790
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 66,790
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,137,400
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.36%
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 9 OF 20 PAGES
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Yoshitaka Kitao
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
2,500
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 2,500
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,073,110
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.17%
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 45809K1034 13D PAGE 10 OF 20 PAGES
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- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Masayoshi Son
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- -------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY 9,070,610
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH 0
--------------------------------------------------------------
REPORTING 10. SHARED DISPOSITIVE POWER
9,070,610
PERSON WITH
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,070,610
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[_]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.16%
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
<PAGE>
Cusip No. 45809K1034 Page 11 of 20 Pages
Item 1. Security and Issuer.
This statement on Schedule 13D (the "Statement") relates to the common
stock, par value $0.001 per share, of InsWeb Corporation (the "Common Stock").
The principal executive offices of the Issuer are located at 901 Marshall
Street, Redwood City, California 94063.
Item 2. Identity and Background.
This Statement is being filed jointly by SOFTBANK Ventures, Inc.
("SVI"), SOFTVEN No. 2 Investment Enterprise Partnership ("SOFTVEN No. 2"),
SOFTBANK America Inc. ("SB America"), SOFTBANK Finance Corporation ("SB
Finance"), SOFTBANK Holdings Inc. ("SBH"), SOFTBANK Corp. ("SOFTBANK"), Ronald
D. Fisher, Yoshitaka Kitao and Masayoshi Son.
SVI is a Japanese corporation with a principal business of investments.
SOFTVEN No. 2 is a Japanese partnership with a principal business of
investments. SB Finance is a Japanese corporation with a principal business of
investments. The business address of SVI, SOFTVEN No. 2 and SB Finance is 3-23
Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan. SB America and SBH are both
Delaware corporations with a principal business of serving as holding companies
for the operations and investments of SOFTBANK. The business address of SB
America and SBH is 300 Delaware Avenue, Suite 900, Wilmington, DE 19801.
SOFTBANK is a Japanese corporation. The principal business of SOFTBANK is the
provision of information and distribution services and infrastructure for the
digital information industry, the distribution of computer software and network
products and the publication of Japanese computer technology magazines. The
business address of SOFTBANK is 24-1 Nihonbashi-Hakozakicho, Chuo-Ku, Tokyo 103-
8501, Japan. Mr. Fisher is a United States citizen. His principal occupation is
vice chairman of SBH and his business address is c/o SOFTBANK Inc., 1188 Centre
Street, Newton Centre, MA 02159. Mr. Kitao is a Japanese citizen. His principal
occupation is executive vice president and chief executive officer in the
corporate strategy department of SOFTBANK and his business address is c/o
SOFTBANK Finance Corporation, 3-23 Kanda-Nishikicho, Chiyoda-ku, Tokyo 101-0054.
Mr Son is a Japanese citizen. His principal occupation is president and chief
executive officer of SOFTBANK and his business address is c/o SOFTBANK Corp.,
24-1 Nihonbashi-Hakozakicho, Chuo-Ku, Tokyo 103-8501, Japan.
None of the Reporting Persons, nor, to their best knowledge and belief,
any of their respective executive officers or directors, has during the last
five years been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or
<PAGE>
Cusip No. 45809K1034 Page 12 of 20 Pages
has been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is 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.
Because of certain business relationships among the Reporting Persons,
they are filing as if they constitute a group solely for informational purposes.
By signing this statement, each Reporting Person agrees that this Statement is
filed on its or his behalf. The filing of this statement is not an admission by
any Reporting Person that such Reporting Person and any other Reporting Person
or Reporting Persons constitute a "group" for purposes of Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended, or Rule 13d-5 thereunder. Each
Reporting Person disclaims beneficial ownership of, or pecuniary interest in,
any shares of Common Stock owned by any other Reporting Person, except to the
extent that beneficial ownership or pecuniary interest is expressly reported
herein.
Item 3. Source and Amount of Funds or Other Consideration.
SB Ventures used available working capital in the amount of
$7,000,041.75 to make the purchases of 42,978 shares of Series D Preferred Stock
referred to in Item 5. SOFTVEN No. 2 used available working capital in the
amount of $23,000,067.37 to make the purchases of 141,213 shares of Series D
Preferred Stock referred to in Item 5. SB Finance used available working capital
in the amount of $17,736,352.80 to make the purchases of the 94,142 shares of
Series D Preferred Stock referred to in Item 5. SB America used available
working capital in the amount of $35,000,010.00 to make the purchase of 185,775
shares of Series E Preferred Stock, and $35,000,000.00 to make the purchase of
1,764,710 shares of Common Stock and 9,304 shares of Series B Preferred Stock,
and $10,751,422.80 to make the purchases of 570,670 shares of Common Stock
referred to in Item 5. Mr. Fisher borrowed $807,482.40 from SOFTBANK to make the
purchase of 42,860 shares of Common Stock referred to in Item 5. No other
borrowed funds or other consideration were used for such purchases.
Item 4. Purpose of the Transaction.
The securities purchased by the Reporting Persons were purchased solely
for investment.
Other than as described herein, at the present time none of the
Reporting Persons has any plans or proposals which relate to or would result in
(a) the acquisition by any person of additional securities of the Company, or
the disposition of securities of the Company, (b) an extraordinary corporate
transaction, such as a merger, reorganization or
<PAGE>
Cusip No. 45809K1034 Page 13 of 20 Pages
liquidation, involving the Company or any of its subsidiaries, (c) a sale or
transfer of a material amount of assets of the Company or any of its
subsidiaries, (d) any change in the present board of directors or management of
the Company, 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 Company, (f) any
other material change in the Company's business or corporate structure, (g)
changes in the Company's charter, bylaws or instruments corresponding thereto or
other actions which may impede the acquisition of control of the Company by any
person, (h) causing a class of securities of the Company 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 Company becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act or (j) any
action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
In December of 1998, SVI purchased an aggregate of 42,978 shares of
Series D Preferred Stock of the Company ("Series D Preferred Stock") for
aggregate consideration of $7,000,041.75 in a private placement by the Company.
As a result of subsequent stock splits and conversion of the shares into Common
Stock of the Company, these shares were changed into 644,670 shares of Common
Stock currently held by SB Ventures.
In February of 1999, SOFTVEN No. 2 purchased an aggregate of 141,213
shares of Series D Preferred Stock of the Company for aggregate consideration of
$23,000,067.37 in a private placement by the Company. In June of 1999, SOFTVEN
No. 2 sold 94,142 shares of the Series D Preferred Stock held by it to SB
Finance for $17,736,352.80, leaving SOFTVEN No. 2 with 47,071 shares of Series D
Preferred Stock. As a result of subsequent stock splits and conversion of the
shares into Common Stock of the Company, these shares were changed into 706,065
and 1,412,130 shares of Common Stock, respectively, currently held by SOFTVEN
No. 2 and SB Finance.
In March and April of 1999, SB America purchased an aggregate of
185,775 shares of Series E Preferred Stock of the Company ("Series E Preferred
Stock") for aggregate consideration of $35,000,010.00 in a private placement by
the Company. In May of 1999, SB America purchased an aggregate of 1,764,710
shares of Common Stock and 9,304 shares of Series B Preferred Stock ("Series B
Preferred Stock") for aggregate consideration of $35,000,000.00 in private
placements by the Company, and an additional 570,670 shares of Common Stock for
an aggregate of $10,751,422.80 from several shareholders of the
Company. As a result of stock splits, conversion of shares of Series B Preferred
Stock and Series E Preferred Stock into shares of Common Stock and the sale by
SB America of
<PAGE>
Cusip No. 45809K1034 Page 14 of 20 Pages
121,509 shares of Common Stock to certain of its employees, SB America's current
holdings are comprised of 6,307,745 shares of Common Stock. Included in the
121,509 shares of Common Stock sold by SB America to its employees were 64,290
shares (before a stock split, 42,860 shares) sold to Mr. Fisher for $807,482.40.
SVI and SB Finance are wholly-owned subsidiaries of SOFTBANK.
Accordingly, SOFTBANK may be regarded as a beneficial owner of securities owned
by SVI and SB Finance. The managing partner of SOFTVEN No. 2 is SoftVenture
Capital, Inc., a Japanese corporation, which is wholly-owned by SOFTBANK.
Accordingly, SOFTBANK may be regarded as a beneficial owner of securities owned
by SOFTVEN No. 2. SBH owns all the outstanding stock of SB America. Accordingly,
SBH may be regarded as a beneficial owner of securities owned by SB America. SBH
is in turn a wholly-owned subsidiary of SOFTBANK. Accordingly, securities
beneficially owned by SBH may be deemed beneficially owned by SOFTBANK. Mr.
Fisher is vice chairman of SBH and may be deemed to have voting or investment
control with respect to shares beneficially owned by SBH. Accordingly,
securities beneficially owned by SBH may be deemed beneficially owned by Mr.
Fisher. Mr. Kitao is executive vice president and chief executive officer in the
corporate strategy department of SOFTBANK and may be deemed to have voting or
investment control with respect to shares beneficially owned by SOFTBANK.
Accordingly, securities beneficially owned by SOFTBANK may be deemed
beneficially owned by Mr. Kitao. Mr. Son is the President and Chief Executive
Officer of SOFTBANK and owns an approximately 38.27% interest in SOFTBANK.
Accordingly, securities beneficially owned by SOFTBANK may be deemed
beneficially owned by Mr. Son. As of the date of filing of this Statement, SVI,
SOFTVEN No. 2, SB America, SB Finance, SBH, SOFTBANK, Mr. Fisher, Mr. Kitao and
Mr. Son may be deemed beneficial owners of a total of 9,070,610 shares of Common
Stock, representing approximately 26.16% of the Common Stock outstanding and
consisting of 644,670 shares of Common Stock directly owned by SVI, 706,065
shares of Common Stock directly owned by SOFTVEN No.2, 6,307,745 shares of
Common Stock directly owned by SB America, 1,412,130 shares of Common Stock
directly owned by SB Finance. Mr. Fisher also directly owns 66,790 shares of
Common Stock; therefore, he may be deemed beneficial owner of a total of
9,137,400 shares, or 26.36% of the Common Stock outstanding. Mr. Kitao also
directly owns 2,500 shares of common stock; therefore, he may be deemed
beneficial owner of a total of 9,073,110 shares, or 26.17% of the Common Stock
outstanding.
None of the Reporting Persons, nor, to their best knowledge and belief,
any of their respective executive officers or directors, has effected any
transaction in the Common Stock during the past 60 days.
<PAGE>
Cusip No. 45809K1034 Page 15 of 20 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
See Items 2 and 5 above for information about certain relationships
among the reporting parties.
Item 7. Material to be filed as Exhibits.
Exhibit 1 Agreement of Joint Filing, dated as of February 14, 2000, by and
among SOFTBANK Ventures, Inc., SOFTVEN No. 2 Investment Enterprise
Partnership, SOFTBANK Finance Corporation, SOFTBANK America Inc.,
SOFTBANK Holdings Inc., SOFTBANK Corp. and Mr. Masayoshi Son.
Exhibit 2 Power of Attorney, dated February 17, 1998, whereby Mr. Masayoshi
Son and SOFTBANK Corp. grant Stephen A. Grant a limited power of
attorney (incorporated by reference to Exhibit 24 to the Statement
on Schedule 13G filed by SOFTBANK, Mr. Son and SOFTBANK Ventures,
Inc. on February 17, 1998 with respect to Concentric Network
Corporation).
<PAGE>
Cusip No. 45809K1034 Page 16 of 20 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: April 6, 2000
SOFTBANK VENTURES, INC.
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
Title: President & CEO
SOFTVEN NO. 2 INVESTMENT ENTERPRISE
PARTNERSHIP
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
Title: President & CEO
SOFTBANK FINANCE CORPORATION
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
Title: President & CEO
SOFTBANK AMERICA INC.
By: /s/ Ronald D. Fisher
---------------------------------
Name: Ronald D. Fisher
Title: Vice Chairman
SOFTBANK HOLDINGS INC.
By: /s/ Stephen A. Grant
---------------------------------
Name: Stephen A. Grant
Title: Secretary
<PAGE>
Cusip No. 45809K1034 Page 17 of 20 Pages
SOFTBANK CORPORATION
By: /s/ Stephen A. Grant
---------------------------------
Name: Stephen A. Grant
Title: Attorney-in-Fact
RONALD D. FISHER
By: /s/ Ronald D. Fisher
---------------------------------
Name: Ronald D. Fisher
YOSHITAKA KITAO
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
MASAYOSHI SON
By: /s/ Stephen A. Grant
---------------------------------
Name: Stephen A. Grant
Title: Attorney-in-Fact
<PAGE>
EXHIBIT INDEX
Exhibit 1 Agreement of Joint Filing, dated as of February 14, 2000, by and
among SOFTBANK Ventures, Inc., SOFTVEN No. 2 Investment Enterprise
Partnership, SOFTBANK Finance Corporation, SOFTBANK America Inc.,
SOFTBANK Holdings Inc., SOFTBANK Corp. and Mr. Masayoshi Son.
Exhibit 2 Power of Attorney, dated February 17, 1998, whereby Mr. Masayoshi
Son and SOFTBANK Corp. grant Stephen A. Grant a limited power of
attorney (incorporated by reference to Exhibit 24 to the Statement
on Schedule 13G filed by SOFTBANK, Mr. Son and SOFTBANK Ventures,
Inc. on February 17, 1998 with respect to Concentric Network
Corporation).
EXHIBIT 1
AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(k) under the Securities and Exchange Act
of 1934, as amended, the undersigned hereby agree to the joint filing on behalf
of each of them of a Statement on Schedule 13D, and any amendments thereto, with
respect to the Common Stock, par value $0.001 per share, of InsWeb Corporation,
Inc. and that this agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same agreement.
IN WITNESS WHEREOF, each of the undersigned hereby executes this
Agreement as of February 14, 2000.
SOFTBANK VENTURES, INC.
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
Title: President & CEO
SOFTVEN NO. 2 INVESTMENT ENTERPRISE
PARTNERSHIP
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
Title: President & CEO
SOFTBANK FINANCE CORPORATION
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
Title: President & CEO
SOFTBANK AMERICA INC.
By: /s/ Ronald D. Fisher
---------------------------------
Name: Ronald D. Fisher
Title: Vice Chairman
<PAGE>
Cusip No. 45809K1034 Page 20 of 20 Pages
SOFTBANK HOLDINGS INC.
By: /s/ Stephen A. Grant
---------------------------------
Name: Stephen A. Grant
Title: Secretary
SOFTBANK CORPORATION
By: /s/ Stephen A. Grant
---------------------------------
Name: Stephen A. Grant
Title: Attorney-in-Fact
RONALD D. FISHER
By: /s/ Ronald D. Fisher
---------------------------------
Name: Ronald D. Fisher
YOSHITAKA KITAO
By: /s/ Yoshitaka Kitao
---------------------------------
Name: Yoshitaka Kitao
MASAYOSHI SON
By: /s/ Stephen A. Grant
---------------------------------
Name: Stephen A. Grant
Title: Attorney-in-Fact
