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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ___________)*
Online Resources & Communications Corporation
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(Name of Issuer)
Common Stock, par value $.0001
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(Title of Class of Securities)
68273G101
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(CUSIP Number)
June 4, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-1(b)
/ / Rule 13d-1(c)
/X/ Rule 13d-1(d)
*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 the disclosures provided in a prior cover page.
The information required in 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).
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CUSIP No. 68273G101
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1. Names of Reporting Persons. George M. Middlemas
I.R.S. Identification Nos. of above persons (entities only) 175 38 7894
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) /X/
- --------------------------------------------------------------------------------
3. SEC Use Only
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4. Citizenship or Place of Organization United States
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5. Sole Voting Power 7,289
Number of -------------------------------------------------------------
Shares
Beneficially 6. Shared Voting Power 564,003
Owned by
Each Reporting -------------------------------------------------------------
Person With
7. Sole Dispositive Power 7,289
-------------------------------------------------------------
8. Shared Dispositive Power 564,003
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 571,292
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares / /
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 5.2%
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12. Type of Reporting Person (See Instructions) IN
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CUSIP No. 68273G101
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1. Names of Reporting Persons Apex Investment Fund II, L.P.
I.R.S. Identification Nos. of above persons (entities only) 36 3698753
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) /X/
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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5. Sole Voting Power 244,486
Number of -------------------------------------------------------------
Shares
Beneficially 6. Shared Voting Power 0
Owned by
Each Reporting -------------------------------------------------------------
Person With
7. Sole Dispositive Power 244,486
-------------------------------------------------------------
8. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 244,486
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares / /
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 2.2%
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12. Type of Reporting Person (See Instructions) PN
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CUSIP No. 68273G101
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1. Names of Reporting Persons Apex Investment Fund III, L.P.
I.R.S. Identification Nos. of above persons (entities only) 36 4078931
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) /X/
- --------------------------------------------------------------------------------
3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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5. Sole Voting Power 280,267
Number of -------------------------------------------------------------
Shares
Beneficially 6. Shared Voting Power 0
Owned by
Each Reporting -------------------------------------------------------------
Person With
7. Sole Dispositive Power 280,267
-------------------------------------------------------------
8. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 280,267
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares / /
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 2.6%
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12. Type of Reporting Person (See Instructions) PN
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CUSIP No. 68273G101
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1. Names of Reporting Persons Apex Strategic Partners, LLC
I.R.S. Identification Nos. of above persons (entities only) 36 4115103
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) /X/
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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5. Sole Voting Power 39,250
Number of -------------------------------------------------------------
Shares
Beneficially 6. Shared Voting Power 0
Owned by
Each Reporting -------------------------------------------------------------
Person With
7. Sole Dispositive Power 39,250
-------------------------------------------------------------
8. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 39,250
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares / /
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 0.4%
- --------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) OO
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Item 1.
(a) Name of Issuer
Online Resources & Communications Corporation
(b) Address of Issuer's Principal Executive Offices
7600 Colshire Drive
McLean, Virginia 22102
Item 2.
(a) Name of Person Filing
George M. Middlemas ("Middlemas"), Apex Investment Fund II, L.P.
("Apex II"), Apex Investment Fund III, L.P. ("Apex III") and Apex
Strategic Partners, LLC ("Apex Strategic")
(b) Address of Principal Business Office or, if none, Residence
Middlemas, Apex II, Apex III and Apex Strategic maintain their
principal place of business at 225 W. Washington, Suite 1450, Chicago,
Illinois 60606.
(c) Citizenship
Middlemas is a citizen of the United States. Apex II and Apex III
are Delaware limited partnerships. Apex Strategic is a Delaware
limited liability company.
(d) Title of Class of Securities
Common Stock, par value $.0001
(e) CUSIP Number
68273G101
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Item 3. Not applicable
Item 4. Ownership
(a) Amount beneficially owned
Middlemas is the record owner of 7,289 shares (which number
includes 3,564 common stock options at an exercise price of
$8.42 per share); and by virtue of his status as a general
partner of the general partner of Apex II, may be deemed the
beneficial owner of 244,486 shares (which number includes
35,642 common stock purchase warrants at an exercise price of
$7.01 per share; and 49,490 common stock purchase warrants at
an exercise price of $8.42 per share); and by virtue of his
status as a managing member of the general partner of Apex III
may be deemed the beneficial owner of 280,267 shares (which
number includes 55,677 common stock purchase warrants at an
exercise price of $8.42 per share); and by virtue of his status
as a managing member of the investment manager of Apex
Strategic may be deemed the beneficial owner of 39,250 shares
(which number includes 3,725 common stock purchase warrants at
an exercise price of $8.42 per share).
Apex II is the record owner of 244,486 shares (which number
includes 35,642 common stock purchase warrants at an exercise
price of $7.01 per share; and 49,490 common stock purchase
warrants at an exercise price of $8.42 per share).
Apex III is the record owner of 280,267 shares (which number
includes 55,677 common stock purchase warrants at an exercise
price of $8.42 per share).
Apex Strategic is the record owner of 39,250 shares (which
number includes 3,725 common stock purchase warrants at an
exercise price of $8.42 per share).
(b) Percent of Class
Middlemas is the record owner of 0.07%, based upon 10,915,009
shares outstanding, and may be deemed the beneficial owner of
5.2%, based upon 11,059,543 shares outstanding. Apex II is the
beneficial owner of 2.2%, based upon 10,996,577 shares
outstanding. Apex III is the beneficial owner of 2.6%, based
upon 10,967,122 shares outstanding. Apex Strategic is the
beneficial owner of 0.4%, based upon 10,915,170 shares
outstanding. The shares used to calculate these percentages
were reported outstanding on Issuer's 11/15/99 Form 10Q EDGAR
filing.
(c) Number of shares as to which the person has
(i) Sole power to vote or direct the vote
Middlemas 7,289 shares
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Apex II 244,486 shares
Apex III 280,267 shares
Apex Strategic
39,250 shares
(ii) Shared power to vote or direct the vote
Middlemas 564,003 shares
(iii) Sole power to dispose or to direct the disposition of
Middlemas 7,289 shares
Apex II 244,486 shares
Apex III 280,267 shares
Apex Strategic
39,250 shares.
(iv) Shared power to dispose or to direct the disposition of
Middlemas 564,003 shares
Item 5. Not applicable.
Item 6. Not applicable
Item 7. Not applicable
Item 8. See Exhibit I.
Item 9. Not applicable
Item 10. Not applicable
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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.
Date: February 4, 2000
/s/ George M. Middlemas
----------------------------------
GEORGE M. MIDDLEMAS
APEX INVESTMENT FUND II, L.P.
a Delaware Limited Partnership
By: Apex Management Partnership, its
general partner
By: /s/ George M. Middlemas
-----------------------------
George M. Middlemas, a general partner
APEX INVESTMENT FUND III, L.P.
a Delaware Limited Partnership
By: Apex Management III, LLC
By: /s/ George M. Middlemas
-----------------------------
George M. Middlemas, a managing member
APEX STRATEGIC PARTNERS, LLC
a Delaware Limited Liability Company
By: Apex Management III, LLC
By: /s/ George M. Middlemas
-----------------------------
George M. Middlemas, a managing member
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EXHIBIT I TO SCHEDULE 13G
IDENTIFICATION OF GENERAL PARTNER
The general partner of Apex Investment Fund II Limited Partnership ("Apex
II") is Apex Management Partnership. Apex Management Partnership's partners
are: First Analysis Corporation, a Delaware corporation ("FAC"); Stellar
Investment Co. ("Stellar"), a corporation controlled by James A. Johnson
("Johnson"); George M. Middlemas ("Middlemas"); and Chartwell Holdings, Inc.
("Chartwell"), a corporation controlled by Paul J. Renze ("Renze").
The general partner of Apex Investment Fund III, L.P. ("Apex III") is
Apex Management III, LLC ("Apex Management"), a Delaware limited liability
company. Apex Management's managing members are: Middlemas, Stellar and First
Analysis Apex Management Company III, LLC ("First Analysis Apex Management"),
a Delaware limited liability company. First Analysis Apex Management's
managing member is FAC. The investment manager of Apex Strategic Partners,
LLC ("Apex Strategic") is Apex Management.
F. Oliver Nicklin ("Nicklin"), President and Director of FAC, and
Maxwell, Vice Chairman of FAC, take executive actions on behalf of FAC with
respect to FAC's functioning as an ultimate general partner of Apex II, an
ultimate managing member of Apex III and an ultimate managing member of Apex
Management. Each of Nicklin and Maxwell maintains his principal office at 233
South Wacker Drive, Suite 9500, Chicago, Illinois 60606 ("Suite 9500"). Each
of the above is principally employed as an executive of FAC. FAC's principal
business is participation in venture capital partnerships and the provision
of research investment services. Its principal business address is Suite 9500.
Each of Johnson and Middlemas is principally employed as an executive of
Apex Investment Partners and maintains his business address at 225 W.
Washington, Suite 1450, Chicago, Illinois 60606 ("Suite 1450"). Renze is
principally employed as an independent investor and maintains his business
address at 5 Three Lakes Road, Barrington Hills, Illinois 60010 (the
"Barrington Office"). Stellar's principal business is serving as an ultimate
general partner of investment partnerships. Its business address is
maintained at Suite 1450. Chartwell's principal business is serving as an
ultimate general partner of investment partnerships. Its business address is
maintained at the Barrington Office.
To the best of Apex II's, Apex III's and Apex Strategic's knowledge, each
of the natural persons listed above is a citizen of the United States.
<PAGE>
EXHIBIT II TO SCHEDULE 13G
17 C.F.R. 240.13d-1(k)(1)(iii)
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, the
undersigned hereby agree that only one statement containing the information
required on Schedule 13G need be filed with respect to ownership by each of
the undersigned of shares of Common Stock of Online Resources &
Communications Corporation.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original.
Dated: February 4, 2000
/s/ George M. Middlemas
----------------------------------
GEORGE M. MIDDLEMAS
APEX INVESTMENT FUND II, L.P.
a Delaware Limited Partnership
By: Apex Management Partnership, its
general partner
By: /s/ George M. Middlemas
-----------------------------
George M. Middlemas, a general partner
APEX INVESTMENT FUND III, L.P.
a Delaware Limited Partnership
By: Apex Management III, LLC
By: /s/ George M. Middlemas
-----------------------------
George M. Middlemas, a managing member
APEX STRATEGIC PARTNERS, LLC
a Delaware Limited Liability Company
By: Apex Management III, LLC
By: /s/ George M. Middlemas
-----------------------------
George M. Middlemas, a managing member
