SUMMIT VENTURES IV LP
SC 13G/A, 1998-02-13
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<PAGE>   1
                                                          OMB APPROVAL
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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. 1 )*

                          Powerwave Technologies, Inc.
                                (Name of Issuer)

                         Common Stock, $.0001 par value
                         (Title of Class of Securities)

                                   739363 10 9
                                 (CUSIP Number)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter 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).


                               Page 1 of 38 Pages
<PAGE>   2
CUSIP NO.   739363 10 9              13G                    PAGE  2  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Summit Ventures IV, L.P.

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                Delaware limited partnership

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                PN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 2 of 38 Pages
<PAGE>   3
CUSIP NO.   739363 10 9              13G                    PAGE  3  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Summit Partners IV, L.P.

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                Delaware limited partnership

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                PN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 3 of 38 Pages
<PAGE>   4
CUSIP NO.   739363 10 9              13G                    PAGE  4  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Summit Ventures III, L.P.

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                Delaware limited partnership

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                PN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 4 of 38 Pages
<PAGE>   5
CUSIP NO.   739363 10 9              13G                    PAGE  5  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Summit Partners III, L.P.

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                Delaware limited partnership

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                PN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 5 of 38 Pages
<PAGE>   6
CUSIP NO.   739363 10 9              13G                    PAGE  6  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Summit Investors II, L.P.

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                Delaware limited partnership

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                PN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 6 of 38 Pages
<PAGE>   7
CUSIP NO.   739363 10 9              13G                    PAGE  7  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Stamps, Woodsum & Co. III

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                Massachusetts general partnership

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                PN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 7 of 38 Pages
<PAGE>   8
CUSIP NO.   739363 10 9              13G                    PAGE  8  of  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Stamps, Woodsum & Co. IV

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                Massachusetts general partnership

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                PN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 8 of 38 Pages
<PAGE>   9
CUSIP NO.   739363 10 9              13G                    PAGE  9  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                E. Roe Stamps, IV

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 9 of 38 Pages
<PAGE>   10
CUSIP NO.   739363 10 9              13G                    PAGE  10  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Stephen G. Woodsum

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 10 of 38 Pages
<PAGE>   11
CUSIP NO.   739363 10 9              13G                    PAGE  11  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Gregory M. Avis

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 11 of 38 Pages
<PAGE>   12
CUSIP NO.   739363 10 9              13G                    PAGE  12  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                John A. Genest

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 12 of 38 Pages
<PAGE>   13
CUSIP NO.   739363 10 9              13G                    PAGE  13  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Martin J. Mannion

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 13 of 38 Pages
<PAGE>   14
CUSIP NO.   739363 10 9              13G                    PAGE  14  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Ernest K. Jacquet

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 14 of 38 Pages
<PAGE>   15
CUSIP NO.   739363 10 9              13G                    PAGE  15  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Bruce R. Evans

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 15 of 38 Pages
<PAGE>   16
CUSIP NO.   739363 10 9              13G                    PAGE  16  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Thomas S. Roberts

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 16 of 38 Pages
<PAGE>   17
CUSIP NO.   739363 10 9              13G                    PAGE  17  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Walter G. Kortschak

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        1,209,438 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       1,209,438 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                1,209,438  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                6.8%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 17 of 38 Pages
<PAGE>   18
CUSIP NO.   739363 10 9              13G                    PAGE  18  OF  38
- --------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                Joseph F. Trustey

- --------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) / /
                                                               (b) / /

- --------------------------------------------------------------------------------
  3    SEC USE ONLY

- --------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

                United States

- --------------------------------------------------------------------------------
                         5    SOLE VOTING POWER

                                       0 shares
      NUMBER OF
                         -------------------------------------------------------
        SHARES           6    SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                        583,566 shares

                         -------------------------------------------------------
         EACH            7    SOLE DISPOSITIVE POWER
      REPORTING
        PERSON                         0 shares

                         -------------------------------------------------------
         WITH            8    SHARED DISPOSITIVE POWER

                                       583,566 shares

- --------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                583,566  shares

- --------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                       /  /
- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                3.3%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                IN

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 18 of 38 Pages
<PAGE>   19
                                  Schedule 13G


Item 1(a).        Name of Issuer: Powerwave Technologies, Inc.

Item 1(b).        Address of Issuer's Principal Executive Offices:
                  2026 McGaw Avenue, Irvine, CA 92614

Item 2(a).        Names of Persons Filing: Summit Ventures IV, L.P., Summit
                  Partners IV, L.P., Summit Investors II, L.P., Summit Ventures
                  III, L.P., Summit Partners III, L.P., Stamps, Woodsum & Co.
                  III, Stamps, Woodsum & Co. IV and Messrs. E. Roe Stamps, IV,
                  Stephen G. Woodsum, Gregory M. Avis, John A. Genest, Martin J.
                  Mannion, Ernest K. Jacquet, Bruce R. Evans, Thomas S. Roberts,
                  Walter G. Kortschak and Joseph F. Trustey.

                  Summit Partners IV, L.P. is the sole general partner of Summit
                  Ventures IV, L.P. Stamps, Woodsum & Co. IV is the sole general
                  partner of Summit Partners IV, L.P. Summit Partners III, L.P.
                  is the sole general partner of Summit Ventures III, L.P.
                  Stamps, Woodsum & Co. III is the sole general partner of
                  Summit Partners III, L.P. Messrs. Stamps, Woodsum, Avis,
                  Genest, Mannion, Jacquet, Evans, Roberts and Kortschak are
                  individual general partners of Stamps, Woodsum & Co. IV,
                  Summit Investors II, L.P. and Stamps, Woodsum & Co. III.
                  Messr. Trustey is an individual general partner of Stamps,
                  Woodsum & Co. IV.

Item 2(b).        Address of Principal Business Office or, if None, Residence:
                  The address of the principal business office of Summit
                  Ventures IV, L.P., Summit Partners IV, L.P., Summit Ventures
                  III, L.P., Summit Partners III, L.P., Summit Investors II,
                  L.P., Stamps, Woodsum & Co. IV, Stamps, Woodsum & Co. III and
                  Messrs. Stamps, Woodsum, Mannion, Genest, Jacquet, Evans,
                  Roberts and Trustey is Summit Partners, 600 Atlantic Avenue,
                  Boston, Massachusetts 02210. The address of the principal
                  business office of Messrs. Avis and Kortschak is Summit
                  Partners, 499 Hamilton Avenue, Palo Alto, California 94301.

Item 2(c).        Citizenship: Each of Summit Ventures IV, L.P., Summit Partners
                  IV, L.P., Summit Ventures III, L.P., Summit Partners III, L.P.
                  and Summit Investors II, L.P. is a limited partnership
                  organized under the laws of the State of Delaware. Each of
                  Stamps, Woodsum & Co. IV and Stamps, Woodsum & Co. III is a
                  general partnership organized under the laws of the
                  Commonwealth of Massachusetts. Each of Messrs. Stamps,
                  Woodsum, Avis, Mannion, Genest, Jacquet, Evans, Roberts,
                  Kortschak and Trustey is a United States citizen.

Item 2(d).        Title of Class of Securities: Common Stock, $.0001 par value
                  per share.


                              Page 19 of 38 Pages
<PAGE>   20
Item 2(e).        CUSIP Number:739363 10 9

Item 3.           If this statement is filed pursuant to Rules 13d-1(b), or
                  13d-2(b), check whether the person filing is a:

                  (a) [ ] Broker or Dealer registered under Section 15 of the 
                          Securities Exchange Act of 1934 (the "Act").

                  (b) [ ] Bank as defined in Section 3(a)(6) of the Act.

                  (c) [ ] Insurance Company as defined in Section 3(a)(19) of
                          the Act.

                  (d) [ ] Investment Company registered under Section 8 of the 
                          Investment Company Act of 1940.

                  (e) [ ] Investment Adviser registered under Section 203 of the
                          Investment Advisers Act of 1940.

                  (f) [ ] Employee Benefit Plan, Pension Fund which is subject 
                          to the provisions of the Employee Retirement Income 
                          Security Act of 1974 or Endowment Fund; see Rule
                          13d-1(b)(1)(ii)(F) of the Act.

                  (g) [ ] Parent Holding Company, in accordance with Rule 13d-
                          1(b)(ii)(G) of the Act.

                  (h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H) of
                          the Act.

                  Not Applicable.

Item 4.           Ownership.
                  (a)   Amount Beneficially Owned:

                        Each of Summit Ventures IV, L.P., Summit Partners IV,
                        L.P., Summit Ventures III, L.P., Summit Partners III,
                        L.P., Stamps, Woodsum & Co. IV, Stamps, Woodsum & Co.
                        III and Summit Investors II, L.P. (individually an
                        "Entity" and collectively the "Entities") may be deemed
                        to own beneficially 1,209,438 shares of Common Stock as
                        of December 31, 1997. Each of Messrs. Stamps, Woodsum,
                        Avis, Mannion, Genest, Jacquet, Evans, Roberts and
                        Kortschak may be deemed to own beneficially 1,209,438
                        shares of Common Stock as of December 31, 1997. Messr.
                        Trustey may be 


                              Page 20 of 38 Pages
<PAGE>   21
                        deemed to own beneficially 583,566 shares of Common 
                        Stock as of December 31, 1997.

                        As of December 31, 1997, Summit Ventures IV, L.P. was
                        the record holder of 583,566 shares of Common Stock. As
                        of December 31, 1997, Summit Ventures III, L.P. was the
                        record holder of 583,566 shares of Common Stock. As of
                        December 31, 1997, Summit Investors II, L.P. was the
                        record holder of 42,306 shares of Common Stock. The
                        shares held of record by Summit Ventures IV, L.P.,
                        Summit Ventures III, L.P. and Summit Investors II, L.P.
                        are referred to herein collectively as the "Record
                        Shares." By virtue of the affiliate relationships among
                        the Entities, each Entity may be deemed to own
                        beneficially all of the Record Shares. Hence, each
                        Entity may be deemed to own beneficially 1,209,438
                        shares of Common Stock. In their capacities as
                        individual general partners of Stamps, Woodsum & Co. IV,
                        Stamps, Woodsum & Co. III and Summit Investors II, L.P.,
                        each of Messrs. Stamps, Woodsum, Avis, Mannion, Genest,
                        Jacquet, Evans, Roberts and Kortschak may be deemed to
                        own beneficially 1,209,438 shares of Common Stock. In
                        his capacity as individual general partner of Stamps,
                        Woodsum and Co. IV, Messr. Trustey may be deemed to own
                        beneficially 583,566 shares of Common Stock.

      (b) Percent of Class:

                        Summit Ventures IV, L.P.: 6.8%
                        Summit Partners IV, L.P.: 6.8%
                        Summit Ventures III, L.P.:  6.8%
                        Summit Partners III, L.P.:  6.8%
                        Stamps, Woodsum & Co. III:  6.8%
                        Stamps, Woodsum & Co. IV: 6.8%
                        Summit Investors II, L.P.: 6.8%
                        E. Roe Stamps, IV: 6.8%
                        Stephen G. Woodsum: 6.8%
                        Martin J. Mannion: 6.8%
                        John A. Genest: 6.8%
                        Gregory M. Avis: 6.8%
                        Ernest K. Jacquet: 6.8%
                        Bruce R. Evans: 6.8%
                        Walter G. Kortschak: 6.8%
                        Thomas S. Roberts: 6.8%
                        Joseph F. Trustey: 3.3%

                        The foregoing percentages are calculated based on the
                        17,773,338 shares of Common Stock reported to be
                        outstanding on 


                              Page 21 of 38 Pages
<PAGE>   22
                        Powerwave Technologies, Inc.'s Form 10-Q for the
                        quarterly period ended September 28, 1997.

      (c)               Number of shares as to which such person has:

                        (i)   sole power to vote or to direct the vote:

                                    0 shares for each reporting person

                        (ii)  shared power to vote or to direct the vote:

                                    Summit Ventures IV, L.P.:  1,209,438 shares
                                    Summit Partners IV, L.P.:  1,209,438 shares
                                    Summit Ventures III, L.P.:  1,209,438 shares
                                    Summit Partners III, L.P.:  1,209,438 shares
                                    Stamps, Woodsum & Co. III: 1,209,438 shares
                                    Stamps, Woodsum & Co. IV:  1,209,438 shares
                                    Summit Investors II, L.P.:  1,209,438 shares
                                    E. Roe Stamps, IV:  1,209,438 shares
                                    Stephen G. Woodsum:  1,209,438 shares
                                    Martin J. Mannion:  1,209,438 shares
                                    John A. Genest:  1,209,438 shares
                                    Gregory M. Avis:  1,209,438 shares
                                    Ernest K. Jacquet:  1,209,438 shares
                                    Bruce R. Evans:  1,209,438 shares
                                    Walter G. Kortschak:  1,209,438 shares
                                    Thomas S. Roberts:  1,209,438 shares
                                    Joseph F. Trustey: 583,566 shares

                        (iii) sole power to dispose a direct the disposition of:

                                    0 shares for each reporting person

                        (iv)  shared power to dispose or direct the disposition
                              of:

                                    Summit Ventures IV, L.P.:  1,209,438 shares
                                    Summit Partners IV, L.P.:  1,209,438 shares
                                    Summit Ventures III, L.P.: 1,209,438 shares
                                    Summit Partners III, L.P.: 1,209,438 shares
                                    Stamps, Woodsum & Co. III: 1,209,438 shares
                                    Stamps, Woodsum & Co. IV:  1,209,438 shares
                                    Summit Investors II, L.P.: 1,209,438 shares
                                    E. Roe Stamps, IV:  1,209,438 shares
                                    Stephen G. Woodsum:  1,209,438 shares
                                    Martin J. Mannion:  1,209,438 shares


                              Page 22 of 38 Pages
<PAGE>   23
                                    John A. Genest:  1,209,438 shares
                                    Gregory M. Avis:  1,209,438 shares
                                    Ernest K. Jacquet:  1,209,438 shares
                                    Bruce R. Evans:  1,209,438 shares
                                    Walter G. Kortschak:  1,209,438 shares
                                    Thomas S. Roberts:  1,209,438 shares
                                    Joseph F. Trustey: 583,566 shares

                  Each of the reporting persons expressly disclaims beneficial
                  ownership of any shares of Common Stock of Powerwave
                  Technologies, Inc., except in the case of Summit Ventures III,
                  L.P. for the 583,566 shares which it holds of record, in the
                  case of Summit Ventures IV, L.P. for the 583,566 shares which
                  it holds of record, and in the case of Summit Investors II,
                  L.P. for the 42,306 shares which it holds of record.

Item 5.           Ownership of Five Percent or Less of a Class.

                  Not Applicable

Item 6.           Ownership of More than Five Percent on Behalf of Another 
                  Person.

                  Not Applicable.

Item 7.           Identification and Classification of the Subsidiary which 
                  Acquired the Security Being Reported on By the Parent Holding 
                  Company.

                  Not Applicable.

Item 8.           Identification and Classification of Members of the Group.

                  Not Applicable.  The reporting persons expressly disclaim 
                  membership in a "group" as defined in Rule 13d-1(b)(ii)(H).

Item 9.           Notice of Dissolution of Group.

                  Not Applicable.

Item 10.          Certification.

                  Not Applicable.  This statement on Schedule 13G is not filed 
                  pursuant to Rule 13d-1(b).


                              Page 23 of 38 Pages
<PAGE>   24
                                   SIGNATURES

      After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct. We also hereby agree to file this statement jointly pursuant to the
Agreement listed on Exhibit 1 hereto.

Dated:  February 10, 1998

SUMMIT VENTURES IV, L.P.                    STAMPS, WOODSUM & CO. IV

By:   Summit Partners IV, L.P.              By:                        *
                                                 ------------------------------
                                                 E. Roe Stamps, IV
By:   Stamps, Woodsum & Co. IV                   General Partner

                                            SUMMIT VENTURES III, L.P.
      By:                  *
         ----------------------------
              E. Roe Stamps, IV             By:      Summit Partners III, L.P.
              General Partner
                                            By:      Stamps, Woodsum & Co. III
SUMMIT INVESTORS II, L.P.
                                                     By:              *
                                                          ---------------------
                                                          E. Roe Stamps, IV
By:  /s/ John A. Genest                                   General Partner
     --------------------------------
      General Partner

                                            SUMMIT PARTNERS III, L.P.
SUMMIT PARTNERS IV, L.P.
                                            By:      Stamps, Woodsum & Co. III
By:   Stamps, Woodsum & Co. IV
                                                     By:              *
                                                          ---------------------
                                                          E. Roe Stamps, IV
      By:                  *                              General Partner
           --------------------------
           E. Roe Stamps, IV
           General Partner
                                            STAMPS, WOODSUM & CO. III

                                            By:                       *
                                                -------------------------------
                                                E. Roe Stamps, IV
                                                General Partner


                              Page 24 of 38 Pages
<PAGE>   25

                           *                                   *
- -------------------------------------        -----------------------------------
Ernest K. Jacquet                            E. Roe Stamps, IV

                           *                                   *
- -------------------------------------        -----------------------------------
Bruce R. Evans                               Stephen G. Woodsum

                           *                                   *
- -------------------------------------        -----------------------------------
Walter G. Kortschak                          Gregory M. Avis

                           *                                   *
- -------------------------------------        -----------------------------------
Thomas S. Roberts                            Martin J. Mannion

                           *
                                             /s/ John A. Genest
- -------------------------------------        -----------------------------------
Joseph F. Trustey                            John A. Genest



                                                  *By: /s/ John A. Genest
                                                       ------------------------
                                                       John A. Genest,
                                                       Attorney-in-Fact


* Pursuant to Powers of Attorney on file with the Commission, which Powers of
Attorney are incorporated herein by reference. Copies of such Powers of Attorney
are attached hereto as Exhibit 2.


                              Page 25 of 38 Pages
<PAGE>   26
                                                                       Exhibit 1

                                    AGREEMENT

      Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934,
the undersigned hereby agree that only one statement containing the information
required by Schedule 13G need be filed with respect to the ownership by each of
the undersigned of shares of Common Stock of Powerwave Technologies, Inc.

      This agreement may be executed in any number of counterparts, each of
which shall be deemed an original.

      EXECUTED this 10th day of February, 1998.

SUMMIT VENTURES IV, L.P.                STAMPS, WOODSUM & CO IV

By:   Summit Partners IV, L.P.          By:                *
                                             -----------------------------
                                             E. Roe Stamps, IV
By:   Stamps, Woodsum & Co. IV               General Partner

                                        SUMMIT VENTURES III, L.P.
      By:                  *
          ---------------------------
          E. Roe Stamps, IV             By:   Summit Partners III, L.P.
          General Partner
                                              By:    Stamps, Woodsum & Co. III
SUMMIT INVESTORS II, L.P.
                                                     By:              *
                                                          ---------------------
                                                          E. Roe Stamps, IV
By: /s/ John A. Genest                                    General Partner
    ---------------------------------
      General Partner

                                            SUMMIT PARTNERS III, L.P.
SUMMIT PARTNERS IV, L.P.
                                            By:      Stamps, Woodsum & Co. III
By:   Stamps, Woodsum & Co. IV
                                                     By:              *
                                                          ---------------------
                                                          E. Roe Stamps, IV
      By: /s/ John A. Genest                              General Partner
          ---------------------------
              E. Roe Stamps, IV
              General Partner               STAMPS, WOODSUM & CO. III

                                            By:                       *
                                                 ------------------------------
                                                 E. Roe Stamps, IV
                                                 General Partner


                              Page 26 of 38 Pages
<PAGE>   27

                           *                                  *
- -------------------------------------      ------------------------------------
Ernest K. Jacquet                          E. Roe Stamps, IV

                           *                                  *
- -------------------------------------      ------------------------------------
Bruce R. Evans                             Stephen G. Woodsum

                           *                                  *
- -------------------------------------      ------------------------------------
Walter G. Kortschak                        Gregory M. Avis

                           *                                  *
- -------------------------------------      ------------------------------------
Thomas S. Roberts                          Martin J. Mannion

                           *
                                           /s/ John A. Genest
- -------------------------------------      ------------------------------------
Joseph F. Trustey                          John A. Genest



                                                *By:  /s/ John A. Genest
                                                      -------------------------
                                                      John A. Genest,
                                                      Attorney-in-Fact


* Pursuant to Powers of Attorney on file with the Commission, which Powers of
Attorney are incorporated herein by reference. Copies of such Powers of Attorney
are attached hereto as Exhibit 2.


                              Page 27 of 38 Pages
<PAGE>   28
                                                                       Exhibit 2

                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints each and any of E. Roe Stamps, IV,
Stephen G. Woodsum and John A. Genest his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities (until revoked in writing) to
sign any and all instruments, certificates and documents required to be executed
on behalf of himself individually or on behalf of each or any of Summit
Ventures, L.P., Summit Partners, L.P., Stamps, Woodsum & Co., Summit Partners'
Holdings, L.P., Summit Ventures II, L.P., Summit Partners II, L.P., Stamps,
Woodsum & Co. II, SV Eurofund C.V., SV International, L.P., Stamps, Woodsum
International & Co., Summit Investors, L.P., Summit Investors II, L.P., Summit
Investors III, L.P., Summit Ventures III, L.P., Summit Partners III, L.P.,
Stamps, Woodsum & Co. III, Summit Ventures IV, L.P., Summit Partners IV, L.P.,
Stamps, Woodsum & Co., IV, Summit Subordinated Debt Fund, L.P., Summit Partners
SD, L.P., SW Management Corp., Summit Management Co., Summit Subordinated Debt
Fund II, L.P., and Summit Partners SD II, LLC, pursuant to sections 13 and 16 of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and any
and all regulations promulgated thereunder, and to file the same, with all
exhibits thereto, and any other documents in connection therewith, with the
Securities and Exchange Commission, and with any other entity when and if such
is mandated by the Exchange Act or by the By-laws of the National Association of
Securities Dealers, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
fully to all intents and purposes as she might or could do in person thereby
ratifying and confirming all that said attorney-in-fact and agent, or her
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.


                              Page 28 of 38 Pages
<PAGE>   29
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/  E. Roe Stamps, IV
                                              ----------------------------------
                                              E. Roe Stamps, IV

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came E. Roe
Stamps, IV, known to me to be the person described and who executed the
foregoing instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 29 of 38 Pages
<PAGE>   30
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/  Stephen G. Woodsum
                                              ----------------------------------
                                              Stephen G. Woodsum

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came Stephen
G. Woodsum, known to me to be the person described and who executed the
foregoing instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 30 of 38 Pages
<PAGE>   31
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/  Martin J. Mannion
                                              ----------------------------------
                                              Martin J. Mannion

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came Martin J.
Mannion, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 31 of 38 Pages
<PAGE>   32
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/ John A. Genest
                                              ----------------------------------
                                              John A. Genest

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came John A.
Genest, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 32 of 38 Pages
<PAGE>   33
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/ Gregory M. Avis
                                              ----------------------------------
                                              Gregory M. Avis

State of California                  )
                                     ) ss:
County of Santa Clara                )

         On this 3rd day of February, 1997, before me personally came Stephen G.
Woodsum, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/ Katherine C. Ely
                                              ----------------------------------
                                              Notary Public


                                           My Commission expires:  May 28, 2000


                              Page 33 0f 38 Pages
<PAGE>   34
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/  Ernest K. Jacquet
                                              ----------------------------------
                                              Earnest K. Jacquet

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came Earnest
K. Jacquet, known to me to be the person described and who executed the
foregoing instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 34 of 38 Pages
<PAGE>   35
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/  Thomas S. Roberts
                                              ----------------------------------
                                              Thomas S. Roberts

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came Thomas S.
Roberts, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 35 of 38 Pages
<PAGE>   36
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/ Bruce R. Evans
                                              ----------------------------------
                                              Bruce R. Evans

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came Bruce R.
Evans, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 36 of 38 Pages
<PAGE>   37
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/  Walter G. Kortschak
                                              ----------------------------------
                                              Walter G. Kortschak

State of California                   )
                                      ) ss:
County of Santa Clara                 )

         On this 3rd day of February, 1997, before me personally came Walter G.
Kortschak, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/ Katherine C. Ely
                                              ----------------------------------
                                              Notary Public


                                           My Commission expires:  May 28, 2000


                              Page 37 0f 38 Pages
<PAGE>   38
         IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
10th day of February, 1997.


                                              /s/  Joseph F. Trustey
                                              ----------------------------------
                                              Joseph F. Trustey

Commonwealth of Massachusetts       )
                                    ) ss:
County of Suffolk                   )

         On this 10th day of February, 1997, before me personally came Joseph F.
Trustey, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                              /s/  Cynthia R. Freidman
                                              ----------------------------------
                                              Notary Public


                                       My Commission expires:  October 20, 2000


                              Page 38 of 38 Pages


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