<PAGE> 1
------------------------------
OMB APPROVAL
------------------------------
OMB Number: 3235-0145
Expires: August 31, 1999
Estimated average burden
hours per response . . .14.90
------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
DSET CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK, no par value
- --------------------------------------------------------------------------------
(Title of class of securities)
262504103
- --------------------------------------------------------------------------------
(CUSIP Number)
December 31, 1998
- --------------------------------------------------------------------------------
(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)
(Continued on the following page)
(Page 1 of 33 Pages)
- ------------------------
*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> 2
- ------------------- ------------------
CUSIP NO. 262504103 SCHEDULE 13G Page 2 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
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 1,405,422 shares
EACH -----------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH 0 shares
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON *
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
- ------------------- ------------------
CUSIP NO. 262504103 SCHEDULE 13G Page 3 OF 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
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 1,405,422 shares
EACH -----------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON *
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
- ------------------- ------------------
CUSIP NO. 262504103 SCHEDULE 13G Page 4 OF 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
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 1,405,422 shares
EACH -----------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON *
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 5
- ----------------------- ------------------------
CUSIP No. 262504103 SCHEDULE 13G Page 5 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
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 1,405,422 shares
EACH -------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 6
- ----------------------- ------------------------
CUSIP No. 262504103 SCHEDULE 13G Page 6 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 7
- ----------------------- ------------------------
CUSIP No. 262504103 SCHEDULE 13G Page 7 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 8
- ----------------------- ------------------------
CUSIP No. 262504103 SCHEDULE 13G Page 8 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 9
- ------------------- ------------------
CUSIP No. 262504103 SCHEDULE 13G Page 9 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITTIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILING OUT!
<PAGE> 10
- --------------------- ------------------
CUSIP No. 262504 10 3 SCHEDULE 13G Page 10 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITTIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILING OUT!
<PAGE> 11
- ------------------- -------------------
CUSIP No. 262504103 SCHEDULE 13G Page 11 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITTIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILING OUT!
<PAGE> 12
- ------------------- -------------------
CUSIP No. 262504103 SCHEDULE 13G Page 12 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITTIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILING OUT!
<PAGE> 13
- ------------------- -------------------
CUSIP No. 262504103 SCHEDULE 13G Page 13 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITTIES ONLY)
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 1,405,422 shares
EACH -------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,405,422 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,405,422 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.42%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILING OUT!
<PAGE> 14
- ------------------- -------------------
CUSIP No. 262504103 SCHEDULE 13G Page 14 of 33 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITTIES ONLY)
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 1,348,666 shares
EACH -------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON
WITH: 0 shares
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,348,666 shares
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,348,666 shares
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.83%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILING OUT!
<PAGE> 15
Schedule 13G
Item 1(a). Name of Issuer: DSET Corporation.
Item 1(b). Address of Issuer's Principal Executive Offices: 1011 US
Highway 22, Bridgewater, NJ 08807.
Item 2(a). Names of Persons Filing: Summit Ventures IV, L.P., Summit
Partners IV, L.P., Summit Investors II, L.P., Stamps, Woodsum
& Co. IV and Messrs. E. Roe Stamps, IV, Stephen G. Woodsum,
Gregory M. Avis, John A. Genest, Martin J. Mannion, 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. Messrs. Stamps, Woodsum,
Avis, Genest, Mannion, Evans, Roberts, and Kortschak, are
individual general partners of Stamps, Woodsum & Co. IV and
Summit Investors II, L.P. Mr. 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 Investors
II, L.P., Stamps, Woodsum & Co. IV and Messrs. Stamps,
Woodsum, Mannion, Genest, 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. and Summit Investors II, L.P. is a limited
partnership organized under the laws of the State of Delaware.
Stamps, Woodsum & Co. IV is a general partnership organized
under the laws of the Commonwealth of Massachusetts. Each of
Messrs. Stamps, Woodsum, Avis, Mannion, Genest, Evans,
Roberts, Kortschak and Trustey is a United States citizen.
Item 2(d). Title of Class of Securities: Common Stock, no par value.
Item 2(e). CUSIP Number: 262504103.
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
Page 15 of 33 Pages
<PAGE> 16
Not Applicable.
Item 4. Ownership.
(a) Amount Beneficially Owned:
Each of Summit Ventures IV, L.P., Summit Partners IV,
L.P., Stamps, Woodsum & Co. IV, and Summit Investors II,
L.P. (individually an "Entity" and collectively the
"Entities") may be deemed to own beneficially 1,405,422
shares of Common Stock as of December 31, 1998, which
includes the right to receive 92,666 shares of Common
Stock upon the exercise of a certain warrant. Each of
Messrs. Stamps, Woodsum, Avis, Mannion, Genest, Evans,
Roberts, and Kortschak may be deemed to own beneficially
1,405,422 shares of Common Stock as of December 31,
1998, which includes the right to receive 92,666 shares
of Common Stock upon the exercise of a certain warrant.
Mr. Trustey may be deemed to own beneficially 1,348,666
shares of Common Stock as of December 31, 1998, which
includes the right to receive 88,746 shares of Common
Stock upon the exercise of a certain warrant.
As of December 31, 1998, Summit Ventures IV, L.P. was
the record holder of 1,259,920 shares of Common Stock
and Summit Ventures IV, L.P. has the right to receive an
additional 88,746 shares of Common Stock upon the
exercise of a certain warrant. As of December 31, 1998,
Summit Investors II, L.P. was the record holder of
52,836 shares of Common Stock and Summit Investors II,
L.P. has the right to receive an additional 3,920 shares
of Common Stock upon the exercise of a certain warrant.
The shares held of record by Summit Ventures IV, 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 1,405,422 shares of Common Stock. In their
capacities as individual general partners of Stamps,
Woodsum & Co. IV and Summit Investors II, L.P. each of
Messrs. Stamps, Woodsum, Avis, Mannion, Genest, Evans,
Roberts, and Kortschak may be deemed to own beneficially
1,405,422 shares of Common Stock. Mr. Trustey may be
deemed to own beneficially 1,348,666 shares of Common
Stock.
Each of the reporting persons expressly disclaims
beneficial ownership of any shares of Common Stock of
DSET Corporation except in the case of Summit Ventures
IV, L.P., for the 1,259,920 shares which it holds of
record and the 88,746 shares of Common Stock purchasable
upon the exercise of a certain warrant
Page 16 of 33 Pages
<PAGE> 17
and in the case of Summit Investors II, L.P., for the
52,836 shares which it holds of record and the 3,920
shares of Common Stock purchasable upon the exercise of
a certain warrant.
(b) Percent of Class:
Summit Ventures IV, L.P.: 14.42%
Summit Partners IV, L.P.: 14.42%
Stamps, Woodsum & Co. IV: 14.42%
Summit Investors II, L.P.: 14.42%
E. Roe Stamps, IV: 14.42%
Stephen G. Woodsum: 14.42%
Martin J. Mannion: 14.42%
John A. Genest: 14.42%
Gregory M. Avis: 14.42%
Bruce R. Evans: 14.42%
Walter G. Kortschak: 14.42%
Thomas S. Roberts: 14.42%
Joseph F. Trustey: 13.83%
The foregoing percentages are calculated based on the
9,749,555 shares of Common Stock reported to be
outstanding in a Form 10-Q for the quarterly period
ended September 30, 1998.
(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.: 1,405,422 shares
Summit Partners IV, L.P.: 1,405,422 shares
Stamps, Woodsum & Co. IV: 1,405,422 shares
Summit Investors II, L.P.: 1,405,422 shares
E. Roe Stamps, IV: 1,405,422 shares
Stephen G. Woodsum: 1,405,422 shares
Martin J. Mannion: 1,405,422 shares
John A. Genest: 1,405,422 shares
Gregory M. Avis: 1,405,422 shares
Bruce R. Evans: 1,405,422 shares
Walter G. Kortschak: 1,405,422 shares
Thomas S. Roberts: 1,405,422 shares
Joseph F. Trustey: 1,348,666 shares
Page 17 of 33 Pages
<PAGE> 18
(iii) sole power to dispose or 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.: 1,405,422 shares
Summit Partners IV, L.P.: 1,405,422 shares
Stamps, Woodsum & Co. IV: 1,405,422 shares
Summit Investors II, L.P.: 1,405,422 shares
E. Roe Stamps, IV: 1,405,422 shares
Stephen G. Woodsum: 1,405,422 shares
Martin J. Mannion: 1,405,422 shares
John A. Genest: 1,405,422 shares
Gregory M. Avis: 1,405,422 shares
Bruce R. Evans: 1,405,422 shares
Walter G. Kortschak: 1,405,422 shares
Thomas S. Roberts: 1,405,422 shares
Joseph F. Trustey: 1,348,666 shares
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.
Page 18 of 33 Pages
<PAGE> 19
Not Applicable. This statement on Schedule 13G is not filed
pursuant to Rule 13d-1(b).
Page 19 of 33 Pages
<PAGE> 20
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 11, 1999
SUMMIT VENTURES IV, L.P. *
------------------
E. Roe Stamps, IV
By: Summit Partners IV, L.P.
By: Stamps, Woodsum & Co. IV *
------------------
Stephen G. Woodsum
By: *
--------------------
E. Roe Stamps, IV *
General Partner ------------------
Gregory M. Avis
SUMMIT INVESTORS II, L.P.
*
------------------
Martin J. Mannion
By:
General Partner
John A. Genest
SUMMIT PARTNERS IV, L.P.
*
------------------
Bruce R. Evans
By: Stamps, Woodsum & Co. IV
*
-------------------
Walter G. Kortschak
By: *
-------------------
E. Roe Stamps
General Partner *
-----------------
Thomas S. Roberts
STAMPS, WOODSUM & CO. IV
*
------------------
Joseph F. Trustey
By: *
------------------
E. Roe Stamps
General Partner
Page 20 of 33 Pages
<PAGE> 21
*By:
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 21 of 33 Pages
<PAGE> 1
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 DSET Corporation.
This agreement may be executed in any number of counterparts, each of
which shall be deemed an original.
EXECUTED this 11th day of February, 1999.
SUMMIT VENTURES IV, L.P. *
------------------
E. Roe Stamps, IV
By: Summit Partners IV, L.P.
By: Stamps, Woodsum & Co. IV *
------------------
Stephen G. Woodsum
By: *
--------------------
E. Roe Stamps, IV *
General Partner ------------------
Gregory M. Avis
SUMMIT INVESTORS II, L.P.
*
------------------
Martin J. Mannion
By:
General Partner
SUMMIT PARTNERS IV, L.P. John A. Genest
By: Stamps, Woodsum & Co. IV
*
------------------
Bruce R. Evans
By: *
----------------------
E. Roe Stamps, IV
General Partner *
-------------------
Walter G. Kortschak
STAMPS, WOODSUM & CO. IV
By: *
--------------------
E. Roe Stamps, IV
General Partner
Page 22 of 33 Pages
<PAGE> 2
*
Thomas S. Roberts
*
Joseph F. Trustey
*By:
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 23 of 33 Pages
<PAGE> 1
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 II, 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 24 of 33 Pages
<PAGE> 2
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 25 of 33 Pages
<PAGE> 3
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 26 of 33 Pages
<PAGE> 4
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 27 of 33 Pages
<PAGE> 5
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 28 of 33 Pages
<PAGE> 6
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 29 of 33 Pages
<PAGE> 7
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 30 of 33 Pages
<PAGE> 8
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 31 of 33 Pages
<PAGE> 9
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 32 of 33 Pages
<PAGE> 10
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 33 of 33 Pages
