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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
SCHEDULE 13G
(Amendment No.__)*
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1 (b), (c) AND (d) AND AMENDMENTS THERETO
FILED PURSUANT TO 13d-2 (b)
Memberworks Incorporated
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
586002107
--------------------------------------------------------------------------------
(CUSIP Number)
February 19, 2004
--------------------------------------------------------------------------------
(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)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Continued on following pages)
Page 1 of 19 Pages
Exhibit Index Contained on Page 16
CUSIP No. 586002107 Page 2 of 19 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Integral Capital Management V, LLC ("ICM5")
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (limited liability company)
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 263,260 shares, which shares are directly owned by
OWNED BY Integral Capital Partners V, L.P. ("ICP5"). ICM5 is the
EACH general partner of ICP5.
REPORTING --------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
263,260 shares (see response to Item 6)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
263,260 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.55%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 586002107 Page 3 of 19 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ICP Management V, LLC ("ICP Management 5")
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (limited liability company)
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,260 shares, of which 3,450 shares are directly owned
OWNED BY by Integral Capital Partners V Side Fund, L.P. ("Side
EACH Fund") and 810 shares are directly owned by Integral
REPORTING Capital Partners V SLP Side Fund, LLC ("SLP Side Fund").
PERSON ICP Management 5 is the general partner of Side Fund and
WITH the Manager of SLP Side Fund.
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,260 shares (see response to Item 6)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,260 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.04%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 586002107 Page 4 of 19 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Integral Capital Management VI, LLC ("ICM6")
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (limited liability company)
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 334,580 shares, which are directly owned by Integral
OWNED BY Capital Partners VI, L.P. ("ICP6"). ICM6 is the general
EACH partner of ICP6.
REPORTING --------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
334,580 shares (see response to Item 6)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
334,580 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.24%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 586002107 Page 5 of 19 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Integral Capital Partners V, L.P. ("ICP5")
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (limited liability company)
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 263,260 shares are directly owned by ICP5. Integral
OWNED BY Capital Management V, LLC is the general partner of
EACH ICP5.
REPORTING --------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
263,260 shares (see response to Item 6)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
263,260 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.55%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 586002107 Page 6 of 19 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Integral Capital Partners V Side Fund, L.P. ("Side Fund")
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (limited liability company)
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 3,450 shares are directly owned by Side Fund. ICP
OWNED BY Management V, LLC is the general partner of Side Fund.
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,450 shares (see response to Item 6)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,450 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.03%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 586002107 Page 7 of 19 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Integral Capital Partners V SLP Side Fund, LLC ("SLP Side Fund")
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (limited liability company)
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 810 shares, which are directly owned by Integral Capital
OWNED BY Partners V SLP Side Fund, LLC ("SLP Side Fund"). ICP
EACH Management V, LLC is the Manager of SLP Side Fund.
REPORTING --------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
810 shares (see response to Item 6)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
810 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.01%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 586002107 Page 8 of 19 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Integral Capital Partners VI, L.P. ("ICP6")
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (limited liability company)
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 334,580 shares, which are directly owned by ICP6.
OWNED BY Integral Capital Management VI, LLC is the general
EACH partner of ICP6.
REPORTING --------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
334,580 shares (see response to Item 6)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
334,580 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.24%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 586002107 Page 9 of 19 Pages
--------------------------------------------------------------------------------
ITEM 1(a). NAME OF ISSUER:
Memberworks Incorporated
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
680 Washington Blvd., Suite 110
Stamford, CT 06901
ITEM 2(a), (b), (c). NAME OF PERSON FILING, ADDRESS OF PRINCIPAL BUSINESS OFFICE
OR, IF NONE, RESIDENCE, AND CITIZENSHIP:
This statement is being filed by Integral Capital Management V, LLC, a
Delaware limited liability company ("ICM5"), ICP Management V, LLC, a Delaware
limited liability company ("ICP Management 5") and Integral Capital Management
VI, LLC, a Delaware limited liability company ("ICM6"). The principal business
address of ICM5, ICP Management 5 and ICM6 is 3000 Sand Hill Road, Building 3,
Suite 240, Menlo Park, California 94025.
ICM5 is the general partner of Integral Capital Partners V, L.P., a
Delaware limited partnership ("ICP5"). ICP Management 5 is the general partner
of Integral Capital Partners V Side Fund, L.P., a Delaware limited partnership
("Side Fund") and the Manager of Integral Capital Partners V SLP Side Fund, LLC,
a Delaware limited liability company ("SLP Side Fund"). ICM6 is the general
partner of Integral Capital Partners VI, L.P., a Delaware limited partnership
("ICP6"). With respect to ICM5, ICP Management 5 and ICM6, this statement
relates only to ICM5's, ICP Management 5's and ICM6's indirect, beneficial
ownership of shares of Common Stock of the Issuer (the "Shares"). The Shares
have been purchased by ICP5, Side Fund, SLP Side Fund and ICP6, and none of
ICM5, ICP Management 5 or ICM6 directly or otherwise hold any Shares. Management
of the business affairs of ICM5, ICP Management 5 and ICM6, including decisions
respecting disposition and/or voting of the Shares, resides in a majority of the
managers of ICM5, ICP Management 5 and ICM6, respectively, such that no single
manager of ICM5, ICP Management 5, or ICM6 has voting and/or dispositive power
of the Shares.
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock
CUSIP No. 586002107 Page 10 of 19 Pages
--------------------------------------------------------------------------------
ITEM 2(e). CUSIP NUMBER:
586002107
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), or 13d-2(b) or
(c), CHECK WHETHER THE PERSON FILING IS A:
(a) |_| Broker or dealer registered under Section 15 of the Exchange Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) |_| Insurance company as defined in Section 3(a)(19) of the Exchange
Act.
(d) |_| Investment company registered under Section 8 of the Investment
Company Act.
(e) |_| An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. |X|.
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
A. Integral Capital Management V, LLC ("ICM5")
(a) Amount Beneficially Owned: 263,260
(b) Percent of Class: 2.55%
(c) Number of shares as to which such person has:
1. Sole power to vote or to direct vote: -0-
2. Shared power to vote or to direct vote: 263,260
3. Sole power to dispose or to direct the disposition: -0-
4. Shared power to dispose or to direct the disposition: 263,260
CUSIP No. 586002107 Page 11 of 19 Pages
--------------------------------------------------------------------------------
B. ICP Management V, LLC ("ICP Management 5")
(a) Amount Beneficially Owned: 4,260
(b) Percent of Class: 0.04%
(c) Number of shares as to which such person has:
1. Sole power to vote or to direct vote: -0-
2. Shared power to vote or to direct vote: 4,260
3. Sole power to dispose or to direct the disposition: -0-
4. Shared power to dispose or to direct the disposition: 4,260
C. Integral Capital Management VI, LLC ("ICM6")
(a) Amount Beneficially Owned: 334,580
(b) Percent of Class: 3.24%
(c) Number of shares as to which such person has:
1. Sole power to vote or to direct vote: -0-
2. Shared power to vote or to direct vote: 334,580
3. Sole power to dispose or to direct the disposition: -0-
4. Shared power to dispose or to direct the disposition: 334,580
D. Integral Capital Partners V, L.P. ("ICP5")
(a) Amount Beneficially Owned: 263,260
(b) Percent of Class: 2.55%
(c) Number of shares as to which such person has:
1. Sole power to vote or to direct vote: -0-
2. Shared power to vote or to direct vote: 263,260
3. Sole power to dispose or to direct the disposition: -0-
4. Shared power to dispose or to direct the disposition: 263,260
E. Integral Capital Partners V Side Fund, L.P. ("Side Fund")
(a) Amount Beneficially Owned: 3,450
(b) Percent of Class: 0.03%
(c) Number of shares as to which such person has:
1. Sole power to vote or to direct vote: -0-
2. Shared power to vote or to direct vote: 3,450
3. Sole power to dispose or to direct the disposition: -0-
4. Shared power to dispose or to direct the disposition: 3,450
CUSIP No. 586002107 Page 12 of 19 Pages
--------------------------------------------------------------------------------
F. Integral Capital Partners V SLP Side Fund, LLC ("SLP Side Fund")
(a) Amount Beneficially Owned: 810
(b) Percent of Class: 0.01%
(c) Number of shares as to which such person has:
1. Sole power to vote or to direct vote: -0-
2. Shared power to vote or to direct vote: 810
3. Sole power to dispose or to direct the disposition: -0-
4. Shared power to dispose or to direct the disposition: 810
G. Integral Capital Partners VI, L.P. ("ICP6")
(a) Amount Beneficially Owned: 334,580
(b) Percent of Class: 3.24%
(c) Number of shares as to which such person has:
1. Sole power to vote or to direct vote: -0-
2. Shared power to vote or to direct vote: 334,580
3. Sole power to dispose or to direct the disposition: -0-
4. Shared power to dispose or to direct the disposition: 334,580
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following |_|.
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.
CUSIP No. 586002107 Page 13 of 19 Pages
--------------------------------------------------------------------------------
ITEM 8. IDENTIFICATION AND CLASSIFCATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 27, 2004
INTEGRAL CAPITAL MANAGEMENT V, LLC
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
ICP MANAGEMENT V, LLC
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
CUSIP No. 586002107 Page 14 of 19 Pages
--------------------------------------------------------------------------------
INTEGRAL CAPITAL MANAGEMENT VI, LLC
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
INTEGRAL CAPITAL PARTNERS V, L.P.
By Integral Capital Management V, LLC,
its General Partner
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
INTEGRAL CAPITAL PARTNERS V SIDE FUND, L.P.
By ICP Management V, LLC
its General Partner
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
INTEGRAL CAPITAL PARTNERS V SLP SIDE FUND, LLC
By ICP Management V, LLC,
its Manager
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
CUSIP No. 586002107 Page 15 of 19 Pages
--------------------------------------------------------------------------------
INTEGRAL CAPITAL PARTNERS VI, L.P.
By Integral Capital Management VI, LLC
its General Partner
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
CUSIP No. 586002107 Page 16 of 19 Pages
--------------------------------------------------------------------------------
EXHIBIT INDEX
Found on
Sequentially
Exhibit Numbered Page
Exhibit A: Agreement of Joint Filing 17
CUSIP No. 586002107 Page 17 of 19 Pages
--------------------------------------------------------------------------------
EXHIBIT A
Agreement of Joint Filing
The undersigned hereby agree that they are filing jointly pursuant to Rule
13d-1(k)(1) of the Act the statement dated February 27, 2004 containing the
information required by Schedule 13G, for the 602,100 Shares of capital stock of
Memberworks Incorporated held by Integral Capital Partners V, L.P., a Delaware
limited partnership, Integral Capital Partners V Side Fund, L.P., a Delaware
limited partnership, Integral Capital Partners V SLP Side Fund, LLC, a Delaware
limited liability company, and Integral Capital Partners VI, L.P., a Delaware
limited partnership.
Date: February 27, 2004
INTEGRAL CAPITAL MANAGEMENT V, LLC
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
ICP MANAGEMENT V, LLC
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
INTEGRAL CAPITAL MANAGEMENT VI, LLC
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
CUSIP No. 586002107 Page 18 of 19 Pages
--------------------------------------------------------------------------------
INTEGRAL CAPITAL PARTNERS V, L.P.
By Integral Capital Management V, LLC,
its General Partner
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
INTEGRAL CAPITAL PARTNERS V SIDE FUND, L.P.
By ICP Management V, LLC
its General Partner
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
INTEGRAL CAPITAL PARTNERS V SLP SIDE FUND, LLC
By ICP Management V, LLC,
its Manager
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager
CUSIP No. 586002107 Page 19 of 19 Pages
--------------------------------------------------------------------------------
INTEGRAL CAPITAL PARTNERS VI, L.P.
By Integral Capital Management VI, LLC
its General Partner
By /s/ Pamela K. Hagenah
----------------------------------------------
Pamela K. Hagenah
a Manager