SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G/A

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)*

magicJack VocalTec Ltd.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

M6787E101

(CUSIP Number)

December 31, 2012

(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 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).

magicJack VocalTec Ltd. (the “Issuer”).

12 Benny Gaon Street, Building 2B, Poleg Industrial Area

Netanya, Israel 42504

This statement is being jointly filed by each of the following persons pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended: PBC GP III, LLC, a Delaware limited liability company (“PBC GP III”) and PBC MJ TBFW, LLC, a Delaware limited liability company (“PBC MJ TBFW”) (each of PBC GP III and PBC MJ TBFW individually, a “Reporting Person,” and collectively, the “Reporting Persons”). PBC GP III is the sole manager of PBC MJ TBFW. PBC GP III is managed by a Board of Managers consisting of Nathan Ward, Shaun McGruder, Michael Schmickle and James Harpel and all decisions of PBC GP III require a vote of 66 2/3% of the members of the Board of Managers.

The principal business address of each of the Reporting Persons is 505 South Flagler Dr., Suite 1400, West Palm Beach, FL 33401.

Incorporated by reference to Item 4 of each Reporting Person’s respective cover page.

Ordinary Shares, no par value.

M6787E101

Not applicable.

The percentages used herein are calculated based on 19,067,818 ordinary shares of the Issuer outstanding as of October 26, 2012, as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed on October 29, 2012.

As of December 31, 2012, PBC MJ TBFW was the direct holder of 371,300 ordinary shares of the Issuer. Due to PBC GP III’s relationship as the sole manager of PBC MJ TBFW, the Reporting Persons may be deemed to beneficially own, in the aggregate, 371,300 ordinary shares of the Issuer, representing approximately 1.9% of the outstanding ordinary shares of the Issuer. Each of

the Reporting Persons disclaims beneficial ownership of all ordinary shares of the Issuer, except to the extent of their respective pecuniary interests therein.

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. x

As of December 31, 2012, each of the Reporting Persons have ceased to be a beneficial owner of more than five percent of ordinary shares of the Issuer.

Not applicable.

Not applicable.

Not applicable.

Not applicable.

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.

Exhibits and Schedules.

SIGNATURES

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.