-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TEGV7flgJFO3rsHEX9ejVaH7teeN1rC/p4kNQVqSR7Y6Sm6MW20QhYG9KzY1yEtI PCKAH8RmvLsezuMPxJXgRg== 0000902664-08-001565.txt : 20080317 0000902664-08-001565.hdr.sgml : 20080317 20080317170220 ACCESSION NUMBER: 0000902664-08-001565 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080317 DATE AS OF CHANGE: 20080317 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CAPTARIS INC CENTRAL INDEX KEY: 0000931784 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 911190085 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-43497 FILM NUMBER: 08693726 BUSINESS ADDRESS: STREET 1: 10885 NE 4TH ST. #400 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 4254556000 MAIL ADDRESS: STREET 1: 10885 NE 4TH ST. #400 CITY: BELLEVUE STATE: WA ZIP: 98004 FORMER COMPANY: FORMER CONFORMED NAME: AVT CORP DATE OF NAME CHANGE: 19980811 FORMER COMPANY: FORMER CONFORMED NAME: APPLIED VOICE TECHNOLOGY INC /WA/ DATE OF NAME CHANGE: 19941021 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Emancipation Capital CENTRAL INDEX KEY: 0001292832 IRS NUMBER: 020700892 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 153 E. 53RD STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-521-5033 MAIL ADDRESS: STREET 1: 153 E. 53RD STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D/A 1 p08-0743sc13da.txt CAPTARIS, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- SCHEDULE 13D* (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Under the Securities Exchange Act of 1934 (Amendment No. 1) Captaris, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 14071N104 - -------------------------------------------------------------------------------- (CUSIP Number) Mr. Charles Frumberg Emancipation Capital 1120 Avenue of the Americas, Suite 1504 New York, NY 10036 (212) 626-2641 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 12, 2008 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [ ] NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following 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 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). CUSIP No. 1407N104 13D/A Page 2 of 9 Pages - ----------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Emancipation Capital, LP - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ] (b) [ ] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS* OO - ----------------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----------------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF (7) SOLE VOTING POWER -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 1,694,541 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 1,694,541 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,694,541 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.36% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON * PN - ----------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 1407N104 13D/A Page 3 of 9 Pages - ----------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Emancipation Capital, LLC - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ] (b) [ ] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS* OO - ----------------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----------------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF (7) SOLE VOTING POWER -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 1,694,541 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 1,694,541 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,694,541 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.36% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON * OO - ----------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 1407N104 13D/A Page 4 of 9 Pages - ----------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Emancipation Capital Master, Ltd. - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ] (b) [ ] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS* OO - ----------------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----------------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ----------------------------------------------------------------------------- NUMBER OF (7) SOLE VOTING POWER -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 1,694,541 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 1,694,541 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,694,541 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.36% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON * CO - ----------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 1407N104 13D/A Page 5 of 9 Pages - ---------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Charles Frumberg - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ] (b) [ ] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) SOURCE OF FUNDS* OO - ----------------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----------------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ----------------------------------------------------------------------------- NUMBER OF (7) SOLE VOTING POWER -0- SHARES -------------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER 1,694,541 OWNED BY -------------------------------------------------------------- EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING -------------------------------------------------------------- PERSON WITH (10) SHARED DISPOSITIVE POWER 1,694,541 - ----------------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,694,541 - ----------------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * [ ] - ----------------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.36% - ----------------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON * IN - ----------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 1407N104 13D/A Page 6 of 9 Pages Item 1. Security and Issuer. This Amendment No. 1 ("Amendment No. 1") hereby amends the Schedule 13D filed with the Securities and Exchange Commission on January 31, 2008 (the "Original 13D," and together with this Amendment No. 1, the "Schedule 13D") relating to the shares ("Shares") of common stock, $0.01 par value, of Captaris, Inc. (the "Issuer"). Item 3. Source and Amount of Funds or Other Consideration. Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows: As of March 14, 2008, the aggregate amount of funds used to purchase the Shares held by the Reporting Persons was approximately $6.8 million. The Shares beneficially owned by the Reporting Persons were acquired with investment funds in accounts under management. Item 4. Purpose of Transaction. Item 4 of Schedule 13D is hereby amended and restated in its entirety as follows: The Reporting Persons originally acquired Shares for investment in the ordinary course of business. As previously indicated in its Original 13D, the Reporting Persons believe that the Shares at current market prices are undervalued and that the maximum value of the Issuer may best be realized through strategic alternatives. The Reporting Persons are supportive of the Issuer's announcement to explore strategic alternatives as well as Vector Capital Corporation's ("Vector") proposal to acquire all the outstanding Shares. The Reporting Persons intend to engage in discussions, as deemed appropriate by the Reporting Persons, with the management and board of directors of the Issuer requesting them to give serious consideration to Vector's proposal and any other acquisition proposals. In the ordinary course of their investment business, from time to time, representatives of the Reporting Persons engage in discussions with the management of companies in which they have invested concerning the business and operations of the company and potential approaches to maximizing shareholder value. The Reporting Persons have engaged, and intend to continue to engage, in such discussions with the Issuer, other holders of the Issuer's Shares and/or third parties. The Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and strategic direction, price levels of the Shares, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional Shares or selling some or all of their Shares, hedging their positions and/or otherwise changing their intentions with respect to any and all matters referred to herein. CUSIP No. 1407N104 13D/A Page 7 of 9 Pages Item 5. Interest in Securities of the Company. Item 5, sections (a) through (c), of the Schedule 13D are hereby amended and restated in their entirety as follows: (a) As of March 14, 2008, the Reporting Persons beneficially owned, in the aggregate, approximately 6.36% of the Issuer's outstanding Shares. The aggregate percentage of Shares reported to be beneficially owned by the Reporting Persons is based upon 26,645,544 Shares outstanding, which is the total number of Shares outstanding as of November 1, 2007, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007. (b) The Reporting Persons have the following voting and dispositive powers over the Shares reported herein: (i) Emancipation Capital: Beneficial owner, with shared power to vote or direct the vote and to dispose or direct the disposition, of 1,694,541 Shares, or an aggregate of 6.36% of outstanding Shares. (ii) Emancipation Capital LLC: Beneficial owner, with shared power to vote or direct the vote and to dispose or direct the disposition, of 1,694,541 Shares, or an aggregate of 6.36% of outstanding Shares. (iii) Emancipation Master Ltd: Beneficial owner, with shared power to vote or direct the vote and to dispose or direct the disposition, of 1,694,541 Shares, or an aggregate of 6.36% of outstanding Shares. (iv) Mr. Frumberg: Beneficial owner, with shared power to vote or direct the vote and to dispose or direct the disposition, of 1,694,541 Shares and, or an aggregate of 6.36% of outstanding Shares. (c) The following table sets forth all transactions with respect to the Shares effected since the filing of the Original 13D by any of the Reporting Persons, inclusive of the transactions effected through 4:00 pm, New York City time, on March 14, 2008. All such transactions were effected in the open market. CUSIP No. 1407N104 13D/A Page 8 of 9 Pages - -------------------- ---------- --------- --------- ------------ No. of Price Per Transaction Name Date Shares Share (4) Type - -------------------- ---------- --------- --------- ------------ Emancipation Capital 02/28/2008 25,500 3.54 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 02/29/2008 13,700 3.52 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/03/2008 35,243 3.48 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/04/2008 17,756 3.46 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/05/2008 23,231 3.44 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/06/2008 6,800 3.38 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/07/2008 70,000 3.44 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/11/2008 5,150 3.52 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/12/2008 100,000 3.60 Purchase - -------------------- ---------- --------- --------- ------------ Emancipation Capital 03/14/2008 25,405 3.50 Purchase - -------------------- ---------- --------- --------- ------------ CUSIP No. 1407N104 13D/A Page 9 of 9 Pages 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. Dated: March 17, 2008 EMANCIPATION CAPITAL, LP By: Emancipation Capital, LLC, its general partner By: /s/ Charles Frumberg -------------------------- Name: Charles Frumberg Title: Managing Member EMANCIPATION CAPITAL MASTER LTD. By: /s/ Charles Frumberg -------------------------- Name: Charles Frumberg Title: Director EMANCIPATION CAPITAL, LLC By: /s/ Charles Frumberg -------------------------- Name: Charles Frumberg Title: Managing Member CHARLES FRUMBERG /s/ Charles Frumberg - ---------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----