13D Filing: P2 Capital Partners and BroadSoft Inc. (BSFT)

Under the Securities Exchange Act of 1934
(Amendment No. 1)

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications

(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

* 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).

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This Amendment No. 1 (this Amendment) amends and supplements the Schedule 13D (the Schedule 13D) filed September 25, 2017, by and on behalf of P2 Capital Master Fund I, L.P., a Cayman Islands exempted limited partnership (Master Fund I), P2 Capital Master Fund VI, L.P., a Delaware limited partnership (Master Fund VI), P2 Capital Master Fund XII, L.P., a Delaware limited partnership (Master Fund XII and, together with Master Fund I and Master Fund VI, the Funds), P2 Capital Partners, LLC, a Delaware limited liability company (the Manager) and Claus Moller, a citizen of Denmark (all the preceding persons are the Reporting Persons).  Information reported in the Schedule 13D remains in effect except to the extent that it is amended, restated or superseded by information contained in this Amendment.  Capitalized terms used herein but not otherwise defined in this Amendment shall have the meaning ascribed to them in the Schedule 13D.

Item 3.  Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and replaced by the following:

The source of funds for the purchases of the Shares reported on herein was cash on hand and the general working capital of the respective purchasers, which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business.

As of October 25, 2017, Master Fund I had invested $18,399,105 (excluding brokerage commissions) in the Shares of the Issuer, Master Fund VI had invested $20,685,288 (excluding brokerage commissions) in the Shares of the Issuer, and Master Fund XII had invested $15,017,039 (excluding brokerage commissions) in the Shares of the Issuer.

Item 5.  Interest in Securities of Issuer.

Item 5 is hereby amended and replaced by the following:

(a), (b):  The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Statement on Schedule 13D are incorporated herein by reference.  As of the close of business on October 25, 2017, Master Fund I beneficially owned an aggregate of 425,016 Shares, representing approximately 1.4% of the outstanding Shares, Master Fund VI beneficially owned an aggregate of 477,976 Shares, representing approximately 1.5% of the outstanding Shares, and Master Fund XII beneficially owned an aggregate of 347,008 Shares, representing approximately 1.1% of the outstanding Shares.  As of the close of business on October 25, 2017, each of the Manager and Mr. Moller may be deemed to beneficially own 1,250,000 Shares of Common Stock, in the aggregate, which represented approximately 4.0% of the outstanding Shares.  All percentages set forth in this paragraph are based on 31,013,794 Shares of Common Stock outstanding (as of August 3, 2017), which number of Shares of Common Stock is based upon the number of shares of Common Stock reported in the Issuers Report on Form 10-Q filed on August 7, 2017 for the quarter ended June 30, 2017.

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Each of the Reporting Persons owns less than 5.0% of the outstanding Shares and therefore the Reporting Persons are no longer required to file amendments to this 13D.

Each of the Funds is the direct owner of the Shares reported owned by it.  For purposes of disclosing the number of Shares beneficially owned by each of the Reporting Persons, the Manager, as investment manager of the Funds, and Mr. Moller, as managing member of the Manager, may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) all Shares that are owned beneficially and directly by the Funds.  Each of the Manager and Mr. Moller disclaims beneficial ownership of such Shares for all other purposes.  Master Fund I, Master Fund VI and Master Fund XII each disclaim beneficial ownership of the Shares held directly by the others.

(c) Except as set forth above or in Schedule I, no Reporting Person has effected any transaction in the Shares since the filing of the Schedule 13D.

(d) Not applicable.

(e) Not applicable.

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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.

Date: October 26, 2017

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Schedule I

TRANSACTIONS SINCE FILING OF SCHEDULE 13D BY THE REPORTING PERSONS

The following table sets forth all transactions with respect to Shares of the Issuers Common Stock effected since the filing of the Schedule 13D by any of the Reporting Persons.  The transactions occurred on the open market and the reported price per share excludes brokerage commissions.

Shares Purchased/(Sold) by Manager on behalf of Master Fund I

Shares Purchased/(Sold) by Manager on behalf of Master Fund VI

Shares Purchased/(Sold) by Manager on behalf of Master Fund XII

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