NETM Netmanage (MM)

CUSIP No. 641144308 13D Page 2 of 6 Pages


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 (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) [X]
--------------------------------------------------------------------------------
 (3) SEC USE ONLY
--------------------------------------------------------------------------------
 (4) SOURCE OF FUNDS*
 00
--------------------------------------------------------------------------------
 (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
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NUMBER OF (7) SOLE VOTING POWER
 -0-
SHARES -----------------------------------------------------------------

BENEFICIALLY (8) SHARED VOTING POWER
 456,449
OWNED BY -----------------------------------------------------------------

EACH (9) SOLE DISPOSITIVE POWER
 -0-
REPORTING -----------------------------------------------------------------

PERSON WITH (10) SHARED DISPOSITIVE POWER
 456,449
--------------------------------------------------------------------------------
 (11) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 456,449
--------------------------------------------------------------------------------
 (12) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
--------------------------------------------------------------------------------
 (13) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (11)
 4.8% (See item 5)
--------------------------------------------------------------------------------
 (14) TYPE OF REPORTING PERSON *
 CO
--------------------------------------------------------------------------------
 * SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 641144308 13D Page 3 of 6 Pages


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 (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) [X]
--------------------------------------------------------------------------------
 (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
 456,449
OWNED BY -----------------------------------------------------------------

EACH (9) SOLE DISPOSITIVE POWER
 -0-
REPORTING -----------------------------------------------------------------

PERSON WITH (10) SHARED DISPOSITIVE POWER
 456,449
--------------------------------------------------------------------------------

 (11) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 456,449
--------------------------------------------------------------------------------
 (12) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
--------------------------------------------------------------------------------
 (13) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (11)
 4.8% (See Item 5)
--------------------------------------------------------------------------------
 (14) TYPE OF REPORTING PERSON *
 IN
--------------------------------------------------------------------------------
 * SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 641144308 13D Page 4 of 6 Pages


The Schedule 13D filed on September 22, 2006 (the "Schedule 13D") by
Emancipation Capital Master, Ltd., a Cayman islands exempted company
("Emancipation Capital"), and Mr. Charles Frumberg ("Mr. Frumberg"), who
serves as the managing member of Emancipation Management LLC, ("Emancipation
Management"), which acts as the investment manager of Emancipation Capital,
(Emancipation Capital and Mr. Frumberg are sometimes hereinafter referred to
collectively as the "Reporting Persons"), relating to the shares ("Shares") of
common stock, $0.01 par value, of NetManage, Inc. (the "Issuer"), as previously
amended by Amendment No. 1 filed on November 21, 2007,is hereby amended as set
forth by this Amendment No. 2. This is the final amendment to the Schedule 13D
and an exit filing for the Reporting Persons.

Any capitalized terms used in this Amendment No. 2 and not otherwise defined
herein shall have the meanings ascribed to such terms in the Schedule 13D.

Item 5. Interest in Securities of the Company.

Item 5 of Schedule 13D is hereby amended and restated as follows:

 (a) As of December 14, 2007, the Reporting Persons beneficially owned,
in the aggregate, approximately 4.8% of the Issuer's outstanding Shares. The
aggregate percentage of Shares reported to be beneficially owned by the
Reporting Persons is based upon 9,581,012 Shares outstanding, which is the total
number of Shares outstanding as of November 8, 2007, as reported in the Issuer's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2007.

 Each of Mr. Liemandt and Diane Liemandt-Reimann, a director of
Trilogy and the mother of Mr. Liemandt, are limited partners in certain
investment funds controlled by Mr. Frumberg and affiliated with Emancipation
Capital. Mr. Liemandt and Ms. Liemandt-Reimann do not have the power to vote or
direct the vote, or to dispose or direct the disposition of any securities held
by such funds.

 (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 456,449
Shares, or an aggregate of 4.8% of outstanding Shares.

 (ii) Mr. Frumberg: Beneficial owner, with shared power to vote
or direct the vote and to dispose or direct the disposition, of 456,449 Shares,
or an aggregate of 4.8% of outstanding Shares.

 (c) The following table sets forth all transactions with respect to the
Shares effected since the most recent filing on Schedule 13D by any of the
Reporting Persons. All such transactions were effected in the open market.

Name Date No. of Price Per Transaction
 Shares Share ($) Type
--------------------- ---------- -------- ---------- -----------
Emancipation Capital 12/12/2007 164,374 6.8181 Sale

Emancipation Capital 12/12/2007 50,000 6.90 Sale

Emancipation Capital 12/13/2007 40,800 6.6231 Sale

Emancipation Capital 12/14/2007 36,220 6.60 Sale

CUSIP No. 641144308 13D Page 5 of 6 Pages


 (d) No person (other than the Reporting Persons) is known to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Shares.

 (e) The Reporting Persons ceased to be the beneficial owners of more than
five percent of the Shares on December 14, 2007.

CUSIP No. 641144308 13D Page 6 of 6 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: December 17, 2007


EMANCIPATION CAPITAL MASTER LTD.


 By: /s/ Charles Frumberg
 -----------------------------
 Name: Charles Frumberg
 Title: Director


CHARLES FRUMBERG

/s/ Charles Frumberg
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