FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ADAMS STREET PARTNERS LLC   2. Issuer Name and Ticker or Trading Symbol Q2 Holdings, Inc. [QTWO] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1 NORTH WACKER DRIVE, SUITE 2200 3. Date of Earliest Transaction (Month/Day/Year) 03/25/2014 (Street) CHICAGO, IL 60606 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/25/2014   C   3,038,895 A (1) 3,076,278 I By Adams Street 2006 Direct Fund, L.P. (2) Common Stock 03/25/2014   C   3,431,749 A (1) 3,473,966 I By Adams Street 2007 Direct Fund, L.P. (3) Common Stock 03/25/2014   C   832,531 A (1) 1,163,877 I By Adams Street 2008 Direct Fund, L.P. (4) Common Stock 03/25/2014   C   728,730 A (1) 1,006,672 I By Adams Street 2009 Direct Fund, L.P. (5) Common Stock 03/25/2014   C   413,958 A (1) 571,845 I By Adams Street 2010 Direct Fund, L.P. (6) Common Stock 03/25/2014   C   332,574 A (1) 459,420 I By Adams Street 2011 Direct Fund LP (7)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Junior Preferred Stock	(1)	03/25/2014		C			25,673	(1)	(1)	Common Stock	25,673	$ 0	0	I	By Adams Street 2008 Direct Fund, L.P. (4)
Junior Preferred Stock	(1)	03/25/2014		C			22,206	(1)	(1)	Common Stock	22,206	$ 0	0	I	By Adams Street 2009 Direct Fund, L.P. (5)
Junior Preferred Stock	(1)	03/25/2014		C			12,614	(1)	(1)	Common Stock	12,614	$ 0	0	I	By Adams Street 2010 Direct Fund, L.P. (6)
Junior Preferred Stock	(1)	03/25/2014		C			10,134	(1)	(1)	Common Stock	10,134	$ 0	0	I	By Adams Street 2011 Direct Fund LP (7)
Series A Preferred Stock	(1)	03/25/2014		C			2,780,677	(1)	(1)	Common Stock	2,780,677	$ 0	0	I	By Adams Street 2006 Direct Fund, L.P. (2)
Series A Preferred Stock	(1)	03/25/2014		C			3,140,150	(1)	(1)	Common Stock	3,140,150	$ 0	0	I	By Adams Street 2007 Direct Fund, L.P. (3)
Series A Preferred Stock	(1)	03/25/2014		C			225,496	(1)	(1)	Common Stock	225,496	$ 0	0	I	By Adams Street 2008 Direct Fund, L.P. (4)
Series A Preferred Stock	(1)	03/25/2014		C			195,037	(1)	(1)	Common Stock	195,037	$ 0	0	I	By Adams Street 2009 Direct Fund, L.P. (5)
Series A Preferred Stock	(1)	03/25/2014		C			110,792	(1)	(1)	Common Stock	110,792	$ 0	0	I	By Adams Street 2010 Direct Fund, L.P. (6)
Series A Preferred Stock	(1)	03/25/2014		C			89,010	(1)	(1)	Common Stock	89,010	$ 0	0	I	By Adams Street 2011 Direct Fund LP (7)
Series B Preferred Stock	(1)	03/25/2014		C			231,030	(1)	(1)	Common Stock	231,030	$ 0	0	I	By Adams Street 2006 Direct Fund, L.P. (2)
Series B Preferred Stock	(1)	03/25/2014		C			260,896	(1)	(1)	Common Stock	260,896	$ 0	0	I	By Adams Street 2007 Direct Fund, L.P. (3)
Series B Preferred Stock	(1)	03/25/2014		C			423,012	(1)	(1)	Common Stock	423,012	$ 0	0	I	By Adams Street 2008 Direct Fund, L.P. (4)
Series B Preferred Stock	(1)	03/25/2014		C			365,876	(1)	(1)	Common Stock	365,876	$ 0	0	I	By Adams Street 2009 Direct Fund, L.P. (5)
Series B Preferred Stock	(1)	03/25/2014		C			207,837	(1)	(1)	Common Stock	207,837	$ 0	0	I	By Adams Street 2010 Direct Fund, L.P. (6)
Series B Preferred Stock	(1)	03/25/2014		C			166,977	(1)	(1)	Common Stock	166,977	$ 0	0	I	By Adams Street 2011 Direct Fund LP (7)
Series C Preferred Stock	(1)	03/25/2014		C			27,188	(1)	(1)	Common Stock	27,188	$ 0	0	I	By Adams Street 2006 Direct Fund, L.P. (2)
Series C Preferred Stock	(1)	03/25/2014		C			30,703	(1)	(1)	Common Stock	30,703	$ 0	0	I	By Adams Street 2007 Direct Fund, L.P. (3)
Series C Preferred Stock	(1)	03/25/2014		C			168,350	(1)	(1)	Common Stock	168,350	$ 0	0	I	By Adams Street 2008 Direct Fund, L.P. (4)
Series C Preferred Stock	(1)	03/25/2014		C			145,611	(1)	(1)	Common Stock	145,611	$ 0	0	I	By Adams Street 2009 Direct Fund, L.P. (5)
Series C Preferred Stock	(1)	03/25/2014		C			82,715	(1)	(1)	Common Stock	82,715	$ 0	0	I	By Adams Street 2010 Direct Fund, L.P. (6)
Series C Preferred Stock	(1)	03/25/2014		C			66,453	(1)	(1)	Common Stock	66,453	$ 0	0	I	By Adams Street 2011 Direct Fund LP (7)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ADAMS STREET PARTNERS LLC 1 NORTH WACKER DRIVE, SUITE 2200 CHICAGO, IL 60606		X

Signatures

/s/ Sara A. Robinson - Vice President, Adams Street Partners, LLC		03/27/2014
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The Junior Preferred Stock, Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock (collectively, the "Preferred Stock"), respectively, was converted into Common Stock on a one-for-one basis and has no expiration date.
(2)	The reported securities are owned directly by Adams Street 2006 Direct Fund, L.P. ("AS 2006") and indirectly by Adams Street Partners, LLC, as the managing member of the general partner of AS 2006. The securities owned by AS 2006 (the "Shares") may be deemed to be beneficially owned by Adams Street Partners, LLC. David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh, each of whom is a partner of Adams Street Partners, LLC (or a subsidiary thereof), may be deemed to have shared voting and investment power over the Shares. Adams Street Partners, LLC and David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.
(3)	The reported securities are owned directly by Adams Street 2007 Direct Fund, L.P. ("AS 2007") and indirectly by Adams Street Partners, LLC, as the managing member of the general partner of AS 2007. The securities owned by AS 2007 (the "Shares") may be deemed to be beneficially owned by Adams Street Partners, LLC. David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh, each of whom is a partner of Adams Street Partners, LLC (or a subsidiary thereof), may be deemed to have shared voting and investment power over the Shares. Adams Street Partners, LLC and David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.
(4)	The reported securities are owned directly by Adams Street 2008 Direct Fund, L.P. ("AS 2008") and indirectly by Adams Street Partners, LLC, as the managing member of the general partner of AS 2008. The securities owned by AS 2008 (the "Shares") may be deemed to be beneficially owned by Adams Street Partners, LLC. David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh, each of whom is a partner of Adams Street Partners, LLC (or a subsidiary thereof), may be deemed to have shared voting and investment power over the Shares. Adams Street Partners, LLC and David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.
(5)	The reported securities are owned directly by Adams Street 2009 Direct Fund, L.P. ("AS 2009") and indirectly by Adams Street Partners, LLC, as the managing member of the general partner of AS 2009. The securities owned by AS 2009 (the "Shares") may be deemed to be beneficially owned by Adams Street Partners, LLC. David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh, each of whom is a partner of Adams Street Partners, LLC (or a subsidiary thereof), may be deemed to have shared voting and investment power over the Shares. Adams Street Partners, LLC and David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.
(6)	The reported securities are owned directly by Adams Street 2010 Direct Fund, L.P. ("AS 2010") and indirectly by Adams Street Partners, LLC, as the managing member of the general partner of AS 2010. The securities owned by AS 2010 (the "Shares") may be deemed to be beneficially owned by Adams Street Partners, LLC. David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh, each of whom is a partner of Adams Street Partners, LLC (or a subsidiary thereof), may be deemed to have shared voting and investment power over the Shares. Adams Street Partners, LLC and David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.
(7)	The reported securities are owned directly by Adams Street 2011 Direct Fund LP ("AS 2011") and indirectly by Adams Street Partners, LLC, as the managing member of the general partner of AS 2011's general partner. The securities owned by AS 2011 (the "Shares") may be deemed to be beneficially owned by Adams Street Partners, LLC. David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh, each of whom is a partner of Adams Street Partners, LLC (or a subsidiary thereof), may be deemed to have shared voting and investment power over the Shares. Adams Street Partners, LLC and David Brett, Jeffrey T. Diehl, Elisha P. Gould, Michael S. Lynn, Robin Murray, Sachin Tulyani, Craig D. Waslin, and David S. Welsh disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.

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