13D Filing: Discovery Group I, LLC and Planet Payment Inc (PLPM)

Item 1.

Security and Issuer

This statement relates to the Common Stock, par value $0.01 per share (the “Common Stock”), of Planet Payment, Inc., a Delaware corporation (the “Company”), which has its principal executive offices at 670 Long Beach Boulevard, Long Beach, NY 11561.

Item 2.

Identity and Background

This statement is being jointly filed by
the following persons (the “Reporting Persons”):

Discovery Equity Partners, L.P. (“Discovery
Equity Partners”) is an Illinois limited partnership primarily engaged in the business of investing in securities.

Discovery Group I, LLC (“Discovery
Group”) is a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act
of 1940, as amended, that is primarily engaged in the business of investing in securities on behalf of institutional clients.

The business address of each of the Reporting
Persons is 300 South Wacker Drive, Suite 600, Chicago, Illinois 60606.

During the past five years, neither of the Reporting Persons has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.

Item 3.

Source and Amount of Funds or Other Consideration

The total purchase price for the 2,804,798 shares of Common Stock beneficially owned by the Reporting Persons as of May 26, 2017 was approximately $10,879,526. The source of such funds was the assets of Discovery Equity Partners, including proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by Discovery Equity Partners with a broker on customary terms and conditions. Discovery Equity Partners is the legal owner of all of the Common Stock beneficially owned by Discovery Group.

13D Filing: Discovery Group I, LLC and Planet Payment Inc (PLPM)

Published on May 31, 2017 at 1:31 pm by Insider Monkey Staff in Hedge Funds

Page 4 of 8 – SEC Filing

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