Michael Murphy and Daniel Donoghue‘s Discovery Group has filed a Form 13D on SciQuest, Inc. (NASDAQ:SQI), one of the fund’s top picks at the end of 2015. The filing shows that Discovery Group has added about 261,000 shares to its holding since December 31, lifting its stake to 1.76 million shares. The details of the filing can be found below.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Discovery Equity Partners | 1,757,724 | 1,757,724 | 1,757,724 | 6.3% | ||
| Discovery Group I | 1,757,724 | 1,757,724 | 1,757,724 | 6.3% | ||
| Daniel J. Donoghue | 1,757,724 | 1,757,724 | 1,757,724 | 6.3% | ||
| Michael R. Murphy | 1,757,724 | 1,757,724 | 1,757,724 | 6.3% |
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Page 1 of 8 SEC Filing
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO
BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED
PURSUANT TO §
240.13d-2(a)
UNDER THE SECURITIES
EXCHANGE ACT OF 1934
(Amendment No. 1)*
| SciQuest, Inc. |
| (Name of Issuer) |
| Common Stock, par value $0.001 per share |
| (Title of Class of Securities) |
| 80908T101 |
| (CUSIP Number) |
| Michael R. Murphy |
| Discovery Group I, LLC |
| 300 South Wacker Drive |
| Suite 600 |
| Chicago, Illinois 60606 |
| Telephone Number: (312) 265-9600 |
| (Name, Address and Telephone Number of Person |
| Authorized to Receive Notices and Communications) |
| February 25, 2016 |
| (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. ¨
Note: Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. See §240.13d-7 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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Page 2 of 8 SEC Filing
| CUSIP No. 80908T101 | |||
| 1. | Names of Reporting Persons. Discovery Equity Partners, L.P. | ||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) | ||
| (a) | ¨ | ||
| (b) | ¨ | ||
| 3. | SEC Use Only | |
| 4. | Source of Funds (See Instructions) WC | |
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o | |
| 6. | Citizenship or Place of Organization Illinois | |
| Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power None. |
| 8. | Shared Voting Power 1,757,724 | |
| 9. | Sole Dispositive Power None. | |
| 10. | Shared Dispositive Power 1,757,724 | |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person 1,757,724 | |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13. | Percent of Class Represented by Amount in Row (11) 6.3% | |
| 14. | Type of Reporting Person (See Instructions) PN | |
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Page 3 of 8 SEC Filing
| CUSIP No. 80908T101 | |||
| 1. | Names of Reporting Persons. Discovery Group I, LLC | ||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) | ||
| (a) | ¨ | ||
| (b) | ¨ | ||
| 3. | SEC Use Only | |
| 4. | Source of Funds (See Instructions) AF | |
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o | |
| 6. | Citizenship or Place of Organization Delaware | |
| Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power None. |
| 8. | Shared Voting Power 1,757,724 | |
| 9. | Sole Dispositive Power None. | |
| 10. | Shared Dispositive Power 1,757,724 | |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person 1,757,724 | |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13. | Percent of Class Represented by Amount in Row (11) 6.3% | |
| 14. | Type of Reporting Person (See Instructions) IA | |
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Page 4 of 8 SEC Filing
| CUSIP No. 80908T101 | |||
| 1. | Names of Reporting Persons. Daniel J. Donoghue | ||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) | ||
| (a) | ¨ | ||
| (b) | ¨ | ||
| 3. | SEC Use Only | ||
| 4. | Source of Funds (See Instructions) AF | ||
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o | ||
| 6. | Citizenship or Place of Organization United States of America | ||
| Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power None. |
| 8. | Shared Voting Power 1,757,724 | |
| 9. | Sole Dispositive Power None. | |
| 10. | Shared Dispositive Power 1,757,724 | |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person 1,757,724 | |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13. | Percent of Class Represented by Amount in Row (11) 6.3% | |
| 14. | Type of Reporting Person (See Instructions) IN | |
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Page 5 of 8 SEC Filing
| CUSIP No. 80908T101 | |||
| 1. | Names of Reporting Persons. Michael R. Murphy | ||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) | ||
| (a) | ¨ | ||
| (b) | ¨ | ||
| 3. | SEC Use Only | ||
| 4. | Source of Funds (See Instructions) AF | ||
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o | ||
| 6. | Citizenship or Place of Organization United States of America | ||
| Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power None. |
| 8. | Shared Voting Power 1,757,724 | |
| 9. | Sole Dispositive Power None. | |
| 10. | Shared Dispositive Power 1,757,724 | |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person 1,757,724 | |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13. | Percent of Class Represented by Amount in Row (11) 6.3% | |
| 14. | Type of Reporting Person (See Instructions) IN | |
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Page 6 of 8 SEC Filing
| Item 1. | Security and Issuer |
| This Amendment No. 1 to Schedule 13D (“Amendment No. 1”) relates to the Common Stock, par value $0.001 per share (the “Common Stock”), of SciQuest, Inc., a Delaware corporation (the “Company”), which has its principal executive offices at 3020 Carrington Mill Blvd., Suite 100, Morrisville, NC 27560. This Amendment No. 1 amends and supplements, as set forth below, the information contained in items 1, 3, 5 and 6 of the Schedule 13D filed by the Reporting Persons with respect to the Company on November 23, 2015 (the “Schedule 13D”). All capitalized terms used herein but not defined herein have the meanings set forth in the Schedule 13D. Except as amended by this Amendment No. 1, all information contained in the Schedule 13D is, after reasonable inquiry and to the best of the Reporting Persons’ knowledge and belief, complete and correct as of the date of this Amendment No. 1. | |
| Item 3. | Source and Amount of Funds or Other Consideration |
| Item 3 of the Schedule 13D is hereby amended to read in its The total purchase price for the 1,757,724 shares of Common |
| Item 5. | Interest in Securities of the Issuer |
| Item 5 of the Schedule 13D is hereby amended to read in its entirety as follows: | |
| The information concerning percentages of ownership set forth below is based on 27,850,978 shares of Common Stock outstanding as of January 31, 2016 as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. | |
| Discovery Equity Partners beneficially owns 1,757,724 shares of Common Stock as of February 26, 2016, which represents 6.3% of the outstanding Common Stock. | |
| Discovery Group beneficially owns 1,757,724 shares of Common Stock as of February 26, 2016, which represents 6.3% of the outstanding Common Stock. | |
| Mr. Donoghue beneficially owns 1,757,724 shares of Common Stock as of February 26, 2016, which represents 6.3% of the outstanding Common Stock. | |
| Mr. Murphy beneficially owns 1,757,724 shares of Common Stock as of February 26, 2016, which represents 6.3% of the outstanding Common Stock. | |
| Discovery Group is the sole general partner of Discovery Equity Partners. Messrs. Donoghue and Murphy are the sole managing members of Discovery Group. As a consequence, Discovery Group and Messrs. Donoghue and Murphy may be deemed to share beneficial ownership of all of the shares of Common Stock owned by Discovery Equity Partners. | |
| The transactions in Common Stock effected by the Reporting Persons during the past 60 days are set out in Exhibit 1 hereto. |
| No person other than Discovery Equity Partners is known to any Reporting Person to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the shares of Common Stock reported herein. | |
| Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer |
| Item 6 of the Schedule
There are no contracts, | |
| Item 7. | Material to Be Filed as Exhibits |
| Exhibit 1: List of transactions effected by the Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing. | |
| Exhibit 2: Joint Filing Agreement dated as of February 29, 2016, by and among Discovery Equity Partners; Discovery Group; Daniel J. Donoghue; and Michael R. Murphy. | |
| Exhibit 3: Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008. | |
| Exhibit 4: Power of Attorney of Michael R. Murphy, dated as of April 28, 2008. |
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Page 7 of 8 SEC Filing
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.
| February 29, 2016 | |
| Date | |
| DISCOVERY GROUP I, LLC, for itself and as general partner of DISCOVERY EQUITY PARTNERS, L.P. By: Michael R. Murphy* | |
| Signature | |
| Michael R. Murphy, Managing Member | |
| Name/Title | |
| Daniel J. Donoghue* | |
| Signature | |
| Daniel J. Donoghue | |
| Name/Title | |
| Michael R. Murphy* | |
| Signature | |
| Michael R. Murphy | |
| Name/Title | |
| *By: /s/ Mark Buckley | |
| Mark Buckley Attorney-in-Fact for Daniel J. Donoghue Attorney-in-Fact for Michael R. Murphy |
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Page 8 of 8 SEC Filing
Exhibit Index
| Exhibit 1 | List of transactions effected by the Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing. | |
| Exhibit 2 | Joint Filing Agreement dated as of February 29, 2016, | |
| Exhibit 3 | Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008. | |
| Exhibit 4 | Power of Attorney of Michael R. Murphy, dated as of April 28, 2008. |
