Techtarget Inc (TTGT): Discovery Group Discloses New Stake

Page 6 of 10 – SEC Filing

Item 1.	Security and Issuer
	This statement relates to the Common Stock, par value $0.001 per share (the “Common Stock”), of TechTarget, Inc., a Delaware corporation (the “Company”), which has its principal executive offices at 275 Grove Street, Newton, Massachusetts 02466.
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.
	Daniel J. Donoghue is a Managing Member of Discovery Group and of various related entities, which is his principal occupation.
	Michael R. Murphy is a Managing Member of Discovery Group and of various related entities, which is his principal occupation.
	Both Mr. Donoghue and Mr. Murphy are United States citizens.
	The business address of each of the Reporting Persons is 300 South Wacker Drive, Suite 600, Chicago, Illinois 60606.
	During the past five years, none of the Reporting Persons have 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 1,654,526 shares of Common Stock beneficially owned by the Reporting Persons as of May 11, 2016 was approximately $13,992,722.  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 the 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 and Messrs. Donoghue and Murphy.