Discovery Equity Partners and Discovery Group I LLC have taken a 5.6% ownership stake in Planet Payment Inc.
The companies paid about $10.9 million for beneficial ownership of 2,804,798 common shares in the global payments company, according to an ownership filing.
The companies believe the shares' current trading price does not reflect the underlying value of Planet Payment, according to the filing. They may hold discussions with Planet Payment's management, but they currently do not have plans or proposals related to the company's management, any potential transactions or its capital structure.
The two companies are part of Discovery Group Holding Co. LLC, an investment firm that focuses on micro-cap public companies.