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SumTotal investor Discovery Equity sells shares, cuts stake to 4.4%
By Lisa Kerner
Charlotte, N.C., June 16 - A group of SumTotal Systems, Inc. investors led by Discovery Equity Partners, LP sold 715,616 shares of the company's stock between June 10 and June 15 priced from $4.76 to $4.78, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.
On May 27 through May 29, Discovery sold 574,400 shares, cutting its stake in SumTotal to 8.1%, a prior SEC filing said.
Discovery Equity beneficially owns 1,386,526 shares, or 4.4%, of SumTotal's outstanding stock, the filing said.
As previously reported, SumTotal agreed on May 27 to be acquired by affiliates of Vista Equity Partners Fund III, LP for $4.85 per share in cash in a deal valued at approximately $160 million.
SumTotal is based in Mountain View, Calif., and provides learning and business performance technologies and services.
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