t69526_13d.htm

0001188112-11-000065.txt : 20110111 0001188112-11-000065.hdr.sgml : 20110111 20110111160841 ACCESSION NUMBER: 0001188112-11-000065 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20110111 DATE AS OF CHANGE: 20110111 GROUP MEMBERS: DANIEL J. DONOGHUE GROUP MEMBERS: DISCOVERY GROUP I, LLC GROUP MEMBERS: MICHAEL R. MURPHY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Information Services Group Inc. CENTRAL INDEX KEY: 0001371489 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 205261587 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-82508 FILM NUMBER: 11522853 BUSINESS ADDRESS: STREET 1: FOUR STAMFORD PLAZA, SUITE 512 STREET 2: 107 ELM STREET CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 203-517-3100 MAIL ADDRESS: STREET 1: FOUR STAMFORD PLAZA, SUITE 512 STREET 2: 107 ELM STREET CITY: STAMFORD STATE: CT ZIP: 06902 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DISCOVERY EQUITY PARTNERS, LP CENTRAL INDEX KEY: 0001258542 IRS NUMBER: 300075082 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: C/O DISCOVERY GROUP I, LLC STREET 2: 191 N. WACKER DRIVE SUITE 1685 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-265-9600 MAIL ADDRESS: STREET 1: C/O DISCOVERY GROUP I, LLC STREET 2: 191 N. WACKER DRIVE SUITE 1685 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: DISCOVERY EQUITY PARTNERS LP DATE OF NAME CHANGE: 20030806 SC 13D 1 t69526_13d.htm SCHEDULE 13D t69526_13d.htm

	UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549
	SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. )*

Information Services Group, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

45675Y104

(CUSIP Number)

Michael R. Murphy

Discovery Group I, LLC

191 North Wacker Drive

Suite 1685

Chicago, Illinois 60606

Telephone Number: (312) 265-9600

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

December 31, 2010

(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. o

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).

CUSIP No. 45675Y104

	1.	Names of Reporting Persons. Discovery Equity Partners, L.P.

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	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 2,246,298

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 2,246,298

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 2,246,298

	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) 7.0%

	14.	Type of Reporting Person (See Instructions) PN

CUSIP No. 45675Y104

	1.	Names of Reporting Persons. Discovery Group I, LLC

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	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 2,623,961

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 2,623,961

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 2,623,961

	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) 8.2%

	14.	Type of Reporting Person (See Instructions) OO

CUSIP No. 45675Y104

	1.	Names of Reporting Persons. Daniel J. Donoghue

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	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 2,623,961

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 2,623,961

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 2,623,961

	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) 8.2%

	14.	Type of Reporting Person (See Instructions) IN

CUSIP No. 45675Y104

	1.	Names of Reporting Persons. Michael R. Murphy

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	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 2,623,961

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 2,623,961

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 2,623,961

	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) 8.2%

	14.	Type of Reporting Person (See Instructions) IN

Item 1.	Security and Issuer

	This statement relates to the Common Stock, $0.001 par value per share (the “Common Stock”), of Information Services Group, Inc., a Delaware corporation (the “Company”), which has its principal executive offices at Two Stamford Plaza, 281 Tresser Boulevard Stamford, Connecticut 06901.

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 primarily engaged in the business of investing in securities. 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 191 North Wacker Drive, Suite 1685, 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 2,623,961 shares of Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy as of January 10, 2011 was approximately $5,177,799, and the total purchase price for the 2,246,298 shares of Common Stock beneficially owned by Discovery Equity Partners was approximately $4,432,416. The source of such funds was the assets of Discovery Equity Partners and another private investment partnership (collectively, the “Partnerships”) over which Discovery Group exercises discretionary investment management authority, including proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by the Partnerships with a broker on customary terms and conditions. The Partnersh ips are the legal owner of all of the Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy.

Item 4.		Purpose of Transaction

		The Reporting Persons acquired beneficial ownership of the shares of Common Stock reported herein as part of their investment activities on behalf of the Partnerships. The Reporting Persons acquired the shares of Common Stock reported herein because they believe that the trading prices of the Common Stock do not adequately reflect the potential value of the Company’s underlying business and assets. The Reporting Persons intend to review and evaluate their investment in the Common Stock on an ongoing basis and may, depending upon their evaluation of the business and prospects of the Company, or such other considerations as they may deem relevant, determine to increase, decrease, or dispose of their holdings of Common Stock. As a part of such review and evaluation, the Reporting Persons may hold additional discussions with the Company’s management and directors, other shareholders and other interested parties. Except as otherwise described in this Item 4, the Reporting Persons do not have present plans or proposals that relate to or would result in any of the following (although the Reporting Persons reserve the right to develop such plans or proposals or any other plans relating to the Company and to take action with respect thereto): (i) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (ii) an extraordinary corporate transaction, such as a merger, reorganization, or liquidation, involving the Company or any of its subsidiaries; (iii) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (iv) any change in the present board of directors or management of the Company, including any plans or proposals to change t he number or term of directors or to fill any existing vacancies on the board; (v) any material change in the present capitalization or dividend policy of the Company; (vi) any other material change in the Company’s business or corporate structure; (vii) changes in the Company’s certificate of incorporation, bylaws, or instruments corresponding thereto or other actions that may impede the acquisition of control of the Company by any person; (viii) causing a class of securities of the Company to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (ix) a class of equity securities of the Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (x) any action similar to any of those enumerated above.
Item 5.		Interest in Securities of the Issuer

		The information concerning percentages of ownership set forth below is based on 32,105,708 shares of Common Stock reported outstanding as of October 29, 2010 in the Company’s most recent Quarterly Report on Form 10-Q, for the period ended September 30, 2010. Discovery Equity Partners beneficially owns 2,246,298 shares of Common Stock as of January 10, 2011, which represents 7.0% of the outstanding Common Stock. Discovery Group beneficially owns 2,623,961 shares of Common Stock as of January 10, 2011, which represents 8.2% of the outstanding Common Stock. Mr. Donoghue beneficially owns 2,623,961 shares of Common Stock as of January 10, 2011, which represents 8.2% of the outstanding Common Stock.


		Mr. Murphy beneficially owns 2,623,961 shares of Common Stock as of January 10, 2011, which represents 8.2% of the outstanding Common Stock. Discovery Group is the sole general partner of Discovery Equity Partners and has sole discretionary investment authority with respect to the other Partnership’s investment in the Common Stock. 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 both of the Partnerships, while Discovery Equity Partners shares beneficial ownership with Discovery Group and Messrs. Donoghue and Murphy of only the shares of Common Stock owned by it.

		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 the Partnerships 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

		There are no contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Company other than the governing documents of Discovery Group and the Partnerships, the margin loan facilities referred to under Item 3 above, the Joint Filing Agreement of the Reporting Persons with respect to this Schedule 13D included as Exhibit 2 to this Schedule 13D, and the Powers of Attorney granted by Messrs Donoghue and Murphy with respect to reports under Section 13 of the Securities Exchange Act of 1934, as amended, which Powers of Attorney are included as Exhibit 3 and Exhibit 4, respectively, to this Schedule 13D.

Item 7.	Material to Be Filed as Exhibits

	Exhibit 1: List of transactions by Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing.
	Exhibit 2: Joint Filing Agreement dated as of January 11, 2011, 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.

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.

	January 11, 2011
	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

Exhibit Index

Exhibit 1		List of transactions by Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing.

Exhibit 2		Joint Filing Agreement dated as of January 11, 2011, 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.

EX-1 2 ex1.htm EXHIBIT 1 ex1.htm

EXHIBIT 1

TRANSACTIONS DURING PAST 60 DAYS

The Reporting Persons engaged in the following transactions in shares of Common Stock of the Company during the past 60 days. Such transactions involved the purchase of shares on the Nasdaq National Market System. The prices reported below reflect the weighted average purchase price of the shares of Common Stock purchased on the relevant date. The Reporting Persons hereby undertake to provide upon request to the SEC staff full information regarding the number of shares and prices at which each transaction was effected.

Date	Type	Price	Shares
11/10/20101	Purchase	$1.9618	3400
11/11/20102	Purchase	1.9989	15638
11/12/20103	Purchase	2.0284	13978
11/15/20104	Purchase	2.181	20194
11/16/20105	Purchase	2.0779	22500
11/17/20106	Purchase	2.0219	25824
11/18/20107	Purchase	2.1443	18000
11/19/20108	Purchase	2.1559	6000
11/22/20109	Purchase	2.1622	7178
11/23/201010\	Purchase	2.1387	18389
11/24/201011	Purchase	2.0719	7800
11/26/201012	Purchase	2.1992	1300
11/29/201013	Purchase	2.1959	9000

____________________________

1 Due to incomplete data available to the Reporting Persons, the Reporting Persons are reporting the average price of transactions effected on this date.

2 This transaction was executed in multiple trades at prices ranging from $1.98 - 2.02.

3 This transaction was executed in multiple trades at prices ranging from $1.97 - 2.07.

4 This transaction was executed in multiple trades at prices ranging from $2.00 - 2.20.

5 This transaction was executed in multiple trades at prices ranging from $2.02 - 2.10.

6 This transaction was executed in multiple trades at prices ranging from $1.99 - 2.09.

7 This transaction was executed in multiple trades at prices ranging from $2.12 - 2.20.

8 This transaction was executed in multiple trades at prices ranging from $2.13 - 2.20.

9 This transaction was executed in multiple trades at prices ranging from $2.15 - 2.20.

10 This transaction was executed in multiple trades at prices ranging from $2.08 - 2.20.

11 This transaction was executed in multiple trades at prices ranging from $2.05 - 2.10.

12 This transaction was executed in multiple trades at prices ranging from $2.19 - 2.20.

13 This transaction was executed in multiple trades at prices ranging from $2.19 - 2.20.


Date	Type	Price	Shares
11/30/201014	Purchase	$2.1847	7000
12/01/201015	Purchase	2.1338	23400
12/02/201016	Purchase	2.1413	17500
12/03/201017	Purchase	2.0486	14644
12/06/201018	Purchase	1.9821	13300
12/07/201019	Purchase	1.9665	7801
12/08/201020	Purchase	1.9941	13800
12/09/201021	Purchase	1.9691	10300
12/10/201022	Purchase	1.9599	3500
12/13/201023	Purchase	1.924	25000
12/14/201024	Purchase	1.835	20000
12/15/201025	Purchase	1.8261	24945
12/16/201026	Purchase	1.8459	15085
12/17/201027	Purchase	1.8481	16000
12/20/201028	Purchase	1.7931	19126
12/21/201029	Purchase	1.8442	32341
12/22/201030	Purchase	1.8599	119680
12/27/201031	Purchase	1.8731	1600
12/28/201032	Purchase	1.8842	10036
12/29/201033	Purchase	1.9718	12100
12/30/201034	Purchase	2.0572	25402
12/31/201035	Purchase	1.9514	2022200

_____________________________________

14 This transaction was executed in multiple trades at prices ranging from $2.15 - 2.20.

15 This transaction was executed in multiple trades at prices ranging from $2.12 - 2.15.

16 Due to incomplete data available to the Reporting Persons, the Reporting Persons are reporting the average price of transactions effected on this date.

17 This transaction was executed in multiple trades at prices ranging from $2.03 - 2.05.

18 This transaction was executed in multiple trades at prices ranging from $1.97 - 1.99.

19 This transaction was executed in multiple trades at prices ranging from $1.95 - 1.97.

20 This transaction was executed in multiple trades at prices ranging from $1.98 - 2.00.

21 This transaction was executed in multiple trades at prices ranging from $1.96 - 1.97.

22 This transaction was executed in multiple trades at prices ranging from $1.95 - 1.96.

23 This transaction was executed in multiple trades at prices ranging from $1.85 - 2.03.

24 This transaction was executed in multiple trades at prices ranging from $1.82 - 1.85.

25 This transaction was executed in multiple trades at prices ranging from $1.79 - 1.90.

26 This transaction was executed in multiple trades at prices ranging from $1.82 - 1.86.

27 This transaction was executed in multiple trades at prices ranging from $1.82 - 1.86.

28 This transaction was executed in multiple trades at prices ranging from $1.78 - 1.80.

29 This transaction was executed in multiple trades at prices ranging from $1.77 - 1.90.

30 This transaction was executed in multiple trades at prices ranging from $1.85 - 1.86.

31 Due to incomplete data available to the Reporting Persons, the Reporting Persons are reporting the average price of transactions effected on this date.

32 This transaction was executed in multiple trades at prices ranging from $1.85 - 1.90.

33 This transaction was executed in multiple trades at prices ranging from $1.82 - 2.05.

34 This transaction was executed in multiple trades at prices ranging from $2.00 - 2.10.

35 This transaction was executed in multiple trades at prices ranging from $1.95 - 2.09.

EX-2 3 ex2.htm EXHIBIT 2 ex2.htm

EXHIBIT 2

JOINT FILING AGREEMENT

The undersigned hereby agree to the joint filing of the Schedule 13D to which this Agreement is attached.

Dated: January 11, 2011

	DISCOVERY GROUP I, LLC
	for itself and as general partner of DISCOVERY EQUITY PARTNERS, L.P.

	By Michael R. Murphy*
	Michael R. Murphy
	Managing Member


	Daniel J. Donoghue*
	Daniel J. Donoghue

	Michael R. Murphy*
	Michael R. Murphy

	*By: /s/ Mark Buckley Mark Buckley Attorney-in-Fact for Daniel J. Donoghue Attorney-in-Fact for Michael R. Murphy

EX-3 4 ex3.htm EXHIBIT 3 ex3.htm

EXHIBIT 3

POWER OF ATTORNEY

The undersigned, Daniel J. Donoghue, hereby appoints Mark Buckley his true and lawful attorney-in-fact and agent, with full power to execute and file with the United States Securities and Exchange Commission and any stock exchange or similar authority, for and on his behalf in any and all capacities, any and all reports required to be filed pursuant to Section 13 of the Securities Exchange Act of 1934 and the rules thereunder on Schedule 13D or 13G, any and all amendments to such reports, with all exhibits, and any other forms or documents as may be necessary in connection with the filing of such reports with the United States Securities and Exchange Commission and any stock exchange or similar authority, granting unto said attorney full power and authority to do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete, as fully as the undersigned might or could do in person.

This Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact and agent.

IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be executed this 28th day of April, 2008.



		/s/ Daniel J. Donoghue
		Daniel J. Donoghue

STATE OF ILLINOIS	)
	)	SS.
COUNTY OF COOK	)

I, Kareema M. Cruz, a Notary Public in and for the County of Cook, State of Illinois, DO HEREBY CERTIFY that Daniel J. Donoghue, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act, for the uses and purposes therein set forth.

Given under my hand and notarial seal, this 28th day of April, 2008.



		/s/ Kareema M. Cruz
		Notary Public

EX-4 5 ex4.htm EXHIBIT 4 ex4.htm

EXHIBIT 4

POWER OF ATTORNEY

The undersigned, Michael R. Murphy, hereby appoints Mark Buckley his true and lawful attorney-in-fact and agent, with full power to execute and file with the United States Securities and Exchange Commission and any stock exchange or similar authority, for and on his behalf in any and all capacities, any and all reports required to be filed pursuant to Section 13 of the Securities Exchange Act of 1934 and the rules thereunder on Schedule 13D or 13G, any and all amendments to such reports, with all exhibits, and any other forms or documents as may be necessary in connection with the filing of such reports with the United States Securities and Exchange Commission and any stock exchange or similar authority, granting unto said attorney full power and authority to do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete, as fully as the undersigned might or could do in person.

This Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact and agent.

IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be executed this 28th day of April, 2008.



		/s/ Michael R. Murphy
		Michael R. Murphy

STATE OF ILLINOIS	)
	)	SS.
COUNTY OF COOK	)

I, Kareema M. Cruz, a Notary Public in and for the County of Cook, State of Illinois, DO HEREBY CERTIFY that Michael R. Murphy, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act, for the uses and purposes therein set forth.

Given under my hand and notarial seal, this 28th day of April, 2008.



		/s/ Kareema M. Cruz
		Notary Public