After Discovery Group submitted a 13D filing yesterday indicating a 5.3% stake in SciQuest (SQI), JMP Securities says that Discovery "has a successful history of investing in companies...that were ultimately acquired." The firm says that a group of companies that received investments from Discovery and were ultimately acquired were bought for an average multiple of about 3.3 enterprise value/forward revenue. Based on that metric, SciQuest's shares would be worth about $18.50 in a takeover deal, the firm estimates. It keeps a $22 price target and Outperform rating on SciQuest.