SPS Commerce Inc

SPS Commerce rose 11% after a report that private equity firm GTCR is in discussions to buy the supply chain software maker. A deal could be announced in the coming weeks, according to a Bloomberg report on Friday that cited people familiar with the matter. No transaction has been finalized, and talks could still fall apart, or another buyer could emerge. GTCR and SPS Commerce both declined to comment to Bloomberg. The report follows a June Reuters report that SPS Commerce was considering a sale and had engaged Morgan Stanley as an advisor, after activist investors Irenic Capital Management and Anson Funds Management both obtained stakes in the company and began advocating for a sale earlier this year. Shares of Descartes Systems, a peer of SPS Commerce, advanced 7.4% on Friday.

SPS Commerce has outlined full-year 2026 revenue guidance of $788.4 million to $793.4 million and expects to begin selling its MAX AI agents by late Q4 of this year. CEO Chad Collins said the initial launch of MAX, the company's AI agent, to all fulfillment customers is expected by the end of summer, with monetization tied to more autonomous, self-acting agents. CFO Joseph Del Preto reported second-quarter revenue of $197.8 million, a 6% increase year-over-year, and adjusted EBITDA of $66.6 million, while noting that the June 30 divestiture of the third-party revenue recovery business will reduce second-half revenue by approximately $10.5 million. The company guided third-quarter revenue to $196.3 million to $198.3 million and full-year adjusted EBITDA to $264.6 million to $269.1 million, with core business revenue expected to grow in the high single digits excluding the divested unit. SPS Commerce ended the quarter with $173 million in cash and cash equivalents and repurchased $51.2 million of shares.

SPS Commerce has completed the sale of its 3P Revenue Recovery business, receiving a cash payment of $9.5 million at closing. The divested business was part of the assets acquired through the Carbon6 Technologies acquisition in February 2025, which included revenue recovery tools for both first-party and third-party Amazon sellers. SPS Commerce retains the 1P revenue recovery business, which supports retailers such as Amazon, Walmart, Kroger, Target, Home Depot, and Lowes. The company expects to record an estimated loss on sale of approximately $20 million in the second quarter of 2026. CEO Chad Collins stated that the sale sharpens the company's focus on the strategic opportunity with 1P suppliers who operate multi-retailer trading relationships.

SPS Commerce shares surged 5.7% to close at $58.87 in the last trading session, driven by reports that the supply chain software provider is exploring a potential sale following pressure from activist shareholders. The move was backed by solid volume, with far more shares changing hands than in a normal session, and compares to a 4.1% gain over the past four weeks. The company is expected to report quarterly earnings of $1.08 per share, an 8% increase year-over-year, on revenues of $195.14 million, up 4.1% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, and the stock currently carries a Zacks Rank of 2, or Buy.

SPS Commerce is exploring a sale and has engaged Morgan Stanley as an advisor, Reuters reports, citing people familiar with the matter. The cloud-based logistics software provider faces pressure from activist investors Irenic Capital Management and Anson Funds Management, which acquired stakes early this year and began advocating for a sale. Private equity firms are seen as the most likely buyers for the company, which serves over 50,000 customers globally including Walmart, Costco, Best Buy, Hershey, and Macy's. SPS Commerce's stock has fallen roughly 40% since the start of the year and as much as 70% over the last three years. Shares initially jumped on the news but later gave back gains amid profit-taking.