Supply chain software maker SPS Commerce is exploring a sale amid pressure from activist investors, according to three people familiar with the matter. The company is working with investment bank Morgan Stanley on the potential sale, which is expected to draw interest from private equity firms. Minneapolis-based SPS Commerce provides cloud-based software that helps retailers, suppliers and distributors manage logistics, inventory and electronic data interchange, serving more than 50,000 customers globally including Walmart, Costco, Macy's, Best Buy, Adidas and Hershey. Activist investors Anson Funds and Irenic Capital disclosed stakes in late March and early April respectively and pushed for changes including leadership shifts and a review of strategic alternatives. Shares of SPS Commerce have lost more than 80% over the last year, leaving the company with a market capitalization of roughly $2 billion, and the firm expects revenue growth of 6% to 7% in 2026 after posting 18% growth in 2025.
SPS Commerce IncCompany exploring sale, which typically leads to premium for shareholders.
Morgan Stanley
