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SPS Commerce Inc

SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States. Its SPS Commerce platform connects retailers, brands, distributors, manufacturers, and logistics providers to handle the complexity of modern commerce operations. The company also offers Fulfillment, which streamlines supply chain operations by sending and receiving order data from order to invoicing and revenue recovery, and Analytics, which simplifies managing sell-through data through data acquisition, cleansing, normalization, and delivery. Additional products include assortment and relationship management tools. The company was formerly known as St. Paul Software, Inc. and changed its name to SPS Commerce, Inc. in May 2001. It was incorporated in 1987 and is headquartered in Minneapolis, Minnesota.

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Price · split & dividend adjusted

Why is SPS Commerce Inc (SPSC) moving?

Latest
▲2▼1

SPS Commerce: sale talks and activist pressure drive the story

  • Sale process advances with GTCR talks A report says private equity firm GTCR is in talks to buy SPS Commerce, sending shares up 11%. A buyout would likely pay a premium, so the stock rises on that hope. But talks could fail or another buyer could appear, so the gain is not guaranteed.

    This is the newest and biggest potential catalyst for the stock.

  • Q2 results beat guidance, but net income fell on divestiture SPS Commerce beat its own revenue and profit guidance for the second quarter, and raised its full-year outlook. That is a sign the core business is healthy. However, net income dropped because of a loss on selling a business unit, which is a one-time accounting hit.

    Shows the underlying business is performing well, supporting the stock.

  • New competitor Orderful raises $35 million to disrupt EDI Orderful, a startup, raised $35 million to expand its AI-powered platform that it says makes traditional EDI services obsolete. SPS Commerce earns most of its revenue from EDI, so a cheaper, faster rival could take customers and pressure future growth. This is a long-term threat, not an immediate hit.

    Highlights a real competitive risk to SPS's core business model.

  • Stock rebounds after earnings but analysts see overvaluation After the Q2 report, the stock jumped 11.5% in one day and 20% over a week, yet it remains down for the year. Analysts' average fair value is $68.09, about 8% below the recent price of $73.39, suggesting the rebound may have overshot. This creates a tug-of-war between momentum and valuation.

    Shows the market's reaction and a caution that the stock may be ahead of itself.

Q3 2026
▲2▼1

SPS Commerce: sale talks and activist pressure drive the story

  • Sale process advances with GTCR talks A report says private equity firm GTCR is in talks to buy SPS Commerce, sending shares up 11%. A buyout would likely pay a premium, so the stock rises on that hope. But talks could fail or another buyer could appear, so the gain is not guaranteed.

    This is the newest and biggest potential catalyst for the stock.

  • Q2 results beat guidance, but net income fell on divestiture SPS Commerce beat its own revenue and profit guidance for the second quarter, and raised its full-year outlook. That is a sign the core business is healthy. However, net income dropped because of a loss on selling a business unit, which is a one-time accounting hit.

    Shows the underlying business is performing well, supporting the stock.

  • New competitor Orderful raises $35 million to disrupt EDI Orderful, a startup, raised $35 million to expand its AI-powered platform that it says makes traditional EDI services obsolete. SPS Commerce earns most of its revenue from EDI, so a cheaper, faster rival could take customers and pressure future growth. This is a long-term threat, not an immediate hit.

    Highlights a real competitive risk to SPS's core business model.

  • Stock rebounds after earnings but analysts see overvaluation After the Q2 report, the stock jumped 11.5% in one day and 20% over a week, yet it remains down for the year. Analysts' average fair value is $68.09, about 8% below the recent price of $73.39, suggesting the rebound may have overshot. This creates a tug-of-war between momentum and valuation.

    Shows the market's reaction and a caution that the stock may be ahead of itself.

News & notes moving SPSC
United States
Cloud & Digital Infrastructure▲impact 4

SPS Commerce Jumps 11% on Report GTCR in Talks to Buy Software Maker

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.
About megatrends
Cloud & Digital Infrastructure › Vertical SaaS Capital
SPSC · Capital · Positive GTCR is reportedly in talks to acquire SPS Commerce, a potential buyout that lifted shares 11%.
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Seeking Alpha·23dRead more →
SPSC

SPS Commerce Faces 7.8% Overvaluation Gap After Earnings Rebound

SPS Commerce reported second quarter 2026 results with higher sales but lower net income, alongside fresh guidance for the upcoming quarter and full year. The update triggered a sharp share price rebound, with a one-day return of 11.48% and a seven-day return of 20.00%, though the stock remains down 16.52% year to date and 29.35% over the past year. Analysts have a consensus fair value estimate of $68.09, which sits 7.8% below the last close of $73.39, indicating the stock is overvalued. The most bullish analyst target is $103.00 and the most bearish is $55.00. SPS Commerce trades on a price-to-earnings ratio of 34.5 times, below a peer average of 40.4 times but above a fair ratio of 29.3 times that the market could move toward.
SPSC · Capital · Neutral Earnings beat and guidance triggered rebound, but analyst fair value below current price suggests overvaluation.
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Simply Wall St·64dRead more →
Artificial Intelligence▲5

SPS Commerce targets $788.4M-$793.4M in 2026 revenue and plans AI agent monetization by late Q4

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.
About megatrends
Artificial Intelligence › AI Applications & Copilots Technology
SPSC · Capital · Positive Company raises 2026 revenue guidance and plans AI agent monetization, indicating growth and profitability.
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Seeking Alpha·66dRead more →
SPSC▲

SPS Commerce sells 3P Revenue Recovery business for $9.5 million

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.
SPSC · Capital · Positive SPS Commerce sold its 3P Revenue Recovery business for $9.5 million, sharpening focus on the more strategic 1P supplier opportunity.
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GlobeNewswire·96dRead more →
SPSC▲

SPS Commerce Soars 5.7% on Potential Sale Reports

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.
SPSC · Capital · Positive Reports of potential sale following activist pressure drove shares up 5.7%
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Zacks Investment Research·97dRead more →
SPSC▲3

SPS Commerce explores a sale under activist pressure

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.
SPSC · Capital · Positive Company exploring sale under activist pressure, with Morgan Stanley as advisor, likely leading to acquisition premium.
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Artificial Intelligence▼

Orderful raises $35 million Series C to replace legacy EDI service model

Orderful has raised a $35 million Series C funding round led by Koch Disruptive Technologies, with continued participation from NewRoad Capital. The company aims to disrupt the traditional Electronic Data Interchange business model, where providers like SPS Commerce—which generated $751 million in revenue in 2025, 96% of it recurring—charge recurring fees for managing complexity that Orderful says its AI-native platform eliminates. Orderful's Mosaic solution, launched in December 2025, uses AI to read trading partner specifications and generate compliant mappings, cutting onboarding from months to under a week. Early adopters include KBX Logistics, which reduced its onboarding process from 95 steps to 32, and NFI, which cut partner setup time by 90%. The new capital will fund further technology development and commercial partnerships.
About megatrends
Artificial Intelligence › AI Applications & Copilots Competition
Cloud & Digital Infrastructure › Horizontal SaaS ▼Competition
SPSC · Competition · Negative Orderful's AI-native platform directly threatens SPS Commerce's legacy EDI model, with faster onboarding and a disruptive business model.
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