Supply chain software company SPS Commerce is considering putting itself up for sale, according to three sources with knowledge of the situation who spoke on condition of anonymity.
The Minneapolis-based company has brought in investment bank Morgan Stanley to assist with exploring the potential transaction, the sources said. The move is expected to generate interest from private equity firms looking to acquire the business.
Neither SPS Commerce nor Morgan Stanley offered a response when contacted for comment.
SPS Commerce develops cloud-based software that helps retailers, suppliers, and distributors handle logistics, inventory management, and electronic data exchange throughout their supply chains. The company counts more than 50,000 clients around the world, among them major retailers such as Walmart, Costco, Macy’s, Best Buy, Adidas, and Hershey.
The push toward a possible sale comes after activist investors — including Anson Funds and Irenic Capital — revealed they had taken stakes in the company in late March and early April, respectively. Both firms called for significant changes, including new leadership and a full review of strategic options, with a sale being one possibility on the table.
Over the past year, SPS Commerce shares have tumbled more than 80%, leaving the company valued at approximately $2 billion. The broader pullback from software stocks has been driven in part by uncertainty surrounding how artificial intelligence will reshape the industry.
While SPS Commerce previously delivered strong growth — including 18% revenue growth in 2025 — the company is now projecting a much slower increase of 6% to 7% for 2026. That slowdown has made investors more cautious about software company valuations going forward.
