Supply chain software maker SPS Commerce is exploring a sale after activist investors Anson Funds and Irenic Capital pushed for strategic alternatives. The Minneapolis-based company, which has lost more than 80% of its market value over the past year, is working with Morgan Stanley on the potential transaction.
Supply chain software maker SPS Commerce is exploring a sale after activist investors Anson Funds and Irenic Capital pushed for strategic alternatives, according to three people familiar with the matter.
The Minneapolis-based company, which provides cloud-based software that helps retailers, suppliers and distributors manage logistics and inventory, is working with Morgan Stanley on the potential transaction, the people said, asking not to be identified discussing confidential information. The sale process is expected to draw interest from private equity firms.
SPS Commerce serves more than 50,000 customers globally, including Walmart, Costco, Macy's, Best Buy, Adidas and Hershey. The company's shares have lost more than 80% over the past 12 months, leaving it with a market capitalization of roughly $2 billion.
The activist pressure began in late March when Anson Funds disclosed a stake, followed by Irenic Capital in early April. Both pushed for changes including leadership shifts and a review of strategic alternatives. SPS Commerce posted revenue growth of 18% in 2025 but expects growth to slow to 6% to 7% in 2026, reflecting broader investor caution on software valuations amid uncertainty over artificial intelligence's impact on the sector.
The slowdown in revenue growth and the stock's decline created an opening for activists. Private equity firms have shown appetite for enterprise software assets at discounted valuations, and SPS Commerce's customer base of more than 50,000 retail and supply chain partners could make it an attractive acquisition target. A sale would allow the company to reset away from public market scrutiny as software stocks face continued pressure from AI-driven uncertainty.
SPS Commerce and Morgan Stanley did not immediately respond to requests for comment.
This article is for informational purposes only and does not constitute investment advice.
