Sps Commerce is exploring a sale: Reuters

SPS Commerce Inc. (NASDAQ: SPSC) is reportedly exploring a potential sale amid pressure from activist investor Anson Funds Management, according to recent reports on SPSC. Anson disclosed a stake in the company in December 2025 and has since advocated for strategic changes, including a possible sale, arguing that the stock underperformed by 40-60%. The company, which provides cloud-based supply chain management solutions, has historically been a consistent revenue grower, having achieved 100 consecutive quarters of growth as of March 2026.

The company’s recent strategic moves, including the acquisition of Carbon6 in early 2025 for $210 million, have drawn scrutiny. While the acquisition aimed to expand SPS Commerce’s presence in the Amazon seller ecosystem, subsequent changes to Amazon’s marketplace rules have raised concerns about the long-term viability of the investment. Additionally, the company has faced valuation compression, with its EV/EBITDA multiple dropping to 12x from historically high levels above 40x.

SPS Commerce has also introduced AI-driven innovations, such as MAX, to enhance supply chain automation and integration. These developments reflect the company’s ongoing efforts to adapt to evolving market demands. However, the potential sale would mark a significant shift in strategy for a company that has long been viewed as a durable growth compounder in the retail technology sector. Investors will be closely watching how the company navigates this period of uncertainty and whether a sale would unlock additional value for shareholders.