SPS Commerce INC: management transactions · United States · SEC (Form 4)

About SPS Commerce INC

SPS Commerce Inc. is a U.S.-based software company listed on the Nasdaq Global Market under the ticker SPSC, and headquartered in Minneapolis, Minnesota, United States. Founded in 1987, the company has become a leading provider of cloud-based supply chain and retail commerce solutions. Its core platform connects retailers, grocers, distributors, suppliers, manufacturers, and logistics partners to automate the exchange of product data, purchase orders, inventory information, and performance tracking. For international investors, SPS Commerce stands out as a highly specialized software franchise positioned at the intersection of digital supply chain transformation and omnichannel commerce. From a business-model perspective, SPS Commerce has evolved from electronic data interchange and B2B connectivity into a broader network-led cloud platform. Its suite helps companies orchestrate critical trading-partner processes without having to build and maintain the underlying infrastructure themselves. Key offerings include order and supply-chain connectivity solutions, visibility tools, sell-through and inventory optimization capabilities, and complementary products such as Assortment, which simplifies the communication of item attributes across sales channels. The company also provides professional services, testing, and certification, which support implementation, adoption, and long-term customer retention. The competitive position is anchored in network effects. As more trading partners join the platform, the value of the network increases for existing and prospective customers, making SPS Commerce harder to displace than a standalone point solution. This also helps drive recurring revenue and cross-sell opportunities across its installed base. The company highlights deep integration into customer workflows and modular cloud products as structural advantages that raise switching costs and support expansion within existing accounts. Geographically, the company remains primarily North American in focus, although management continues to emphasize international expansion as part of its growth strategy. Its addressable market is broad and includes retail, grocery, consumer goods, wholesale distribution, manufacturing, and logistics. Recent developments are notable: in February 2026, SPS Commerce reported its 100th consecutive quarter of top-line growth, with fourth-quarter 2025 revenue up 13% year over year and recurring revenue up 14%, underscoring consistent execution. The company also closed its acquisition of Carbon6 in February 2025, extending its capabilities for Amazon sellers and revenue-recovery software. Overall, SPS Commerce is best viewed as a niche but strategically important technology company providing mission-critical commerce infrastructure in the United States listed market on Nasdaq.