SPS Commerce Hires Morgan Stanley to Explore Sale at $54.44 Amid Activist Push

On June 23 2026, SPS Commerce engaged Morgan Stanley to explore a potential sale following pressure from activists Anson Funds and Irenic Capital. Shares have dropped roughly 60 percent over the past year and closed at $54.44 near the 52-week low, giving the company a market capitalization of about $2.1 billion. Revenue growth is forecast to slow to 6-7 percent in 2026 from 18 percent in 2025, while the firm’s recurring revenue and blue-chip customer base could draw private-equity interest. The next major catalyst is the Q2 2026 earnings release scheduled for July 23, which may provide an update on the strategic review.