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SPS Commerce

SPS Commerce, Inc. is an technology company that provides cloud-based solutions, with a focus on (EDI) and retail network connectivity to facilitate between retailers, suppliers, and providers. Founded in 1987 as St. Paul Software, Inc. and renamed SPS Commerce in 2001, and headquartered in , , the company operates a global platform serving approximately 55,000 recurring revenue customers worldwide as of September 2025, enabling seamless data exchange to streamline operations and improve efficiency in the retail . The company's core offerings include EDI services, fulfillment solutions, inventory analytics, and data management, all designed to connect trading partners and support strategies. SPS Commerce's platform integrates with major systems, helping businesses automate , enhance visibility, and accelerate opportunities while reducing manual errors and costs. With approximately 2,783 employees as of December 2024 and offices in locations such as the , , , , and , the firm has grown into a key player in the technology sector, emphasizing innovation in . Recognized as the number one EDI solution by and included on ' 2025 list of America's Best Companies, SPS Commerce continues to expand its and services to address evolving challenges, including global trade and demands.

Overview

Founding and headquarters

SPS Commerce traces its origins to January 28, 1987, when it was incorporated as St. Paul Software, Inc. by Gary W. Anderson in , . The company was established to deliver (EDI) solutions aimed at facilitating efficient communication and data exchange between retailers and their suppliers, addressing the growing need for automated processes in the sector. On May 30, 2001, St. Paul Software reincorporated in and adopted its current name, SPS Commerce, Inc., signaling a strategic evolution toward comprehensive services beyond initial EDI offerings. This renaming underscored the company's intent to broaden its scope in supporting and operations through integrated platforms. The company's headquarters remain in , , at 333 South Seventh Street, Suite 1000, serving as the primary operational and strategic center for its global activities. This location has anchored SPS Commerce's development since its inception, providing a base in a region known for its and ecosystem.

Business model and industry position

SPS Commerce operates as a software-as-a-service () provider specializing in cloud-based , with a core focus on facilitating (B2B) data exchange for retailers, suppliers, and providers (3PLs). The company's platform enables seamless (EDI) and across the retail supply web, automating document exchanges such as purchase orders, invoices, and advance ship notices to streamline operations and ensure with trading partner requirements. This model allows businesses to connect over 1,000,000 network endpoints without building custom integrations, reducing manual processes and enhancing visibility in the . Revenue is primarily derived from subscription fees for ongoing access to its cloud platform, supplemented by transaction-based services within its fulfillment offerings and professional implementation support. Recurring revenue, which includes these subscriptions and related services, constitutes over 90% of , providing and supporting consistent growth. For instance, in the second quarter of 2025, recurring revenue grew 24% year-over-year, underscoring the model's . The company serves more than 50,000 customers globally, including prominent retailers like and , which positions it as a key enabler for EDI . With approximately 54,500 recurring revenue customers as of mid-2025, SPS Commerce's facilitates connections to over 4,000 buying organizations, helping suppliers meet stringent standards efficiently. In the supply chain technology sector, SPS Commerce maintains a leadership position, earning recognition as the #1 EDI solution by in 2025 based on user satisfaction and market presence. It is also a component of the S&P SmallCap 600 index, reflecting its established market standing among small-cap firms. The company emphasizes automation of order-to-cash processes—encompassing order receipt, fulfillment, invoicing, and payment—to reduce friction, such as delays in and gaps, thereby enabling faster cycles and cost savings for clients.

History

Early development (1987–2000)

St. Paul Software, Inc. was incorporated on January 28, 1987, in , initially focusing on developing (EDI) software to facilitate efficient data exchange between retailers and suppliers. The company aimed to alleviate the inefficiencies of manual order processing prevalent in the retail at the time, offering tailored solutions that automated document transmission such as purchase orders and invoices. During its early years, St. Paul Software grew by delivering custom EDI implementations, primarily serving and their trading partners to enable seamless integration and reduce operational costs. By the mid-1990s, the firm had established itself as a key player in providing translation and connectivity software for B2B transactions in the sector. In 1997, it launched the initial version of its cloud-based , becoming an early pioneer in Software-as-a-Service () offerings for . The company's evolution accelerated toward internet-enabled solutions amid the dot-com boom, positioning it for broader B2B exchange capabilities in and . However, facing shifts, St. Paul Software sold its core software division to Netherlands-based TIE Commerce in April 2000 for approximately $20 million in cash and stock, securing for further expansion. This transaction allowed the remaining entity to pivot from software licensing to a service-oriented model, emphasizing managed EDI services and network connectivity for trading partners.

Renaming and pre-IPO growth (2001–2009)

In May 2001, the company reincorporated in and changed its name to SPS Commerce, Inc., shifting emphasis from traditional software sales to broader connectivity and network services. This rebranding aligned with the evolving business model, highlighting the platform's role in facilitating (EDI) and B2B collaborations across retail ecosystems. Following the sale of its software division in 2000, SPS Commerce pivoted to cloud-based EDI and B2B network services, leveraging a subscription-based model to deliver on-demand solutions. The company built a robust trading partner network through SPSCommerce.net, a hosted platform that automated document exchange and integration for retailers and suppliers, reducing manual processes and enabling scalable connectivity. By focusing on pre-built integrations with major retailers such as and , the platform supported over 3,000 order management models and more than 100 third-party applications, fostering network effects as more partners joined. The customer base expanded significantly during this period, incorporating large retailers and suppliers into the network, with recurring revenue customers growing from 9,496 in 2007 to 11,003 in . This growth was driven by the subscription model, which provided predictable revenue and allowed the company to achieve early profitability, reporting a of $1.162 million in 2009 after prior years of losses. By late , the platform connected over 38,000 customers across more than 40 countries, with international revenues for 2% of total revenue, demonstrating initial global traction. In preparation for its , SPS Commerce enhanced platform scalability and pursued international outreach in and , integrating advanced tools like Trading Partner Intelligence in to provide performance insights and further solidify its position in the retail sector. These efforts positioned the company for broader adoption, with total customers reaching 26,000 organizations by September 2010.

Public listing and modern expansion (2010–present)

SPS Commerce completed its (IPO) on the Global Market under the SPSC in April 2010. On April 21, 2010, the company priced 4,096,694 shares of at $12.00 per share, with trading commencing the following day. Of the shares offered, SPS Commerce sold 2,500,000, while selling stockholders offered 1,596,694, generating net proceeds primarily for and general corporate purposes, including approximately $600,000 for repayment. This public listing marked a pivotal transition for the company, enabling broader market access and fueling subsequent investments in operational scalability. Since its IPO, SPS Commerce has demonstrated remarkable consistency in financial performance, achieving 99 consecutive quarters of revenue growth by the third quarter of 2025. This sustained expansion reflects the company's strengthening position in solutions, driven by increasing adoption of its cloud-based platform amid evolving demands. The period has seen strategic enhancements to its core offerings, positioning SPS Commerce as a key enabler for efficient trading partner connections in a landscape. Beginning in 2015, SPS Commerce broadened its portfolio beyond traditional into advanced analytics and AI-driven capabilities. That year, the company launched Collaboration Analytics, a tool designed to deliver intuitive, actionable insights from data for retailers and suppliers. By the mid-2020s, it integrated to optimize operations, including and based on transaction data, while deepening compatibility with systems such as to streamline automated and data exchange. In recent developments, SPS Commerce has earned accolades for its corporate culture and social commitments. The company was included in 2025 list of America's Best Companies, recognizing its efforts in employee well-being and workplace excellence among 300 U.S. firms. It also became a Gold Sponsor of the 2026 USA Games, supporting the sport of to promote inclusion and community impact. Furthermore, in March 2025, SPS Commerce published its inaugural 2024 report, outlining progress in governance, environmental sustainability—such as shifting 95% of IT operations to renewable-powered data centers—and initiatives.

Products and services

Electronic data interchange (EDI) solutions

SPS Commerce provides a cloud-based (EDI) platform that enables seamless exchange of documents between trading partners in the retail . This solution supports the automated transmission of key documents such as purchase orders (EDI 850), invoices (EDI 810), and advance ship notices (ASNs, EDI 856), ensuring efficient data flow without manual intervention. The platform is fully compliant with industry standards including ANSI X12 for North American transactions and for international exchanges, allowing es to meet diverse partner requirements while maintaining . At the core of SPS Commerce's offerings is its Fulfillment platform, which automates the entire order-to-cash cycle for retailers and suppliers by integrating EDI transactions directly into existing systems like and warehouse management software. This automation streamlines processes from order receipt to , significantly reducing manual and associated errors by up to 99%. By handling the complexities of document mapping, validation, and transmission, the platform minimizes disruptions and accelerates fulfillment timelines. The solution integrates with a vast pre-built comprising over 500,000 EDI connections across more than 50,000 subscribing customers, including retailers, distributors, and providers. This facilitates rapid and connectivity for new trading partners, with specific support for (3PL) operations through dedicated EDI transactions like warehouse shipping orders (EDI 940) and carrier integrations. For enterprises using systems, SPS Commerce delivers full-service EDI that manages compliance testing, processing, and proactive error resolution, ensuring uninterrupted operations. Built on the EDI transaction data, SPS Commerce's analytics tools provide derived insights for , as detailed in subsequent sections.

Analytics and performance tools

SPS Commerce offers the Supply Chain Performance Suite, a comprehensive platform designed to enhance supply chain visibility and optimization through data-driven insights. This suite integrates to provide a unified view of sales and inventory performance across retail partners, enabling users to track key metrics such as rates and trends. Item setup management within the streamlines product by ensuring accurate availability, packaging specifications, and with retailer requirements, reducing errors in execution. Predictive insights for planning are facilitated through and performance dashboards, allowing businesses to anticipate demand fluctuations and optimize stock levels proactively. The platform leverages point-of-sale (POS) data from numerous retailers to forecast demand, identify emerging trends, and support strategic decision-making, drawing on EDI-transmitted sales information as a foundational data source. Users have reported efficiency improvements, such as reduced operating expenses and sales growth, by applying these analytics to refine inventory and supplier strategies. In February 2025, SPS Commerce acquired Carbon6 Technologies, integrating tools for sellers, including revenue recovery, into the suite to enhance optimization. For (3PL) operations, the suite includes tools for real-time monitoring of carrier performance and shipment visibility, providing dashboards that track status updates, compliance, and disruptions to ensure timely deliveries. In 2025, SPS Commerce introduced the Manufacturing Supply Chain Performance Suite, featuring full-service EDI solutions tailored for manufacturers and co-packers to streamline operations, improve supplier , and enhance visibility and efficiency. This update emphasizes full-service support, including supplier engagement and exchange, to minimize disruptions and improve cash flow efficiency.

Acquisitions and growth strategy

Key acquisitions before 2020

SPS Commerce began its acquisition strategy in the early to bolster its cloud-based solutions, focusing on enhancing EDI capabilities and expanding its retail network. In May 2011, the company acquired Direct EDI, a provider of cloud-based integration technology, for $10.9 million in cash. This deal added value-added network (VAN) services, enabling seamless EDI data exchange for over 1,500 customers and accelerating SPS Commerce's growth in on-demand . Building on this foundation, SPS Commerce targeted and performance tools in subsequent years. In August 2012, it purchased substantially all assets of Edifice Information Management Systems for approximately $26.3 million in cash plus stock. The acquisition integrated advanced point-of-sale () and capabilities, allowing SPS Commerce to offer deeper insights into retail performance and strengthening ties with major retailers. To support international expansion, SPS Commerce acquired Leadtec in October 2014 for about $14.9 million, consisting of $12.7 million in cash and $2.2 million in stock. Leadtec's cloud-based solutions brought thousands of organizations in and into the SPS Commerce network, enhancing document management and EDI compliance for global trade. Further diversifying its portfolio, the company acquired Solutions in January 2016 for roughly $23 million in cash and stock. This move expanded retail analytics offerings, particularly POS data aggregation and reporting, which improved visibility for multichannel retailers and suppliers. In December 2018, SPS Commerce acquired substantially all assets of CovalentWorks for approximately $23 million, including $20 million in cash and $3 million in stock. CovalentWorks specialized in cloud EDI for fulfillment, integrating order management tools that supported small to medium-sized businesses in multichannel retail operations and adding about 2,000 customers to the platform. Finally, in August 2019, SPS Commerce purchased the MAPADOC division of SWK Technologies for $11.5 million in cash. MAPADOC's EDI automation solutions enhanced document management for , particularly for users of and systems, streamlining and processes. These pre-2020 acquisitions collectively fortified SPS Commerce's core EDI infrastructure, analytics suite, and global reach, laying the groundwork for its dominance in services without venturing into post-2020 expansions.

Major deals from 2020 onward

In 2020, SPS Commerce acquired Data Masons, a provider of (EDI) system automation solutions, for approximately $100 million in cash. This deal strengthened SPS Commerce's expertise in integration, particularly for users, by integrating Data Masons' specialized tools that automate EDI processes within the ecosystem. The acquisition expanded access to SPS Commerce's global network of over 90,000 trading partners, enabling more efficient connectivity for Microsoft-based customers. In November 2021, SPS Commerce acquired Genius Central, a provider of software solutions for in-aisle ordering in the natural and sectors, for approximately $17 million in cash. This acquisition enhanced the company's fulfillment capabilities for grocery retailers and suppliers, integrating Genius Central's tools to streamline direct store delivery and improve operational efficiency in perishable goods supply chains. In July 2022, SPS Commerce purchased GCommerce Solutions, a cloud-based provider of drop ship order management software, for approximately $45 million in cash. The deal bolstered EDI and services for home goods and suppliers, adding for and expanding the platform's support for diverse retail channels. Later in October 2022, SPS Commerce acquired InterTrade Systems, a collaboration platform focused on apparel and general merchandise, for approximately $49 million. This integration added advanced vendor compliance and collaboration tools, strengthening SPS Commerce's position in vertical-specific and connecting more trading partners in fashion retail. In July 2023, SPS Commerce acquired TIE Kinetix, a provider of solutions including e-invoicing, for approximately €64.5 million net of cash acquired. The acquisition expanded international e-invoicing capabilities and presence, supporting with regulations and enhancing EDI for cross-border . In May 2024, SPS Commerce acquired Traverse Systems, a platform for supplier performance management, for approximately $25 million in cash and $4.3 million in stock. This move added tools for monitoring supplier compliance and scorecarding, improving visibility and collaboration in supplier relationships. Later in 2024, SPS Commerce purchased SupplyPike, an automated , for a total of $206 million, comprising $119 million in cash (net of cash acquired) and $87 million in stock. The acquisition enhanced SPS Commerce's capabilities in retail compliance and by adding SupplyPike's tools for monitoring, preventing, and resolving disputes, which help suppliers recover lost and improve retailer relationships. This integration leverages SPS Commerce's retail network to create a comprehensive for prevention, with the deal expected to contribute $25 million in for 2025. SPS Commerce further expanded its e-commerce offerings in 2025 by acquiring Carbon6 Technologies, a developer of software tools for sellers, for approximately $210 million, with 60% paid in cash and the remainder in stock. The purchase incorporated Carbon6's and revenue recovery solutions tailored for first-party and third-party sellers, bolstering SPS Commerce's position in revenue optimization and e-commerce . These tools provide advanced insights into seller performance and deduction resolution on the platform, enhancing overall visibility. These acquisitions from 2020 onward reflect SPS Commerce's strategy to accelerate innovation in AI-driven analytics and efficiency, building on its core EDI network to address evolving challenges. By integrating specialized tools for automation, deduction management, and analytics, the deals have driven market expansion and contributed to the company's 16% year-over-year revenue growth in the third quarter of 2025.

Leadership and corporate governance

Executive leadership team

The executive leadership team at SPS Commerce guides the company's strategic direction in retail supply chain cloud services, emphasizing , , and . Collins serves as , a position he has held since October 2023, where he oversees global strategy and drives initiatives in technology. With over 20 years of experience, Collins previously led Software as Global CEO and served as President and CEO of HighJump, bringing expertise in scalable software solutions for logistics and . Dan Juckniess is Executive Vice President and , responsible for managing and strategies to expand the company's cloud-based network. Juckniess brings more than 20 years of leadership in enterprise cloud services, having previously held executive roles at Edmentum and , focusing on business information services and . Mike Svatek acts as , leading product innovation particularly in (EDI) and analytics tools to enhance visibility. Svatek's background includes prior roles as Chief Innovation Officer at Cart.com and Chief Product Officer at Bazaarvoice, where he advanced product strategies in and retail technology platforms. Erica Koenig holds the role of Senior Vice President and , concentrating on talent acquisition, employee development, and fostering a collaborative corporate culture. Koenig joined SPS Commerce in 2022, drawing on over 25 years of experience from positions at UnitedHealthcare and , with a focus on workforce strategy in large organizations.

Board of directors

The board of directors of SPS Commerce, Inc. consists of eight members as of November 2025, with a majority being independent directors drawn from expertise in , , and . The board is chaired by Philip Soran, who has served since July 2010 and brings extensive experience in software and , including as co-founder and former CEO of Technology, Inc. Other members include Chad Collins, appointed in October 2023, who contributes deep knowledge in supply chain software from prior roles at Supply Chain and HighJump Software; Sven Wehrwein, a expert and independent financial consultant; Tami Reller, with a background in and operations from and ; Marty Réaume, experienced in retail and consumer goods; Anne Sempowski Ward, CEO of CURiO Brands with retail leadership; Razat Gaurav, CEO of , Inc., offering and insights; and Mark Partin, former of BlackLine, Inc., adding financial oversight expertise. The board plays a central role in , providing strategic oversight and ensuring alignment with long-term objectives. It operates through key committees, including the , chaired by Sven Wehrwein, which oversees financial reporting and ; the Compensation & Talent Committee, led by Marty Réaume, focused on executive pay and talent strategies; the Governance & Nominating Committee, chaired by Anne Sempowski Ward, responsible for board composition and director nominations; and the Finance & Strategy Committee, chaired by Sven Wehrwein, which reviews major investments and . Governance practices emphasize independence, with six of the eight directors classified as independent under standards, and include rigorous evaluations of potential conflicts. ESG integration is a priority, overseen by the Governance & Nominating Committee in coordination with a cross-functional ESG working group, as outlined in the company's 2024 ESG Report released in March 2025. The board approves strategic initiatives such as transitioning 95% of IT operations to renewable-powered data centers by 2025 and setting goals for reduced carbon emissions and enhanced community engagement. The board typically meets at least quarterly, with additional sessions for committees, to guide the company's vision, including approvals for M&A activities that support growth in solutions.

Financial performance

Revenue trends and growth metrics

SPS Commerce reported annual revenue of $536.9 million for fiscal year 2023, marking a 19% increase from $450.9 million in 2022. This growth was driven primarily by expansion in its recurring revenue streams, which accounted for over 95% of total revenue and rose 20% year-over-year. In the third quarter of 2025, revenue reached $189.9 million, reflecting 16% year-over-year growth from $163.7 million in the prior year's quarter. Recurring revenue for the period increased 18% year-over-year, underscoring the stability of the company's subscription-based model. This performance extended the company's streak to its 99th consecutive quarter of topline revenue growth, a record highlighting consistent operational execution since going public in 2010. Management guided full-year 2025 revenue to between $751.6 million and $753.6 million, implying approximately 18% growth over 2024's $637.8 million. Profitability metrics showed steady improvement in 2025, with net income for Q3 reaching $25.6 million, or 13.5% of , compared to $23.5 million (14.4% margin) in Q3 2024. Earlier in the year, Q2 2025 margin stood at 11%, up from prior periods, supported by gross margins exceeding 68% on a trailing twelve-month basis. These margins reflect the of SPS Commerce's platform, where high fixed costs are offset by growing transaction volumes and minimal variable expenses. Key operational metrics further bolstered revenue trends, including customer retention rates above 95%, which minimized churn and supported predictable cash flows. (ARPU) also rose to approximately $13,850 in Q1 2025, driven by upsells in and tools that enhanced value for existing clients. This combination of retention and ARPU expansion contributed to wallet share growth of around 6-15% annually in recent years.

Stock performance and market capitalization

SPS Commerce completed its on April 22, 2010, pricing 4,096,694 shares at $12 per share on the Global Market under the SPSC. The offering raised approximately $49.2 million in gross proceeds, marking the company's entry into public markets after years of private operation focused on services. As of November 17, 2025, SPS Commerce's stock trades at approximately $82 per share, with a closing price of $81.55 on November 14, 2025. The company's is approximately $3.08 billion, positioning it as a mid-cap entity in the software and technology sector. This valuation underscores steady appreciation since the IPO, driven by consistent expansion from $44.6 million in 2010 to projected full-year 2025 of $751.6 million to $753.6 million, representing a of over 20% in since going public. Key performance highlights include 22% year-over-year revenue growth in the second quarter of 2025, reaching $187.4 million, fueled by demand for visibility and analytics solutions. Analysts maintain a "Hold" rating on the , with an average price target of $120, as of November 2025, citing the company's robust network effects and recurring amid evolving and needs. In communications, such as quarterly calls, SPS Commerce emphasizes its 99 consecutive quarters of and long-term reinvestment , with no in place to prioritize expansion and acquisitions. This approach has supported sustained through and inorganic initiatives.

Global operations

International offices and expansion

SPS Commerce is headquartered in Minneapolis, Minnesota, at 333 South Seventh Street, Suite 1000. The company maintains key U.S. offices in Rogers, Arkansas, through its SupplyPike subsidiary, and in Little Falls, New Jersey, supporting domestic operations and remote work hubs across the country. Internationally, SPS Commerce operates its Europe headquarters in Breukelen, Netherlands, at De Corridor 5d, facilitating regional supply chain solutions. The Asia headquarters is located in Beijing, China, at Section 1501, Building A, R&F Twin Tower 59, Middle East 3rd Ring Road, Chaoyang District, with an additional office in Hong Kong at Unit 6008, Level 60, One Island East, 18 Westlands Road, Quarry Bay. In Australia, the company has its Australia headquarters in Melbourne at Level 3, 12 Wesley Court, Burwood East, VIC 3151, and another office in Sydney at Level 6, 80 Mount Street, North Sydney, NSW 2060. Other international locations include Toronto, Canada, at 44 Peel Centre Drive, Suite 300, Brampton, ON L6T 4B5, and an additional office in Toronto at 111 Peter Street, Suite 300 (via Carbon6 Technologies), as well as Kyiv, Ukraine, at 19-21 Khmelnytskogo Bohdana Street, Shevchenkivskyi District. The company's expansion into began in the 2010s with office openings in the and in 2010, followed by further growth in 2014 through a dedicated operations in the UK. This was complemented by acquisitions, such as the Australia-based Leadtec in the early 2010s, enhancing its footprint. In , SPS Commerce established a presence starting with a Hong Kong office in 2011 to support local sales and operations, building on its existing headquarters established in the early 2010s to emphasize manufacturing compliance and integration. In February 2025, SPS Commerce acquired Carbon6 Technologies for approximately $210 million, adding expertise in revenue recovery and expanding its Canadian operations with an office in . As of 2025, SPS Commerce has continued to strengthen its operations to address growth, including support for standards prevalent in . This builds on its global network serving thousands of customers across continents.

Workforce and employee metrics

As of December 31, 2023, SPS Commerce employed 2,489 people worldwide. By the end of 2024, this figure had grown to 2,783 employees, reflecting an 11.8% increase driven by organic expansion. Growth continued in 2025 following the February acquisition of Carbon6 Technologies and ongoing hiring to support global operations. The company's workforce is predominantly based in , with approximately 81% of employees located there as of 2023, while the remaining 19% are distributed across and the region. A significant portion of roles focus on and , aligning with SPS Commerce's emphasis on developing and deploying cloud-based solutions, including (EDI) and AI-enhanced tools. These positions support the company's of over 100,000 trading partners. SPS Commerce fosters an employee-centric culture characterized by collaboration, innovation, and work-life balance, which has contributed to a high retention rate of 92% in 2023, up from 88% the previous year. This focus on employee well-being and professional growth earned the company a spot on 2025 list of America's Best Companies, recognizing its strong workplace satisfaction and inclusive environment. Key initiatives include ESG-driven diversity programs, such as the Belonging@SPS global effort to promote equity and community among teams, as outlined in the company's 2024 ESG Report. Employee development features comprehensive training through SPS University, including leadership programs and skill-building in technologies; the company has also integrated AI-focused education to equip staff for innovations like and . Post-2020, SPS Commerce adopted flexible policies, enabling hybrid arrangements that allow many employees to work remotely up to three days per week, depending on team needs. These policies complement the company's international offices in regions like and Asia, supporting a distributed yet connected .

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