Investing.com -- SPS Commerce Inc (NASDAQ: SPSC) is exploring a potential sale following pressure from activist investors Anson Funds and Irenic Capital, Reuters reported, citing three sources familiar with the matter. According to the report, the company recently tapped Morgan Stanley to assist with the process, which is expected to attract significant interest from private equity firms.

The Minneapolis-based supply chain software provider has seen its market value collapse by around 60% in the past year, leaving it with a market capitalization of roughly $2.1 billion. Shares are currently trading at $54.44, down nearly 1% on the session, near the 52-week low of $49.04 and well below the 52-week high of $143.55, according to Investing.com data.

Anson Funds disclosed a cooperation agreement with SPS Commerce in February, while Bloomberg reported Irenic's stake and pressure in January. Both firms pushed for changes that included leadership shifts and a formal review of strategic alternatives, up to and including an outright sale, Reuters reported.

The backdrop to the activist campaign is a sharp deceleration in growth. After posting 18% revenue growth in 2025, the company now expects revenue to expand just 6% to 7% in 2026, a reset that has weighed heavily on its public-market valuation multiple. Growth-software stocks have broadly de-rated as artificial intelligence reshapes competitive dynamics across the sector, and institutional investors have grown cautious: a Touchstone Small Company Fund noted it exited its SPSC position specifically because of concerns about slowing growth in a Q1 portfolio commentary.

Despite the valuation pain, SPS Commerce's underlying customer base gives it a credible story to tell prospective buyers. The company serves more than 50,000 customers globally, a roster that includes Walmart, Costco, Macy's, Best Buy, Adidas and Hershey, providing cloud-based software for electronic data interchange, inventory management and logistics. That breadth of blue-chip enterprise relationships is precisely the kind of sticky, recurring-revenue profile that private equity sponsors have historically prized.

Finimize analysis noted that private equity firms often underwrite deals by pairing a lower entry price with debt and targeted operational improvements, making it possible to hit return targets without requiring a swift growth rebound. "A formal process with Morgan Stanley can look more credible now, because the most natural marginal buyer may be a buyout firm rather than the public market," the analysis said. With SPSC trading near multi-year lows, acquirers could argue the entry multiple reflects a realistic, rather than optimistic, growth outlook.

Key details that have not yet surfaced publicly include any indicative valuation range, a timeline for the process, and the identities of private equity firms that may have been approached. It is also unclear whether SPS Commerce's management team is supportive of a sale or is responding to activist pressure reluctantly.

The next major milestone on the public calendar is the company's Q2 2026 earnings release, tentatively scheduled for July 23, which could serve as a de facto deadline catalyst. Management will face pointed questions about the strategic review process, and any formal update, or conspicuous silence, is likely to move the stock. Investors should also watch for any filings or public statements from Anson Funds or Irenic Capital that might signal whether the activists are satisfied with the pace of the process or intend to escalate their campaign.