SPS Commerce, the Minneapolis-based supply-chain software player that lends its name to one of downtown’s marquee office towers, is quietly exploring a possible sale after months of activist pressure and a long slump in its stock. People familiar with the talks say the company has hired Morgan Stanley to review strategic options, a move that has downtown power brokers and rank-and-file workers paying close attention.
According to Investing.com, which cited Reuters sources, SPS has brought in Morgan Stanley to gauge interest from potential buyers, including private equity firms. So far, there is no public word on who might be circling, how fast a deal could come together, or what kind of price range insiders are floating.
The company is firmly planted in downtown Minneapolis, leasing about 200,000 square feet at 333 S. Seventh St., where it anchors the SPS Tower, according to the Minneapolis / St. Paul Business Journal. SPS reported $751.5 million in revenue for 2025, according to SPS Commerce's Form 10-K filing, a scale activists argue makes the business ripe for a buyer even as the market has cooled on the stock.
Activist pressure and board changes
Activist investors have been leaning on SPS for months. Anson Funds disclosed a campaign and rolled out a plan late last year urging a strategic review, and the company later struck a cooperation agreement with Anson in February that added two new directors to the board, according to an SEC filing. Other investors, including Irenic Capital, were also reported to have taken stakes and pushed management to consider alternatives earlier this year.
Market reaction and what’s next
SPS’s market value has drifted down from its 2025 highs, with recent coverage putting its market capitalization at about $2 billion, according to the Minneapolis / St. Paul Business Journal. The company has guided investors to mid-single-digit revenue growth for 2026, roughly 6 to 7 percent for the full year, and laid out that outlook in its first-quarter 2026 earnings report, detailed in SPS Commerce's Q1 2026 release.
For now, SPS has not publicly sketched out a timeline for the review, any price expectations, or whether management prefers a sale, a recapitalization, or simply using the process to reset its relationship with restless shareholders. Investors will be combing every new filing and earnings call for clues.
What it could mean for Minneapolis
In downtown Minneapolis, commercial real estate watchers are keenly aware that any shake-up in SPS’s ownership or office strategy could ripple through the local leasing market. The company’s recent renewal that kept roughly 200,000 square feet locked in at SPS Tower was widely seen as a crucial stabilizer for the city’s core. Recent SPS Tower renewal coverage and the company’s own filings suggest local officials and office workers alike will be following the sale chatter closely as it develops.
