SPS Commerce

What SPS Commerce does

SPS Commerce (NASDAQ: SPSC) operates a cloud-based retail supply chain network platform that connects retailers, brands, manufacturers, distributors, and logistics providers through electronic data interchange (EDI), B2B data exchange, and supply chain workflow automation. The company's core architecture is the SPS Network, which the company describes as the world's largest intelligent supply chain network, linking approximately 50,000+ subscribing customers (≈54,200 recurring revenue customers as of Q1 2026) through 500,000+ total trading connections and 300,000+ unique relationships. The platform processes 750M+ transactions annually, manages 33M+ SKUs, and powers over $650 billion in gross merchandise value. SPS manages 9,000+ retailer spec changes annually on behalf of customers and offers pre-built certified integrations with 400+ ERP, WMS, and business systems (SAP, Oracle NetSuite, Microsoft Dynamics, Sage, QuickBooks, Acumatica, Shopify).

The product portfolio is modular, organized around SPS Fulfillment (managed EDI), the Supply Chain Performance Suite, Order Central (omnichannel order management), Manufacturing Supply Chain, Analytics, Assortment (PIM), and Revenue Recovery (deduction management, expanded via the 2024 SupplyPike and 2025 Carbon6 acquisitions). In February 2026, SPS launched MAX, an agentic AI layer with three components — MAX Chat (natural-language Q&A), MAX Monitor (continuous trading-relationship monitoring), and MAX Connect (Model Context Protocol support) — built on Anthropic models and grounded in the platform's proprietary transaction corpus. Additional offerings include 3PL integration, E-Invoicing, SPS Invoice Financing, advertising management for Amazon third-party sellers, and PDF Order Automation for non-EDI documents.

SPS Commerce generates the majority of revenue from recurring SaaS subscriptions priced on a quote-based, annual-billing model with terms varying by trading volume, number of connections, and modules selected. The go-to-market motion is sales-led, combining enterprise field sales for large retailers and CPG manufacturers, inside sales for mid-market, and an integration-led channel where certified ERP/WMS connectors drive adoption. Q1 2026 revenue was $192.1M (6% YoY growth), with full-year 2026 guidance of $796–$802M, ~96.8% gross margin, $57.9M in Q1 2026 adjusted EBITDA, and a stated long-term target of 35% EBITDA margin. SPS has reported 100 consecutive quarters of revenue growth. Founded in Minneapolis (with European support offices in Amsterdam, Munich, and Paris), the company is exploring a potential sale as of June 2026 following activist pressure from Anson Funds and Irenic Capital.

Name

SPS Commerce

Legal name

SPS Commerce, Inc.

Website

https://spscommerce.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

SPS Commerce operates a cloud-based supply chain network platform providing managed EDI, order fulfillment, and supply chain analytics to retailers, brands, manufacturers, distributors, and 3PLs across 500,000+ trading connections.

Ownership category

akta.pro rank

Product category

Retail Supply Chain Management Software (EDI / B2B Integration)

akta.pro primary industry

Purchase Order (PO) Management & Processing (BPAAAJAF)

Keywords

• Retail supply chain management
• EDI software services
• Cloud-based B2B integration
• Trading partner connectivity
• Retail data exchange

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Recurring SaaS Subscriptions: SPS Commerce generates the majority of its revenue from recurring SaaS subscriptions. As of Q1 2026, the company reported approximately 54,200 recurring revenue customers with 7% recurring revenue growth. Revenue is driven by the number of trading connections, subscriptions, and network expansion within its 50,000+ customer base.
2. Revenue Recovery Services: Following the acquisitions of Carbon6 (~$210M, early 2025) and SupplyPike ($119M cash + $87M stock, August 2024), SPS Commerce expanded into revenue recovery services targeting the Amazon marketplace and broader retail deduction management. This represents an additional revenue stream contributing to the company's $750M revenue recovery addressable market.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

SPS Commerce operates a cloud-based intelligent supply chain network that connects retailers, suppliers, brands, manufacturers, distributors, and logistics providers through full-service EDI translation, order fulfillment automation, and supply chain performance management. The platform processes 750M+ transactions annually across 500,000+ trading connections and 33M+ SKUs, delivering SaaS subscriptions for EDI compliance, revenue recovery, analytics, assortment, and recently introduced agentic AI capabilities via MAX.

Product overview

SPS Commerce is a cloud-based retail supply chain platform with a modular architecture centered on the SPS Network (Intelligent Supply Chain Network) connecting 50,000+ subscribing customers with 300,000+ trading relationships. The core product portfolio centers on EDI fulfillment (SPS Fulfillment), supply chain performance management (Supply Chain Performance Suite), order management (Order Central), and manufacturing automation (Manufacturing Supply Chain), supported by Analytics, Assortment, Revenue Recovery, and 3PL solutions. The company recently launched MAX AI (agentic AI with MAX Chat, MAX Monitor, and MAX Connect) as an embedded capability within the network, along with PDF Order Automation and the SPS Relationship Center. Integration layer includes 100+ pre-built connectors for SAP, Oracle NetSuite, Microsoft Dynamics, Sage, QuickBooks, Acumatica, and Shopify. Additional services cover EDI Testing/Certification, E-Invoicing, Customer Onboarding, System Integrations, and Invoice Financing.

Differentiator

Problem solved

Functional benefit

Brands

• SPS MAX: Supply Chain Agentic AI - Automate tasks, detect risks, and improve performance with embedded network intelligence.
• FLOW Platform
• SPS Fulfillment
• SPS Revenue Recovery
• SPS Analytics
• Order Central
• SupplierWiki

Products and services

• SPS Fulfillment (EDI)
• Supply Chain Performance Suite
• Order Central
• Manufacturing Supply Chain
• SPS Analytics
• Assortment
• SPS Revenue Recovery
• SPS for 3PLs
• MAX AI (Supply Chain Agentic AI)
• EDI Testing and Certification
• E-Invoicing
• PDF Order Automation
• SPS Relationship Center
• SPS Invoice Financing
• Advertising for 3P Amazon Sellers

Quantifiable outcome

• 360% ROI in three years (Forrester TEI Study)
• +6 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration31 records

AI capability9 records

Feature6 records

Partnerships

15 partnerships are on record, tiered core, minor and infrastructure.

• OrdorocoreStrategic or Co-development Partner · 26 March 2026Ordoro and SPS Commerce partnered to support high-growth Amazon and Walmart brands by focusing on improving operational efficiency and revenue protection as brands scale on major retail platforms. The collaboration targets high-growth brands facing increasing operational complexity and aims to help sellers detect revenue leakage and enhance backend execution.
• SAP (S/4HANA, Business One, ByDesign)coreTechnology or IntegrationSPS Commerce is a certified SAP partner offering EDI integration for SAP S/4HANA (via SAP Business Technology Platform), SAP Business One, and SAP ByDesign. The company is listed on the SAP Store and actively develops certified connectors that bring the SPS Network directly into SAP environments.
• Oracle NetSuitecoreTechnology or IntegrationSPS Commerce is NetSuite's SuiteCloud Partner of the Year 2025, offering a certified Built for NetSuite EDI integration embedded within the NetSuite UI. The partnership provides universal, reusable trading partner connections within the NetSuite ecosystem.
• Microsoft (Dynamics 365, AX, NAV, GP)coreTechnology or IntegrationSPS Commerce is a Microsoft Preferred EDI Solution for Microsoft Dynamics 365 systems including Business Central, Finance & Supply Chain Management, AX, NAV, and GP. Pre-built certified integrations enable EDI automation within Microsoft environments.
• Sage (50cloud, 100, 500, X3, Intacct)coreTechnology or IntegrationSPS Commerce holds multiple Sage certifications and is trusted by 2,400+ Sage customers. The company provides EDI integration for Sage 50cloud, Sage 100, Sage 500, Sage X3, and Sage Intacct using MAPADOC technology embedded within Sage systems.
• Shopify / Shopify PluscoreTechnology or IntegrationSPS Commerce provides Shopify EDI integration enabling Shopify merchants to manage orders from Shopify, retailers, and marketplaces all in one platform. The integration enables direct order flow into Shopify for inventory and payment management, eliminating manual entry.
• Commerce Operations Foundation / onX StandardminorStrategic or Co-development PartnerSPS Commerce joined the Commerce Operations Foundation as a founding member to support the Order Network eXchange (onX) industry standard for order, inventory, and fulfillment data exchange — an open standard intended to improve interoperability across the retail supply chain ecosystem.
• Amazon Web Services (AWS)infrastructureTechnology or IntegrationAWS is listed as a sub-processor for cloud infrastructure hosting and data storage for all SPS Commerce services. AWS is the primary cloud infrastructure provider for the platform.
• Google Cloud Platform (GCP)infrastructureTechnology or IntegrationGoogle Cloud Platform is listed as a sub-processor for cloud infrastructure hosting and SaaS hosting.
• Microsoft CorporationinfrastructureTechnology or IntegrationMicrosoft is listed as a sub-processor for cloud infrastructure, productivity, and enterprise services.
• Salesforce.cominfrastructureTechnology or IntegrationSalesforce is listed as a sub-processor for customer relationship management services.
• Snowflake Inc.infrastructureTechnology or IntegrationSnowflake is listed as a sub-processor for cloud-based data warehousing and analytics.
• Anthropic, PBCinfrastructureTechnology or IntegrationAnthropic is listed as a sub-processor for AI-powered data processing and automation, used in MAX AI features.
• ConexiominfrastructureTechnology or IntegrationConexiom is listed as a sub-processor for automated document-to-data transformation for order processing (Canada).
• Five Star Call CentersinfrastructureImplementation/ SI/ Consulting PartnerFive Star Call Centers is listed as a sub-processor for outsourced customer support and payment management services.

Scale indicators13 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• TrueCommerce: TrueCommerce (a division of Accel-KKR-backed Hg Capital portfolio company) is one of the closest direct competitors to SPS Commerce in managed EDI services for retail supply chain. Both offer full-service EDI translation, ERP integrations, and trading partner onboarding for retailers and suppliers.
• Cleo: Cleo provides the Cleo Integration Cloud for B2B EDI and API-based supply chain integration, competing directly with SPS Commerce's full-service EDI and trading partner network. Both serve retailers, suppliers, and 3PLs with managed EDI and pre-built ERP connectivity.
• DiCentral: DiCentral is a direct competitor in managed EDI services for retail, manufacturing, and distribution supply chains, offering ERP-integrated EDI solutions comparable to SPS Commerce. The two companies have been longtime rivals in the SMB and mid-market EDI segment.

Broad incumbents

• OpenText (GXS / Active Applications): OpenText's GXS Trading Grid is a major B2B integration and managed EDI platform that competes with SPS Commerce in large enterprise retail supply chain EDI. OpenText is a much broader enterprise information management vendor, but its GXS business is directly comparable.
• IBM Sterling Supply Chain: IBM Sterling (formerly Sterling Commerce) is a long-established B2B integration and managed file transfer platform that competes with SPS Commerce in retail and manufacturing EDI. As part of IBM's broader supply chain software suite, it serves large enterprises with similar EDI mapping and trading partner management.
• Descartes Systems Group: Descartes is a logistics-focused technology vendor with a B2B messaging and EDI portfolio (including its recent GroundCloud and various EDI assets) that competes with SPS Commerce in supply chain integration. It addresses adjacent transportation and customs automation that complements but overlaps with SPS's retail EDI focus.
• SAP Business Network (Ariba / Business Technology Platform): SAP is both a major partner of SPS Commerce and a broad incumbent, with SAP Business Network (Ariba) and SAP Business Technology Platform offering EDI and B2B integration capabilities that partially overlap with SPS. SAP's scale and embedded ERP base represent both distribution opportunity and competitive threat for SPS.
• Oracle B2B / NetSuite EDI: Oracle is a key SPS partner (NetSuite SuiteCloud Partner of the Year 2025) but also a broad incumbent with B2B integration and EDI capabilities across Oracle Fusion, NetSuite, and SCM Cloud. Oracle's growing investment in native supply chain connectivity could compete with SPS for enterprise customers.
• E2open: E2open is a supply chain orchestration platform providing EDI, B2B integration, and multi-tier supply chain visibility, competing with SPS Commerce in trading partner connectivity for global enterprises. It serves a broader supply chain planning and execution use case than SPS's focused EDI/revenue recovery offering.
• Blue Yonder (formerly JDA Software): Blue Yonder, owned by Panasonic, is a supply chain platform vendor offering planning, execution, and commerce solutions for retailers and manufacturers. While not a pure EDI competitor, Blue Yonder's retail and supply chain execution capabilities overlap with SPS's broader intelligent supply chain network positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mhubbard68
• Facebookfacebook.com/115540161807561
• LinkedInlinkedin.com/company/sps-commerce

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds6 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A14 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPS Commerce