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Activist Sparks 40% Upside Hopes At SPS Commerce—Will The CEO Survive?

SPS Commerce shares jumped 2.3% after activist hedge fund Anson Funds publicly disclosed a stake and launched a bold campaign to overhaul the retail software provider. The activist’s demands are sweeping: cut costs, pause acquisitions, replace the CEO, and explore a potential sale of the company. Speaking at the Bloomberg Activism Forum 2025, Anson’s Sagar Gupta laid out a roadmap that could unlock as much as 40% upside, valuing the stock at $120 per share. He cited potential suitors including Thoma Bravo, Oracle, Roper Technologies, and SAP—each with a strategic interest in retail-focused software. The announcement has injected fresh volatility into SPS, whose shares had underperformed amid growing macro uncertainty and operational hiccups in its revenue recovery business. The investor push lands just as the company undergoes leadership changes and implements cost discipline following a tough Q3.