Tran Capital Management Exits $15 Million SPS Commerce Position

Company Overview - SPS Commerce is a leading provider of cloud-based supply chain management platforms that enable automation and enhanced visibility for trading partners worldwide [7] - The company leverages a subscription-driven model to deliver scalable solutions for retailers and suppliers, supporting efficient order fulfillment and compliance [7] - SPS Commerce serves a broad customer base, including retailers, suppliers, grocers, distributors, and logistics firms, focusing on optimizing omnichannel order fulfillment and trading partner collaboration [9] Recent Transaction - TRAN Capital Management, L.P. (TCM) sold its entire stake in SPS Commerce, divesting 147,591 shares valued at $15.37 million during the fourth quarter [2][5] - The sale resulted in a net position change of $15.37 million for TCM, reflecting the combined effects of trade activity and price fluctuation [2] - Following the sale, TCM's position in SPS Commerce decreased to 0 shares, representing a 1.84% change in the fund's 13F AUM [5] Market Performance - As of January 21, 2026, SPS Commerce shares were priced at $91.13, down 53.0% over the prior year, significantly underperforming the S&P 500 by 67 percentage points [3] - The company's market capitalization stands at $3.48 billion, with a trailing twelve months (TTM) revenue of $729.76 million and a net income of $85.06 million [4]