SPS Commerce raised $61.7 million in its follow-on offering at $33.50 per share. Needham acted as lead manager on the transaction. The Company’s underwriters fully exercised their option to purchase an additional 240,000 shares of common stock at the follow-on offering price to cover over-allotments. The net proceeds from the sale of the shares from the offering will be used by SPS Commerce to repay outstanding indebtedness under the Company's line of credit and for working capital and general corporate purposes, including potential acquisitions.
SPS Commerce (Nasdaq:SPSC) is a leading provider of on-demand supply chain management solutions and the Retail Universe community, providing integration, collaboration, connectivity, visibility and data analytics to thousands of customers worldwide. The Company provides solutions through SPSCommerce.net, a hosted software suite that improves the way suppliers, retailers, distributors and other customers manage and fulfill orders. SPSCommerce.net uses pre-built integrations to eliminate the need for on-premise software and support staff, which enables our supplier customers to shorten supply cycle times, optimize inventory levels, reduce costs and satisfy retailer requirements.