Minneapolis enterprise supply chain SaaS company SPS Commerce isn’t a flash in the pan hyped-up consumer app you’ll read about on TechCrunch or consistently find around shallows of social media.
It’s a tried and true Minnesota public company (~$50m IPO 2010) that dates back to 1987, boasting over 60,000 customers and 1,100 employees worldwide with 800+ here in downtown.
Revenue for 2014 was ~$128 million compared to $104.4 million last year, reflecting a 23% gain. For 2015, top line revenue is expected to be in the range of $155 to $157 million, representing a comparable increase over 2014.
The company has experienced 56 quarters of consecutive growth under Black’s leadership with no intentions of slowing down, selling out, or leaving Minneapolis.
“We have a very clear vision and strategy to become a billion dollar business,” Black says. “14 years ago we were a $4m company, today we’re $128m and we have a proven track record with a path to hit a billion. If we continue on our path of 20%+ YoY growth, that has tremendous compounding effects if you do the math.”
The firm has hired over a dozen layed off from Target already, including former CIO Beth Jacobs as Chief Customer Success Officer just this week. Black loosely cites around 170 open positions currently with over half in technology here in Minnesota.
Amassing $130m in cash, the company intends to grow domestically via organic methods, accelerate with acquisitions, and internationally through market expansion.
“Customer acquisitions and product enhancements that fit with our strategy are of interest to us…we’re not looking for ‘game changers’ per se, because we’re winning the game and don’t intend to change that.”
In a simple sense, Black attributes his company’s success thus far to a clear focus combined with top notch employees and a positive culture.
“We remain focused on building a long standing success story here for years to come,” says the lifelong Minnesotan and bona-fide industry leader.
Looking back at the disintigration of so many legacy public tech companies here over the recent years — Digital River, Lawson Software, Best Buy, Wireless Ronin, Imation and XRS — Black’s blend of vision and backed by consistent results are a beacon for the future of big tech in Minnesota.