SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* ADAMS STREET PARTNERS LLC (Last) (First) (Middle) ONE NORTH WACKER DRIVE SUITE 2200 (Street) CHICAGO IL 60606-2823 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol SPS COMMERCE INC [ SPSC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 04/27/2010
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								23,441	I	By BVCF IV, L.P.(1)
Common Stock	04/27/2010		C		1,458,650	A	(2)	1,482,091	I	By BVCF IV, L.P.(1)
Common Stock	04/27/2010		S		140,824	D	$11.16	1,341,267	I	By BVCF IV, L.P.(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Convertible Preferred Stock	(2)	04/27/2010		C			211,769	(3)	(3)	Common Stock	211,769	$0.00	0	I	By BVCF IV, L.P.(1)
Series B Convertible Preferred Stock	(2)	04/27/2010		C			1,180,131	(3)	(3)	Common Stock	1,180,131	$0.00	0	I	By BVCF IV, L.P.(1)
Series C Convertible Preferred Stock	(2)	04/27/2010		C			66,750	(3)	(3)	Common Stock	66,750	$0.00	0	I	By BVCF IV, L.P.(1)
Stock Option (Right to Buy)	$12	04/27/2010		A		16,020		(4)	04/26/2020	Common Stock	16,020	$0.00	16,020	I	By George H. Spencer, III(5)

1. Name and Address of Reporting Person* ADAMS STREET PARTNERS LLC (Last) (First) (Middle) ONE NORTH WACKER DRIVE SUITE 2200 (Street) CHICAGO IL 60606-2823 (City) (State) (Zip)

1. Name and Address of Reporting Person* BVCF IV LP (Last) (First) (Middle) ONE NORTH WACKER DRIVE SUITE 2200 (Street) CHICAGO IL 60606-2823 (City) (State) (Zip)

Explanation of Responses:

1. Represents securities held directly by BVCF IV, L.P. Adams Street Partners, LLC, the sole general partner of BVCF IV, L.P., is deemed to have sole voting and investment power over the shares. Adams Street Partners, LLC disclaims any beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that Adams Street Partners, LLC is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. The securities converted into the Issuer's Common Stock at a rate of one-for-one.

3. The securities do not have an expiration date. Each share of Series A, Series B and Series C Convertible Preferred Stock automatically converted into shares of Common Stock in connection with the closing of the Issuer's initial public offering on April 27, 2010. Prior to its conversion into the Issuer's Common Stock, the Series A, Series B and Series C Convertible Preferred Stock was convertible at any time at the option of the holder.

4. This Option vests as to 1/36th of the Shares subject to this Option upon completion of each additional month of service commencing on May 27, 2010.

5. This Option is held by George H. Spencer, III for the sole benefit of BVCF IV, L.P. Adams Street Partners, LLC, the sole general partner of BVCF IV, L.P., is deemed to have sole voting and investment power over the shares. Adams Street Partners, LLC disclaims any beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that Adams Street Partners, LLC is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

	Adams Street Partners, LLC - Sara A. Robinson - Vice President	04/30/2010
	BVCF IV, L.P. By: Adams Street Partners, LLC, its general partner - Sara A. Robinson - Vice President	04/30/2010
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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