SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* ADAMS STREET PARTNERS LLC (Last) (First) (Middle) ONE NORTH WACKER DRIVE STE 2200 (Street) CHICAGO IL 60606-2807 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 04/21/2010	3. Issuer Name and Ticker or Trading Symbol SPS COMMERCE INC [ spsc ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year) 04/22/2010
			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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	23,441	I	By BVCF IV, L.P.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Convertible Preferred Stock	(2)	(3)	Common Stock	211,769	0(2)	I	By BVCF IV, L.P.(1)
Series B Convertible Preferred Stock	(2)	(3)	Common Stock	1,180,131	0(2)	I	By BVCF IV, L.P.(1)
Series C Convertible Preferred Stock	(2)	(3)	Common Stock	66,750	0(2)	I	By BVCF IV, L.P.(1)

1. Name and Address of Reporting Person* ADAMS STREET PARTNERS LLC (Last) (First) (Middle) ONE NORTH WACKER DRIVE STE 2200 (Street) CHICAGO IL 60606-2807 (City) (State) (Zip)

1. Name and Address of Reporting Person* BVCF IV LP (Last) (First) (Middle) ONE NORTH WACKER DRIVE, SUITE 2200 C/O ADAMS STREET PARTNERS (Street) CHICAGO IL 60606 (City) (State) (Zip)

Explanation of Responses:

1. The reported securities are owned directly by BVCF IV, L.P. and indirectly by Adams Street Partners, LLC, as general partner of BVCF IV, L.P. Adams Street Partners, LLC is deemed to have sole voting and investment power over the shares, but disclaims beneficial ownership of these securities except to the extent of its 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. Each share of Series A, Series B and Series C Convertible Preferred Stock is convertible at any time at the option of the holder and will automactically convert into shares of the Issuer's Common Stock on a one-for-one basis in connection with the closing of the Issuer's initial public offering.

3. The securities do not have an expiration date. The securities will automatically convert into share of the Issuer's Common Stock on one-for-one basis in connection with the closing of the Issuer's initial public offering.

	/s/ Jeffrey T. Diehl - Partner - Adams Street Partners, LLC	04/23/2010
	/s/ Jeffrey T. Diehl - Partner - Adams Street Partners, LLC, as general partner of BVCF IV, L.P.	04/23/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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