NEOGOV Acquired by EQT and CPP Investments from Carlyle and Warburg Pincus
Deal News | Jul 28, 2025 | The Carlyle Group
Warburg Pincus and Carlyle have agreed to sell NEOGOV, a provider of HR and compliance software for the public sector, to EQT X fund and Canada Pension Plan Investment Board. NEOGOV, based in El Segundo, California, serves nearly 10,000 organizations across North America with cloud-native solutions for human capital management and public safety. The sale reflects the company's strong position in the market, supported by Warburg Pincus and Carlyle over nine years, during which NEOGOV expanded its product suite and grew its platform. Moelis & Company LLC acted as financial advisor to NEOGOV, while Willkie Farr & Gallagher LLP provided legal counsel. The deal is expected to close in the coming months, subject to customary approvals.
Sectors
- Human Capital Management Software
- Private Equity
- Public Sector Software
Geography
- United States – NEOGOV is headquartered in El Segundo, California, and serves public sector agencies across North America.
- Canada – Canada Pension Plan Investment Board, involved in acquiring NEOGOV, is based in Canada.
Industry
- Human Capital Management Software – The article focuses on NEOGOV, a provider of HR and compliance software solutions tailored for public-sector agencies.
- Private Equity – Warburg Pincus and Carlyle are private equity firms involved in this transaction, selling NEOGOV to EQT and CPP Investments.
- Public Sector Software – NEOGOV offers software solutions specifically for public sector organizations, presenting it as a leader in this segment.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NEOGOV | Target Company | Company | A provider of human capital management and compliance software specifically for U.S. public sector agencies. |
| The Carlyle Group | Seller | Company | A global investment firm that manages private capital and is parting with its share in NEOGOV. |
| Warburg Pincus | Seller | Company | A global growth private equity firm involved in selling its stake in NEOGOV. |
| EQT X fund | Buyer | Company | An investment fund acquiring NEOGOV, in partnership with CPP Investments. |
| Canada Pension Plan Investment Board | Buyer | Company | A Canadian investment firm partnering with EQT to acquire NEOGOV. |
| Moelis & Company LLC | Financial Advisor to NEOGOV | Company | Served as the exclusive financial advisor to NEOGOV for this transaction. |
| Willkie Farr & Gallagher LLP | Legal Counsel to NEOGOV | Company | Provided legal counsel to NEOGOV for this transaction. |
| Jefferies LLC | Financial Advisor to EQT and CPP Investments | Company | Acted as the exclusive financial advisor to the buyers for this transaction. |
| Ropes & Gray | Legal Counsel to EQT and CPP Investments | Company | Provided legal counsel to the buyers for this transaction. |