NEOGOV Transitions to New Ownership under EQT and CPP Investments

Deal News | Jul 28, 2025 | Warburg Pincus

NEOGOV Transitions to New Ownership under EQT and CPP Investments

Warburg Pincus and Carlyle have announced a definitive agreement to sell NEOGOV, a provider of HR and compliance software for U.S. public sector agencies, to the EQT X fund and Canada Pension Plan Investment Board (CPP Investments). Founded in 2000 and based in El Segundo, California, NEOGOV delivers human capital management and public safety solutions to nearly 10,000 public sector organizations across North America. The platform supports a full range of services from recruitment and onboarding to performance and compliance management. Warburg Pincus has been an active growth investor in enterprise technology, investing over $36 billion in technology since its inception. Carlyle's Partner, Steve Bailey, expressed confidence in NEOGOV’s future growth with new ownership. Moelis & Company LLC and Willkie Farr & Gallagher LLP served as financial and legal advisors, respectively, for NEOGOV, while Jefferies LLC and Ropes & Gray advised EQT and CPP Investments.

Sectors

  • Technology - HR Software
  • Investment & Private Equity

Geography

  • United States – NEOGOV is headquartered in El Segundo, California, and primarily serves U.S. public sector entities, which is central to the article.
  • Canada – Canada Pension Plan Investment Board (CPP Investments) is one of the acquiring parties, indicating Canadian involvement in the transaction.

Industry

  • Technology - HR Software – The article centers around NEOGOV, a company that provides human capital management and compliance software, specifically for public sector organizations, marking its relevance to HR technology.
  • Investment & Private Equity – Warburg Pincus and Carlyle's involvement as sellers in the transaction, coupled with EQT and CPP Investments as buyers, places the article within the investment and private equity sector.

Financials

    Participants

    NameRoleTypeDescription
    NEOGOVTarget companyCompanyA provider of HR and compliance software solutions for public sector agencies, headquartered in El Segundo, California.
    Warburg PincusSelling CompanyCompanyA private equity firm acting as one of the sellers in the transaction.
    CarlyleSelling CompanyCompanyA global investment firm and co-seller of NEOGOV.
    EQTBidding CompanyCompanyThe EQT X fund is one of the buyers in the transaction acquiring NEOGOV.
    CPP InvestmentsBidding CompanyCompanyCanada Pension Plan Investment Board, one of the co-buyers acquiring NEOGOV.
    Moelis & Company LLCFinancial advisorCompanyServed as the exclusive financial advisor to NEOGOV in the transaction.
    Willkie Farr & Gallagher LLPLegal advisorCompanyProvided legal counsel to NEOGOV for the transaction.
    Jefferies LLCFinancial advisorCompanyServed as exclusive financial advisor to EQT and CPP Investments.
    Ropes & GrayLegal advisorCompanyProvided legal counsel to EQT and CPP Investments for the transaction.
    Shane EvangelistCEO of NEOGOVPersonChief Executive Officer of NEOGOV.