Warburg and Carlyle Sell NEOGOV to EQT and CPP - InforCapital

New York – July 28, 2025 – Warburg Pincus and Carlyle (NASDAQ: CG) have announced a definitive agreement to sell NEOGOV, a cloud-based human capital management and compliance software provider for the U.S. public sector, to EQT X fund and Canada Pension Plan Investment Board (CPP Investments).

Founded in 2000 and headquartered in El Segundo, California, NEOGOV serves nearly 10,000 public sector organizations across North America. Its integrated software suite supports recruitment, onboarding, performance, compliance, payroll, and time & attendance, tailored specifically for government agencies. The company also owns GovernmentJobs.com and platforms such as PowerDMS and NEOED.

“Over the past nine years, NEOGOV has expanded its platform, grown its product suite, and delivered consistent top-line growth,” said Brian Chang and Vishnu Menon, Managing Directors at Warburg Pincus. “We believe NEOGOV is now primed for its next stage of growth.”

Steve Bailey, Partner at Carlyle, added: “NEOGOV’s software plays a critical role in enabling government agencies to better serve their communities. We’re proud to have partnered with the company during a period of strong innovation.”

Shane Evangelist, CEO of NEOGOV, expressed gratitude for the support from both firms: “Their partnership was instrumental in driving our mission and helping us scale.”

This acquisition reflects EQT’s growing interest in vertical SaaS platforms and digital public infrastructure. Similar past investments include WorkWave, IFS, and Visma. CPP Investments also brings deep expertise in long-term digital infrastructure growth strategies.

The transaction is expected to close in the coming months, subject to regulatory approvals. Moelis & Company LLC served as exclusive financial advisor and Willkie Farr & Gallagher LLP acted as legal counsel for NEOGOV. Jefferies LLC advised EQT and CPP, with Ropes & Gray LLP providing legal counsel.

NEOGOV is a leading provider of purpose-built, cloud-native HR and compliance software for public sector agencies. The company supports the entire employee lifecycle and helps agencies stay aligned with policy and regulatory standards. NEOGOV’s platforms include Recruit, Develop, and Manage, along with GovernmentJobs.com and other purpose-built solutions.

Warburg Pincus is a global growth investor with over $87 billion in assets under management. The firm focuses on long-term partnerships and has backed over 1,000 companies across private equity, real estate, and capital solutions strategies.

Carlyle (NASDAQ: CG) is a global investment firm managing $453 billion in assets across private equity, credit, and AlpInvest strategies. With over 2,300 professionals across 29 offices, Carlyle invests to create long-term value for stakeholders worldwide.