Funds managed by Warburg Pincus and Carlyle have entered into a definitive agreement to sell NEOGOV, a provider of HR and compliance software for U.S. public sector agencies, to EQT X fund and Canada Pension Plan Investment Board (CPP Investments). NEOGOV, founded in 2000 and based in El Segundo, California, serves nearly 10,000 public sector organizations across North America with its cloud-native human capital management suite.
“During our nine-year partnership with NEOGOV, the company has meaningfully scaled its platform, expanded its product suite, and delivered consistent top-line growth while deepening its commitment to serving public sector and education customers,” said Brian Chang, Managing Director at Warburg Pincus. Vishnu Menon, also Managing Director at Warburg Pincus, added: “We are proud to have supported Shane and the NEOGOV team through a period of strong innovation and strategic execution, and we are confident that NEOGOV is well-positioned to continue to thrive and expand.”
Warburg Pincus has invested over $36 billion in technology companies since its inception. Its portfolio includes firms such as Avalara, Businessolver, Clearwater Analytics, Crowdstrike, Experity, Infoblox, Modernizing Medicine, Net Documents, Procare, Varicent, and Vermont Information Processing.
Steve Bailey, Partner at Carlyle stated: “It’s been a privilege to support NEOGOV alongside Warburg Pincus during a period of strong growth and innovation. Shane and the team have built a platform that plays a critical role in helping public sector agencies serve their communities more effectively. We’re confident NEOGOV is well positioned for continued success with EQT and CPP Investments.”
NEOGOV CEO Shane Evangelist said: “We are deeply thankful to Warburg Pincus and Carlyle for their guidance and unwavering support. Their partnership has been instrumental in driving our growth and impact.”
The sale is subject to customary conditions and approvals. The transaction is expected to close in the coming months. Moelis & Company LLC acted as exclusive financial advisor while Willkie Farr & Gallagher LLP provided legal counsel to NEOGOV. Jefferies LLC served as exclusive financial advisor with Ropes & Gray acting as legal counsel for EQT and CPP Investments.
Warburg Pincus manages over $87 billion in assets across more than 220 companies globally. The firm was established in 1966 and operates from offices worldwide including New York, London, Hong Kong, Mumbai, Shanghai among others (https://www.warburgpincus.com/).
Carlyle had $453 billion in assets under management as of March 31, 2025. The global investment firm employs over 2,300 people across 29 offices on four continents (https://www.carlyle.com/).
NEOGOV’s integrated suite automates recruitment through policy management processes for government agencies. It also operates GovernmentJobs.com—the largest U.S. public sector job board—and owns brands such as PowerDMS and NEOED focused on public safety and education markets (https://www.neogov.com/).
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