Funds managed by Warburg Pincus LLC 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). The transaction is expected to close in the coming months, pending customary conditions and approvals.
NEOGOV, founded in 2000 and based in El Segundo, California, supplies human capital management and public safety solutions to almost 10,000 public sector organizations across North America. Its cloud-based platform covers the entire employee lifecycle from recruitment through performance and compliance management.
“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 been active in enterprise technology investment, with more than $36 billion invested in technology companies including Avalara, Businessolver, Clearwater Analytics, Crowdstrike, Experity, Infoblox, Modernizing Medicine, Net Documents, Procare, Varicent, and Vermont Information Processing.
Steve Bailey of 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.”
Shane Evangelist, CEO of NEOGOV 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.”
Moelis & Company LLC acted as exclusive financial advisor with Willkie Farr & Gallagher LLP as legal counsel for NEOGOV. Jefferies LLC was exclusive financial advisor with Ropes & Gray as legal counsel for EQT and CPP Investments.
Warburg Pincus manages over $87 billion in assets with an active portfolio exceeding 220 companies across various sectors globally. The firm is headquartered in New York with offices worldwide. More information can be found at https://www.warburgpincus.com/.
Carlyle operates across Global Private Equity, Global Credit, and Carlyle AlpInvest business segments. As of March 31, 2025 it manages $453 billion in assets. The firm employs over 2,300 people in 29 offices on four continents. Details are available at https://www.carlyle.com/.
NEOGOV remains focused on supporting government agencies throughout all stages of employment management via its integrated software suite. It also operates GovernmentJobs.com—the largest public sector job board—and includes brands such as PowerDMS and NEOED which extend its offerings into public safety and education markets.
For further information about NEOGOV visit https://www.neogov.com/.