Willkie Advises NEOGOV in Sale by Warburg Pincus and Carlyle to EQT and CPP Investments

July 29, 2025

Willkie is advising NEOGOV, a provider of HR and compliance software for U.S. public sector agencies, in its sale to EQT X fund (EQT) and Canada Pension Plan Investment Board (CPP Investments).

On July 28, funds managed by Warburg Pincus LLC and Carlyle announced the signing of a definitive agreement to sell NEOGOV to EQT and CPP Investments.

NEOGOV delivers purpose-built human capital management and public safety solutions to nearly 10,000 public sector organizations across North America. Based in California, NEOGOV has a cloud-native suite that supports the full employee lifecycle - including recruitment, onboarding, performance management and compliance management - while helping agencies stay compliant with local policies and regulatory frameworks.

Warburg Pincus is an active growth investor in enterprise technology and cloud-based platforms and has invested more than $36 billion in technology companies since inception. Global investment firm Carlyle deploys private capital across its business and conducts its operations through its Global Private Equity, Global Credit and Carlyle AlpInvest segments.

Willkie previously advised NEOGOV on its 2021 investment from Warburg Pincus and The Carlyle Group, and acquisition of PowerDMS in 2020.

The Willkie team is led by partners Mark Cognetti, Manuel Miranda and Jeffrey Daniel, and includes associates Russell Whitman and Jack Kaelin and law clerks Madeline Alagia and Kyle Larson.

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