DFX Intelligence
Private Equity Intelligence
Firms, funds, people, portfolio companies and transactions from sworn filings and cited announcements, kept as a graph with a date and a source on every edge. Reported gross assets are never fund size, regulatory AUM is never dry powder, and a deal value prints only when someone disclosed it.
Transactions / NEOGOV
warburg pincus and carlyle announce agreement to sell neogov to eqt and cpp investments
Exit to a strategic buyerannouncedannounced Jul 28, 2025Fact
What happened
- Target
- NEOGOV
- Platform
- not an add-on on record
- Control
- unknown
- Share acquired
- unknown
- Industry
- business_services / compliance
- Target location
- CA, US
- Seller kind
- Sponsor
- Rollover
- unknown
Values, only where disclosed
- Enterprise value
- Not disclosed
- Purchase price
- Not disclosed
- Equity value
- Not disclosed
- Target revenue
- Not disclosed
- Target EBITDA
- Not disclosed
- Multiple
- Not disclosed
Parties and roles
10 named
Buy side
- “New York – July 28, 2025 – Funds managed by Warburg Pincus LLC, the pioneer of global growth investing, and global investment firm Carlyle (NASDAQ: CG) today announced the signing of a definitive agreement to sell NEOGOV (“the Company”),a provider of HR and compliance software for U.S. public sector”
- ““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, Warburg Pincus.”
- ““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,” added Vishnu Menon, Managing Director, Warburg Pincus.”
Sell side
- ““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, Warburg Pincus.”
Advisory side
- Jefferies LLCFinancial adviserconfirmed“Jefferies LLC served as exclusive financial advisor and Ropes & Gray served as legal counsel to EQT and CPP Investments.”
- Ropes & Gray LLPLegal adviserconfirmed“Jefferies LLC served as exclusive financial advisor and Ropes & Gray served as legal counsel to EQT and CPP Investments.”
- Willkie Farr & Gallagher LLPLegal adviserconfirmed“Moelis & Company LLC served as exclusive financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to NEOGOV.”
- Moelis & Company LLCSell-side adviserconfirmed“Moelis & Company LLC served as exclusive financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to NEOGOV.”
Side not stated
- “Their partnership has been instrumental in driving our growth and impact,” said Shane Evangelist, CEO of NEOGOV.”
- “New York – July 28, 2025 – Funds managed by Warburg Pincus LLC, the pioneer of global growth investing, and global investment firm Carlyle (NASDAQ: CG) today announced the signing of a definitive agreement to sell NEOGOV (“the Company”),a provider of HR and compliance software for U.S. public sector”
Evidence
“New York – July 28, 2025 – Funds managed by Warburg Pincus LLC, the pioneer of global growth investing, and global investment firm Carlyle (NASDAQ: CG) today announced the signing of a definitive agreement to sell NEOGOV (“the Company”),a provider of HR and compliance software for U.S. public sector agencies, to EQT X fund (“EQT”) and Canada Pension Plan Investment Board (“CPP Investments”).”
Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS)confidence 80%recorded Sep 14, 2026