Willkie advises NEOGOV on $3 billion acquisition by EQT and CPP Investments

EQT is a global investment organization with EUR 266 billion of total assets under management and EUR 141 billion of fee-generating assets under management as of June 30, investing across Private Capital and Real Assets and owning portfolio companies and assets across Europe, Asia-Pacific and the Americas. CPP Investments manages the Canada Pension Plan fund on behalf of more than 22 million contributors and beneficiaries.
EQT and CPP Investments signed a definitive agreement to acquire NEOGOV from funds managed by Warburg Pincus and Carlyle, with NEOGOV described as a human capital management and public safety solutions provider.
The acquisition was announced on July 28, 2025, marking the public launch of the transaction.

NEOGOV is a California-based provider of HR, compliance and public safety software for U.S. public sector agencies, serving nearly 10,000 public sector organizations across North America with a cloud-native suite spanning recruitment, onboarding, performance management and compliance.
On July 28, funds managed by Warburg Pincus and Carlyle signed a definitive agreement to sell NEOGOV to EQT X fund and CPP Investments.
The transaction marks an exit for Warburg Pincus and Carlyle, which had invested in NEOGOV in 2021, following NEOGOV's earlier acquisition of PowerDMS in 2020.

EQT is a global investment organization with EUR 266 billion of total assets under management and EUR 141 billion of fee-generating assets under management as of June 30, investing across Private Capital and Real Assets and owning portfolio companies and assets across Europe, Asia-Pacific and the Americas. CPP Investments manages the Canada Pension Plan fund on behalf of more than 22 million contributors and beneficiaries.
EQT and CPP Investments signed a definitive agreement to acquire NEOGOV from funds managed by Warburg Pincus and Carlyle, with NEOGOV described as a human capital management and public safety solutions provider.
The acquisition was announced on July 28, 2025, marking the public launch of the transaction.

NEOGOV is a California-based provider of HR, compliance and public safety software for U.S. public sector agencies, serving nearly 10,000 public sector organizations across North America with a cloud-native suite spanning recruitment, onboarding, performance management and compliance.
On July 28, funds managed by Warburg Pincus and Carlyle signed a definitive agreement to sell NEOGOV to EQT X fund and CPP Investments.
The transaction marks an exit for Warburg Pincus and Carlyle, which had invested in NEOGOV in 2021, following NEOGOV's earlier acquisition of PowerDMS in 2020.

Deal Overview