EQT and CPP Investments to acquire Neogov

The EQT and Canada (CPP) Investment Council approved the purchase of Neogov, an provider of the Human Resources Program and Compliance programs for American public sector agencies, from Warburg Pincus and Carlyle.

The deal places the Neogov rating of more than $ 3 billion, including debt, as mentioned by Reuters From sources familiar with the matter. However, the financial details of the deal were not publicly disclosed by the parties concerned.

Neogov, which was established in 2000 based at El Segundo, California, offers cloud -based human capital management solutions. The company is said to meet nearly 10,000 public sector organization throughout North America.

Its program supports different stages of the employee’s life cycle, from employment and expression to performance management and compliance monitoring. This ensures adherence to local policies and regulations.

The company also runs Goovernmentjobs.com, a working board in the public sector in the United States, and runs trademarks such as PowerDMs and Neoed, which provides services to the safety and public education sectors.

Warburg Pincus initially invested in Neogov in 2016, while Carlyle joined as a minority investor in 2021.

“Local governments are the backbone of our societies. Our mission is to help them work more efficiently and serve citizens more effectively. EQT and CPP participate in our vision and bring experience and capital to help us expand faster,” said Shin Evangeli, CEO of Neogov.

“Our priorities include the advancement of creating products and capabilities of artificial intelligence to help public sector agencies increase efficiency and commitment to commitment. The deep experience of EQT and CPP Investments will be in software and the wide network of advisors will be effective to support Neogov growth.”

This acquisition will witness that the EQT X fund is 60-65 % when considering closed or signed investments and public offers that have been announced, and the least expected participation.

“We are enthusiastic about partnership with Shin and the Neogov team, who work at the highest levels. The team brings a deep understanding of the challenges facing public sector agencies, and we are proud to support a company that has gained this confidence in public cats,” said EQT Global Technology and participated in Arvindh Kumar.

The completion of this deal is still subject to customary conditions and organizational approvals, with the ends of completion in the coming months.

Melis & Company worked as an exclusive financial advisor for Neogov, with Willkie Farr & Gallagher Legal Adviser. EQT has received exclusive financial advice from Jefferies, while the legal advisor was presented by Ropes & Gray.