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NEW YORK - Warburg Pincus and Carlyle (NASDAQ:CG), whose stock is currently trading near its 52-week high with a remarkable 27% gain year-to-date, announced Monday they have signed 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). According to InvestingPro analysis, Carlyle currently appears undervalued based on its Fair Value metrics.
Founded in 2000 and headquartered in El Segundo, California, NEOGOV delivers human capital management and public safety solutions to nearly 10,000 public sector organizations across North America. The company’s cloud-native platform supports the employee lifecycle from recruitment to 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," said Brian Chang, Managing Director at Warburg Pincus.
Shane Evangelist, CEO of NEOGOV, expressed gratitude to the selling firms, stating, "We are deeply thankful to Warburg Pincus and Carlyle for their guidance and unwavering support."
The transaction, subject to customary conditions and approvals, is expected to close in the coming months. Financial terms were not disclosed in the press release statement.
Moelis & Company LLC served as exclusive financial advisor and Willkie Farr & Gallagher LLP as legal counsel to NEOGOV. Jefferies LLC acted as exclusive financial advisor and Ropes & Gray as legal counsel to EQT and CPP Investments.
Warburg Pincus has invested more than $36 billion in technology companies since its inception, while Carlyle manages $453 billion in assets as of March 31, 2025. Get deeper insights into Carlyle’s financial performance and growth potential with a comprehensive Pro Research Report, available exclusively on InvestingPro, along with 12+ additional ProTips and extensive financial metrics.
In other recent news, Carlyle has entered into a strategic partnership with Diversified Energy to invest up to $2 billion in U.S. natural gas and oil assets. This collaboration aims to leverage Carlyle’s financial expertise and Diversified’s operational capabilities to enhance asset performance. In another development, Carlyle has agreed to acquire a majority stake in Adastra Group SE, an AI consultancy, though the deal awaits regulatory approval. Analyst firms have shown increased optimism about Carlyle’s prospects. Citi upgraded Carlyle’s stock to Buy, citing an improved fundraising outlook and potential for surpassing fundraising targets. CFRA also raised its price target for Carlyle, noting signs of recovery in private equity monetization. Goldman Sachs maintained a Buy rating, highlighting growth initiatives that could boost Carlyle’s Fee-Related Revenues significantly by 2027. These developments suggest that Carlyle’s strategic moves are being positively received by analysts, despite broader challenges in the private equity sector.
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