El Segundo-based NEOGOV Acquired by EQT and CPP Investments in $3-Billion Transaction
NEOGOV is focused on human capital management and public safety solutions. The company's cloud-native suite of products is used by nearly 10,000 public sector organizations across North America. It supports the full employee lifecycle from recruitment and onboarding to performance management and compliance management.
'Local governments are the backbone of our communities. Our mission is to help them operate more efficiently and serve citizens more effectively. EQT and CPP Investments share our vision and bring the experience and capital to help us scale faster,' said Shane Evangelist, chief executive of NEOGOV, in a statement. 'Our priorities include advancing product innovation and AI capabilities to help public sector agencies drive increased efficiency and compliance adherence. EQT and CPP Investments' deep expertise in software and broad network of advisors will be instrumental to supporting our growth.'
As part of the transaction, CPP Investments will contribute $700 million and become a significant minority shareholder.
'NEOGOV is a leading software platform with distinct customer offerings that is poised for growth due to increasing demand from its customers across North America,' said Sam Blaichman, managing director, head of direct private equity for CPP Investments, in a statement.
The transaction is subject to customary conditions and approvals and is slated for completion in the coming months. Moelis & Company LLC served as financial advisor, and Willkie Farr & Gallagher served as legal counsel to NEOGOV. Jefferies LLC served as financial advisor, and Ropes & Gray served as legal counsel to EQT.
Information for this article was sourced from EQT.
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