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- Climb's M&A Weekly: EQT, Partners Group, and Carlyle all feature
Climb's M&A Weekly: EQT, Partners Group, and Carlyle all feature
EQT purchases NEOGOV from Carlyle and Partners Group invests in Nozomi Networks
Climb Advisors Weekly
August 03, 2025
Welcome back to the Climb Advisors weekly newsletter with five deals from across the B2B tech landscape.
Climb Advisors focuses on sell-side advisory for B2B Software and services companies generating $5m-$15m in revenue. We also advise on credit solutions for companies of the same profile & in select cases engage in retained buy-side processes for quality buyers. We love to talk markets and make introductions - please don’t hesitate to reach out if you’re a founder or investor looking to transact.
EQT and CPP Investments acquire NEOGOV from Warburg Pincus and Carlyle
Overview: EQT and CPP Investments are partnering to acquire NEOGOV, a human resources management platform for the public sector. NEOGOV provides software tools for recruiting, training, and performance management. NEOGOV serves over 6,000 government agencies and has grown steadily under previous backers Warburg Pincus and Carlyle. The deal is reported to be valued at over $3 billion. Read more here.
Climb Comment: Warburg Pincus originally invested in NEOGOV in 2016 and Carlyle made a minority investment in 2021. NEOGOV’s solutions are strictly for public and government agencies and public sector customers require different compliance and hiring standards. Digital transformation in government services is only accelerating and NEOGOV’s mission critical software and recurring revenues make the company valuable for both acquirers. There has been growing interest in vertical SaaS platforms serving government institutions and this acquisition gives EQT more exposure to the US software market.
NiCe purchases Cognigy, a developer of customer service AI agents
Overview: NiCe, a provider of software in customer compliance, acquires Cognigy, a conversational agentic AI startup for $955 million. Cognigy’s generative and agentic AI tools are used in contact centers to automate tasks and assist the people in the contact center. Cognigy’s platform supports more than 100 languages and some of its clients include Mercedes-Benz, Frontier Airlines, and Toyota. Read more here.
Climb Comment: NiCe’s CXone Mpower platform unifies customer experience front office and back office operations will combine with Cognigy’s Cognigy.AI product that deploys multilingual AI agents. Organizations are rapidly changing the customer service experience because of AI causing platforms like Cognigy’s to become essential. NiCe’s acquisition reflects a broader consolidation trend among AI-first CX vendors and allows them to compete with companies like Five9 and Genesys.
GTCR acquires FMG Suite from Aurora Capital Partners
Overview: GTCR acquires FMG Suite, a marketing automation platform for financial advisors, from Aurora Capital. FMG provides marketing software solutions to wealth managers and insurance professionals. FMG also provides compliant websites, email marketing, and content tools to maximize efficiency and ensure compliance. Read more here.
Climb Comment: FMG’s content library and compliance create a single platform for advisors looking to increase client engagement. FMG serves over 50,000 finance professionals and 3,500 P&C agencies and with GTCR’s help should grow those numbers both organically and inorganically. GTCR’s track record in financial services technology means they see long-term tailwinds here. Aurora exits four years after its initial investment, during which FMG completed several tuck-in acquisitions.
Partners Group acquires a minority stake in Nozomi Networks, a provider of industrial cybersecurity software
Overview: Partners Group purchases a minority stake in Nozomi Networks, an industrial cybersecurity platform. Nozomi’s software protects assets in sectors like energy, manufacturing, pharma, and transportation. While not confirmed, the investment reportedly values the company at ~$1 billion. Read more here.
Climb Comment: With growing attacks on infrastructure and industrial systems, cybersecurity is one of the fastest-growing markets in the world. Nozomi’s solutions are in over 100 countries and they partner with companies like Schneider Electric and Honeywell. Partners Group joins other investors including BlackRock and Energy Impact Partners, helping position Nozomi for potential IPO down the road.
Clinisys buys Orchard Software Corporation from Francisco Partners
Overview: Clinisys, a global laboratory informatics provider, acquires Orchard Software from Francisco Partners. Orchard builds laboratory information systems used primarily by physician office labs, hospitals, and clinics. The partnership will allow Clinisys to enhance its cloud-based laboratory solutions. Read more here.
Climb Comment: This marks the second major acquisition by Clinisys in the last three years, following its merger with Sunquest Information Systems. Francisco Partners invested in Orchard in 2019 and enhanced its product suite, and specifically its cloud solutions. Francisco Partners exits after about five years during which Orchard expanded its SaaS offering and moved into adjacent verticals like microbiology. Orchard strengthens Clinisys’ footprint in North America and the combined entity will provide scalable informatics offerings.
Article of the week
The article this week is an investing case study about Santa Monica Partners investing in International Speedway when it was a pink sheet stock. Highly recommend subscribing to the author, Joe Raymond, who does some great business history write ups.
Thanks for following along & hope you found something useful or interesting. Please don’t hesitate to reach out if you’re considering a sale this year - we’re always glad to chat & share perspective.
All the best,
Nick