Paradigm shifts in $1bn deal

Paradigm

Eoin O'Cinneide

 11 June 2012 11:05 GMT

Technology player Paradigm is being bought up by a pair of private equity outfits in an all-cash deal worth around $1 billion.

Apax Partners said a consortium led by its funds and others at JMI Equity have agreed to acquire the oil & gas subsubsurface software vendor.

Multi-national company Paradigm is described by Apax as "the largest independent software vendor" in the E&P sector. It specialises in subsurface asset management and software innovation with over 700 customers, including oil majors.

"The company will continue to invest heavily in research & development given the complexity and substantial processing power required to run these applications," Apax wrote of the acquired company.

The head of the energy group at…

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