Apax Partners and JMI Equity have acquired Paradigm, a software provider for the oil and gas space, for around $1bn (€799m).
Paradigm has a presence across Europe, the Americas, the Middle East, Africa, China and Australasia. Its software is targeted at exploration and production and enables engineers to optimise drilling and production through the analysis of seismic and well-log data.
The company has more than 700 customers, among them some of the largest oil companies in the world.
Paradigm will continue to invest heavily in R&D and will use the funds to increase its market share.