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St. Louis-based technology and engineering firm Emerson announced it has agreed to acquire Paradigm, a provider of software solutions for the oil and gas industry, for $510 million.
Paradigm, joined with Emerson’s existing Roxar software business, will create a best-in-class, end-to-end exploration & production (E&P) software portfolio with offerings spanning seismic processing and interpretation to production modeling, Emerson said in a 16 October press release. Paradigm’s technology offerings will enable Emerson to better help oil and gas operators increase efficiency, reduce costs and improve return on investment.
Expanding Emerson’s E&P software and solutions reportedly enables the company to help operators achieve Top Quartile Performance on investment and operational goals within new and established reservoirs. Interpreting data and generating high-fidelity representations of existing brownfield assets allows oil and gas companies to maximize production and avoid non-productive drilling and exploration spending. In addition, Emerson’s expanded services now enable oil and gas operators, through machine learning and cloud computing, to make decisions in the field leading to more efficient operations.
Paradigm is headquartered in Houston and has more than 500 employees globally. The company provides an array of tools that enable customers to gain deeper insight into the subsurface, reduce uncertainty and support responsible asset management.
The acquisition is expected to close within the next 60 days, subject to various regulatory approvals.