Emerson has acquired Houston-based oil and gas software company, Paradigm, for US$510 million that expands its technology capabilities.
Paradigm has more than 500 employees worldwide. The acquisition is slated to close within 60 days.
Paradigm’s technology offerings will enable Emerson to better help oil and gas operators increase efficiency, reduce costs and improve return on investment.
“This acquisition is a significant technology investment that meets our customers’ growing demand for an independent, global provider of E&P software solutions. Paradigm broadens our leadership in the upstream oil and gas market by adding a range of subsurface software tools that complement our growing Automation Solutions portfolio," said Emerson Chairman and chief executive officer David N. Farr.
Paradigm joins Emerson’s existing Roxar software business to offer a E&P software portfolio with offerings spanning seismic processing and interpretation to production modelling.
Mike Train, executive president of Emerson Automation Solutions added: "“When combined with Emerson’s Roxar Software Solutions portfolio, Paradigm expands the global upstream oil and gas capability of our Plantweb digital ecosystem, creating a more comprehensive digital portfolio for our customers from exploration to production.”