Emerson to Acquire Oil and Gas Software Firm Paradigm for $510 Million
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Emerson has signed an agreement to purchase Paradigm, which is engaged in providing software solutions for the oil and gas industry, for $510m.
The acquisition is expected to expand Emerson’s software capabilities for the global oil and gas industry, making it one of the largest independent providers of exploration and production software solutions including seismic processing and interpretation.
Upon completion of the deal, Paradigm will join Emerson’s existing Roxar software business, creating an end-to-end exploration and production (E&P) software portfolio, Emerson said.
Emerson Chairman and CEO David Farr said: “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.”
Emerson expects to use Paradigm’s technology offerings to help increase efficiency, reduce costs and improve return on investment for the oil and gas operators.
Emerson Automation Solutions Executive President Mike Train said: “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.
“Our offering can now help customers better maximize the value of their existing investments and reach Top Quartile Performance.”
Scheduled to be completed within the next 60 days, the acquisition is subject to various regulatory approvals.
Recently, Paradigm has introduced new production management solution, Paradigm k, designed to support field operations in maintenance and management of the well system.
Paradigm has over 600 employees and a global network of sales, consulting and user support offices in 28 countries, according to its website.
Source: Energy Business Review
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To stop by Paradigm’s website,CLICK HERE
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