Oil and gas software solutions company acquired
Emerson has agreed to acquire Paradigm, a provider of software solutions for the oil and gas industry, in a bid to expand their oil and gas market presence.
Emerson (NYSE: EMR) has agreed to acquire Paradigm, a provider of software solutions for the oil and gas industry, for a purchase price of $510 million. Paradigm’s technology offerings is intended to enable Emerson to better help oil and gas operators.
Expanding Emerson’s E&P software and solutions enables the company to help operators achieve 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 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.
– Edited from an Emerson press release by CFE Media. See more Control Engineering asset management stories.
Original content can be found at Oil and Gas Engineering.