Global technology and engineering company Emerson has reached an agreement to acquire oil and gas software solutions provider Paradigm for $510m.
The proposed acquisition will combine Paradigm with Emerson’s existing Roxar software business to form an end-to-end exploration and production (E&P) software portfolio with offerings ranging from seismic processing and interpretation to production modelling.
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Through the acquisition, Emerson intends to broaden its software capabilities and enable oil and gas operators to enhance efficiency, reduce costs and improve return on investment.
Emerson chairman and CEO David Farr said: “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.”
Using improved software capabilities, the company aims to help operators achieve top quartile performance on investment and operational goals within new and established reservoirs.
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By GlobalDataAccording to the company, oil and gas companies can utilise data interpretation and representations of existing brownfield assets through software solutions to achieve improved production and cut unnecessary costs.
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.
The company’s expanded portfolio also allows operators to make decisions by using machine learning and cloud computing.
Subject to approvals from regulatory authorities, the transaction is scheduled to complete within the next 60 days.
