Funds advised by Apax Partners and JMI Equity are included in the deal for Paradigm which has over 700 customers, which include oil majors.
Paradigm offers mission critical software allowing engineers to optimise drilling and production decisions.
The software analyses vast quantities of seismic and well-log data, covering the entire spectrum of the E&P lifecycle including basin evaluation and development & production.
Apax Energy working group head and a senior Partner in London Ian Jones said Paradigm has invested considerable time and money in developing market-leading intellectual property, and employs many of the leading scientists and software engineers in the sector.
"As such, it is well-placed to benefit from strong tailwinds in the coming years as energy companies look to drill in more challenging locations," he added.
"The software it provides is the best in the market, leading to strong, established relationships with its customers and underpinning an attractive business model."
