GEORGE TOWN, Cayman Islands, Jan. 4 /PRNewswire/ -- Paradigm(TM) (www.pdgm.com), a global provider of enterprise software solutions to the oil and natural gas exploration and production industry, announced today a USD $65 million cash investment from affiliates of private equity firm Fox Paine & Company, Paradigm's majority shareholder. The capital raised will enable Paradigm to accelerate the commercialization and rollout of breakthrough technology.
Paradigm also announced the departure of John W. Gibson, Jr. after 4.5 years as Paradigm CEO. "We thank John for his efforts on behalf of Paradigm and wish him well in his future endeavors," remarked Saul Fox, Paradigm Chairman and CEO of Fox Paine & Company.
"Our enhanced financial position will allow us to accelerate the commercialization of recent game changing R&D breakthroughs, which should result in aggressive topline growth in 2010 and beyond," said Eldad Weiss, Paradigm Vice Chairman and a 25-year industry veteran.
Paradigm Ltd. (www.pdgm.com) is an industry leader in digital subsurface asset management, serving oil and gas companies worldwide. Paradigm technology solutions for seismic processing and imaging, interpretation and modeling, reservoir characterization and petrophysics, and well planning and drilling operate in an open environment to accelerate results. Paradigm has a global network of sales, consulting and support.
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