Paradigm, a global provider of enterprise software solutions to the oil and natural gas exploration and production industry, has received a $65 million cash investment from affiliates of private equity firm Fox Paine & Co., Paradigm’s majority shareholder.
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 & Co.
“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.