Apax Partners LLP, a British private equity firm, agreed to buy Paradigm Ltd., a maker of software for the oil and gas industry.

Apax, based in London, is buying Paradigm with JMI Equity, a Baltimore-based private equity fund manager focusing on technology, in a deal valuing the company at about $1 billion, the firm said in a statement today. Paradigm, based in the Cayman Islands, makes software that helps oil and gas engineers analyze seismic and well-log data to optimize drilling.

“Our intention is to continue this innovation and gain market share in a growing market,” Jason Wright, an Apax partner in New York, said in the statement. “We believe that the intersection between energy and software is an exciting area for investment.”

Apax is seeking 9 billion euros ($11.3 billion) for leveraged buyouts, mainly in Europe. It had its so-called first close on that fundraising with 4.3 billion euros in March, allowing it to start investing the money, a person familiar with the matter said at the time. The firm’s previous investments in technology companies include Sophos Plc, a British maker of security and data protection software.

Bank of America Merrill Lynch and Simmons & Co. advised Apax. UBS AG and Royal Bank of Canada provided debt financing. Jefferies & Co. advised Paradigm.

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