San Diego-based JMI Equity has teamed with fellow private equity firm Apax Partners in the acquisition of Paradigm Ltd., worth $1 billion in cash, the firms involved with the transaction announced today. Paradigm is a developer of oil and gas software, used in the geosciences and exploration business. Paradigm was previously owned by private equity firm Fox Paine and Company. The companies did not outline the respective ownership split between Apax and JMI Equity. Paradigm's geoscience software is used for the exploration, discovery, and extraction of natural gas, oil, and other subsurface resources.