Emerson buying Houston tech company for $510 million

Emerson Electric is expanding its technology capabilities with the $510 million acquisition of Paradigm, a Houston-based company that specializes in software for the oil and gas industry.

Paradigm has more than 500 employees worldwide. The acquisition is slated to close within 60 days.

As part of a two-year-long portfolio repositioning, Ferguson-based Emerson announced plans in September to sell its ClosetMaid home organization and storage system business to Griffon Corp. for $260 million. Earlier this month, Emerson acquired GeoFields Inc., a company that provides software services to pipeline operators in the oil and gas industry. Both the ClosetMaid and GeoFields deals have finalized, according to an Emerson spokeswoman.

Read more: St. Louis Post-Dispatch

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