Advent International is buying P2 Equity Partners.

Denver-based P2 provides software, geospatial data and land-management tools to the oil and gas industry. Terms of the deal were not disclosed. In August, the firm acquired ISS Group Ltd., which provides production services.

Advent plans to grow P2 by investing in customer support, new product development, international expansion and strategic acquisitions of software and data businesses, the company says in a statement.

New York private equity firm Advent focuses on the technology sector. In the past year, the firm has invested in KMD, an information technology company based in Denmark, and TransUnion, an information and risk management service provider. In June, the company bought a stake in Alianza Fiduciaria SA as part of an alliance with Organization Delima, which owns Alianza. In April, the firm bought Cytec Industries Inc.’s (NYSE: CYT) coatings and resins business

Advent’s acquisition comes as many buyers are picking up companies that provide services to the oil and gas industry. In October, Intertek Group plc acquired Glboal X-Ray & Testing Corp., which provides nondestructive testing services to oil and gas companies. In September, Clayton Dubilier & Rice picked up Brand Energy & Infrastructure Services Inc. to combine it into a joint venture with Harsco Corp.’s (NYSE: HSC) infrastructure division. Together, the companies would provide services to the oil and gas industry.

Jefferies LLC is P2’s financial adviser, while Weil Gotshal & Manges LLP is Advent’s legal adviser. Jefferies Finance LLC provided financing for the deal.  

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