Private equity firms Apax Partners and JMI Equity announced Monday that they have agreed to acquire software maker Paradigm Ltd for $1 billion in cash.

Skadden, Arps, Slate, Meagher & Flom is advising Paradigm on the transaction, while Kirkland & Ellis is serving as outside counsel to Apax. (Apax is the majority shareholder of ALM Media, the owner and publisher of The Am Law Daily.) Goodwin Procter is advising JMI on the matter.