P2 Energy Solutions, the go-to provider of software for upstream oil and gas companies, has been acquired by investment firm Advent International for an undisclosed sum.

P2, a privately held company backed by Vista Equity Partners, is a leading provider of geospatial data and land management tools to some of the largest oil and gas operators in shale plays such as the Eagle Ford, Marcellus, Haynesville, Tuscaloosa Marine and Barnett. The company serves more than 1,500 companies from the largest public companies to small and mid-sized firms.

The transaction is expected to be completed by the end of 2013.

Advent is a wheeler dealer firm. In September, it bought into an equity position in International Coffee & Tea LLC. But P2 CEO Charles Goodman was confident that Advent will only spur P2 to greater heights.

The investment firm will work with P2’s existing management team, led by Goodman, to pursue continued growth through investment in customer support, new product development, international expansion and strategic acquisitions of both software and data businesses.

“Advent’s investment in P2 marks an important milestone in our history and will help drive our continued success in an exciting growth industry,” Goodman said. “We are privileged to work with the top companies in oil and gas, as well as up-and-coming companies that are making a name for themselves.”

Goodman said Advent’s expertise and long-term outlook will enable P2 to continue investing in customers and products, “empowering integrated business operations for the upstream oil and gas industry.”

As recently as August, P2 has been in the buyer’s seat. It purchased ISS Group Ltd., a production operations provider used by companies such as Chevron, Hess Corp. and BP, for $45 million.

P2 said then that the Australia-based ISS Group’s production capabilities and P2’s back-office land and hydrocarbon accounting solutions would create a platform that improves the upstream process from land exploration through the well life cycle.

The acquisition also put the company on footing to be among the best business technology providers for oil and gas companies.

Eric Wei, a principal at Advent, said in the release P2’s leading position in software and data for the upstream arena make it an exciting partner.

“Advent provides P2 with a long-term, global partner that is looking to invest in the company’s products and services to provide the highest-quality technology and support to its valued customer base.”

Upstream oil and gas companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios and optimize upstream efficiency. Customers in manufacturing, midstream oil and gas, mining and minerals also employ P2 services.

The company has more than 80 years of experience in geospatial data, with the highly regarded Tobin Data assets, and 30 years in software. P2 employs more than 700 people in offices around the world, with centers in Denver, Houston, Calgary, Perth and Singapore.

Advent is one of the leading investors in the technology sector, with money in 40 technology and technology services companies since 1990.

In the past year, the firm has invested in KMD, Denmark’s largest IT services and software company, and TransUnion, a global provider of information and risk management solutions to businesses across multiple industries and to individual consumers.

Advent International is one of the largest global investors dedicated solely to private equity. Since its founding in 1984, the firm has invested in more than 280 buyout transactions in 36 countries and has approximately $32 billion in assets under management.