IHS Inc. (IHS:NYSE) recently agreed to buy a geophysical software producer for half a billion dollars.

The business information service will pay $500 million for Seismic Micro-Technology, which produces data products and other software that help discover and develop oil and gas reserves, according to Reuters.

The all-cash transaction is reportedly the largest in the history of IHS.

IHS chairman and chief executive officer Jerre Stead said that the acquisition will allow the company to aid its customers in the oil and gas sector.

"The acquisition of SMT will increase the ability of IHS to offer mission-critical geoscience software and data products to customers in our largest end-market, Energy, and give SMT customers the ability to seamlessly access the critical oil and gas information and insight products of IHS," he said. "SMT offers software and solutions to help customers across the globe find and develop new oil and gas reserves, and optimize production from new and existing assets."

According to CNN Money, IHS' stock's yearly high was around $90 and on Tuesday it closed at $78.66 on the New York Stock Exchange.