Hoist has not disclosed financial terms that are behind the deal.
Paragon was created in the late-1990s and targets the hospitality sector in the UK and Ireland with technology including property management systems (HotSoft) and point-of-sale tools.
HotSoft has been installed in more than 330 locations to-date.
Ireland-based Hoist, which operates in 18 countries around the world, develops technology in the hotel, healthcare and public sector with tools covering web access, conference services, back-office functions and guest-facing platforms.
Paragon also specialises in providing technology for golf and spa facilities in hotels.
Hoist founder Malcolm Lindblom says:
“We have worked together with Paragon Systems for many years and it became natural for Paragon Systems to join our family of companies.
“The Paragon Systems acquisition not only allows us to directly serve the Irish market but also enlarges and enhances our HotSoft PMS customer base with the Paragon Systems developed additional software modules and operational know-how.”