Paragon has been involved with snooker since 2000 in an event management capacity for the sport's ranking tournaments.
Andrew Wells, managing director of Paragon, said: "Important opportunities in sport should be taken with both hands. For Paragon to support the new team and become part of the global development of the sport is a tremendous prospect for the company."
Added Charlie Burt, business development director of the governing body,: "We have taken an exciting step forward in cementing our relationship with Paragon.
"This new agreement binds us together as partners and will allow us to develop the sport while ensuring that new standards of event management can be delivered, consistently, to budget and on schedule. Paragon is an important part of our new team and we are delighted to have the company on board."
Snooker governing body the WPBSA has signed a new event management services agreement with Paragon Event Management Ltd.
