In this work, DAE Tools modelling, simulation and optimisation software, its programming paradigms and main features are presented. The current approaches to mathematical modelling such as the use of modelling languages and general-purpose programming languages are analysed. The common set of capabilities required by the typical simulation software are discussed, and the shortcomings of the current approaches recognised. A new hybrid approach is introduced, and the modelling languages and the hybrid approach are compared in terms of the grammar, compiler, parser and interpreter requirements, maintainability and portability. The most important characteristics of the new approach are discussed, such as: (1) support for the runtime model generation; (2) support for the runtime simulation set-up; (3) support for complex runtime operating procedures; (4) interoperability with the third party software packages (i.e. NumPy/SciPy); (5) suitability for embedding and use as a web application or software as a service; and (6) code-generation, model exchange and co-simulation capabilities. The benefits of an equation-based approach to modelling, implemented in a fourth generation object-oriented general purpose programming language such as Python are discussed. The architecture and the software implementation details as well as the type of problems that can be solved using DAE Tools software are described. Finally, some applications of the software at different levels of abstraction are presented, and its embedding capabilities and suitability for use as a software as a service is demonstrated.