Canadian software firm Corel acquired for $1.3bn by private equity firm
The Ottawa-based software firm, Corel Corp. has been acquired by global investment firm KKR & Co. Inc., for reportedly over $1 billion USD, although the final sale price has not been confirmed publicly.
Back in May, it was reported KKR was expected to buy Corel for more than US$1bn ($1.3bn CAD).
Prior to this recent acquisition, Corel was owned by technology-focused private equity firm, Vector Capital, which bought Corel back in 2003.
Corel was founded in 1985 by Michael Cowpland, and today has over 900 million users of their products worldwide. Perhaps most famous for its CorelDRAW art & graphics programs, their line-up also includes WinZip, ClearSlide, MindManager and Parallels.
John Park, member at KKR, stated in a press release: “Corel has differentiated itself by offering an impressive portfolio of essential tools and services for connected knowledge workers – across devices, operating systems, and a range of fast-growing industries. KKR looks forward to working together with management to drive continued growth across its existing platforms while leveraging the team’s extensive experience in M&A to deliver a new chapter of innovation and growth on a global scale.”
TechCrunch reported that according to a memo they recovered, CEO, Patrick Nichols, has told staff the acquisition will not lead to any layoffs and will create a significant capital injection into Canada.
Nichols said: “KKR recognizes the value of our people and their impressive achievements, especially in terms of our commitment to customers, technology innovation, and our highly successful acquisition strategy. With KKR’s support and shared vision, our management team is excited by the opportunities ahead for our company, products, and users.”