![]() The acquisition of Corel by KKR marks another chapter in the company’s long corporate history.įounded in the 1980s - when personal computers were just starting to enter the mainstream but well before we had anything like the internet (not to mention the world of cloud-based apps) that we know today - Corel once positioned itself as a potential competitor to Microsoft in the software wars. The memo we’ve seen notes that Corel (including Parallels) has millions of customers across its various software platforms and apps. Vector and Corel itself have never publicly disclosed much on user numbers or financials, but Vector has described the company as “highly profitable,” with dividends of more than $300 million to date. There are no layoffs planned as part of the deal, and the official announcement had been planned to go out next week, but now looks like it may be moved up to tomorrow (Wednesday). Second will be making acquisitions (and the sheer proliferation of promising startups in the last decade dedicated to all variety of apps and other software that may have found it a challenge to scale means Corel could have rich pickings). First will be expanding operations for the existing business: Corel is the company behind a number of longstanding software brands including WordPerfect, Corel Draw, WinZip, PaintShop Pro. It plans to give Corel an “infusion of capital” to accelerate its growth, which will go into two areas. But, we now have a copy of the memo provided by an internal source that has been sent out to staff announcing that the deal has indeed closed, and that Corel is now officially part of the KKR family of companies.Īccording to the memo, KKR is very optimistic about Corel’s prospects. ![]() At the time, representatives of Corel declined to comment, although our sources inside the company indicated that the reports were not inaccurate.įast-forward to today, and both KKR and and a spokesperson for Parallels/Corel declined to comment. KKR’s interest in Corel was first rumored in May, when PE Hub reported the two were in talks for a sale valued at over $1 billion. TechCrunch has learned and confirmed with multiple sources that private equity giant KKR has closed a deal to buy the company from Vector Capital, which has owned some or all of Corel since 2003. Only six months after snapping up virtualization specialist Parallels, Canadian software company Corel is itself getting acquired. ![]()
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