Canadian software firm Corel acquired by KKR

Ottawa-based software firm Corel Corp. has announced that it has been acquired by KKR & Co. Inc., a global investment firm, for reportedly over $1 billion USD, although the sale price has not been confirmed by either party.

Corel had previously been owned by Vector Capital, a technology-focused private equity firm, which bought Corel in 2003.

Founded in 1985 by Michael Cowpland, Corel is known for its graphics and office productivity programs such as CorelDRAW, ClearSlide, MindManager, Parallels, and WinZip, and has been reported to have over 900 million users across all of its offerings.

Corel has made some acquisitions of its own, including the purchase of Parallels in December 2018, which has led to significant growth, something that a representative from KKR said drew them to Corel. And according to an internal memo recovered by TechCrunch, KKR plans to support Corel in any future acquisitions of its own.

“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,” said John Park, member at KKR, in a press release.

According to the memo recovered by TechCrunch, CEO Patrick Nichols told staff that the acquisition will not cause any layoffs and will lead to a significant injection of capital into the country.

“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,” said Nichols.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

Buckley Smith
Buckley Smith
Staff writer for IT World Canada. Covering the world of technology as it applies to business. Buckley is an avid sports fan who loves travel, food, and music. Can be contacted at [email protected] or 416-290-2000.

Featured Articles

Cybersecurity in 2024: Priorities and challenges for Canadian organizations 

By Derek Manky As predictions for 2024 point to the continued expansion...

Survey shows generative AI is a top priority for Canadian corporate leaders.

Leaders are devoting significant budget to generative AI for 2024 Canadian corporate...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now