KKR confirms it has acquired Canadian software company Corel, reportedly for over $1B

Yesterday we broke the news that Corel — the company behind WordPerfect, Corel Draw and a number of other apps, as well as the new owner of Parallels — had itself gotten acquired by KKR. Today, the news is confirmed and official: KKR today announced it has closed the deal, purchasing Corel from private equity…

KKR confirms it has acquired Canadian software company Corel, reportedly for over $1B

Yesterday we broke the news that Corel — the company behind WordPerfect, Corel Draw and a number of other apps, as well as the new owner of Parallels — had itself gotten acquired by KKR. Today, the news is confirmed and official: KKR today announced it has closed the deal, purchasing Corel from private equity firm Vector Capital.
The terms of the acquisition are not being disclosed, but when the first rumors of a deal started to emerge a couple of months ago, the price being reported was over $1 billion.
Corel may not be the first name you think of in the world of apps and software today. Founded in the 1980s as one of the first big software companies to capitalize on the first wave of personal computer ownership, it tried to compete against Microsoft in those early days (unsuccessfully), and has seen a lot of ups and downs, including two retreats from the stock market, an insider trading scandal and patent disputes (and even detentes) with its onetime rival.
But in more recent years it has, under the radar, built itself to be a solid and — in these days of startups that claim to intentionally operate at a loss for years in order to scale — profitable business with 90 million users. (Vector said in the past that Corel had paid dividends of $300 million over the years it owned the company.)
Founded in the days when you went to electronics store and bought physical boxes of software with installation disks and hefty manuals, Corel has brought itself into the modern era, with acquisitions like Parallels — a virtualization giant that lets businesses run far-flung and very fragmented networks
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