KKR has announced that it has acquired the internationally renowned software corporation Corel from Vector Capital. Neither of the companies chose to reveal the financial details of the deal but it is believed that the deal has a price tag of about $1 billion.
Founded in 1985, Corel is headquartered in Ottawa, Canada. The company is known for its wide portfolio of software solutions which is delivered all over the world. The company’s products have empowered professionals from across industries especially in the verticals of Creativity, Productivity, and Desktop-as-a-Service.
Commenting on the acquisition Patrick Nichols, CEO of Corel 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.”
Corel also has an interesting track record of making some great acquisitions including that of ClearSlide, Parallels, and MindManager. Corel joining KKR will further enable the company to deliver a new chapter in its growth and innovation.
“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.