Parallels parent Corel acquired by private equity firm KKR

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Parallels parent Corel acquired by private equity firm KKR

Graphics software vendor Corel has been acquired by techie private equity firm KKR, which bought the company from fellow private equity firm Vector Capital.

Canada-based Corel is the company behind WordPerfect, CorelDraw, WinZip and many other apps. It recently acquired virtualisation software vendor Parallels.

KKR did not reveal the financial terms of the deal, but a report from PE Hub in May said it is worth more than US$1 billion.

“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 member John Park said.

“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.”

Vector Capital has owned Corel since 2003, and oversaw the company’s acquisitions of MindManager in 2016, Clearside in 2017 and Parallels in November last year.

KKR said it will bank on those acquisitions to fuel Corel’s growth, while also “enhancing internal capabilities”.

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