KKR acquires Corel from Vector Capital

Market Expertz   |     July 04, 2019


KKR, one of the leading investment firms in the world, has completed the acquisition of Corel from technology-focused private equity firm Vector Capital. Corel is the company responsible for WordPerfect, Corel Draw, and several other apps, along with being the new owner of Parallels. Founded in the 1980s, the company was among the first big software companies wanting to capitalize on the concept of personal computer ownership. The company tried and failed in competition against Microsoft in its initial years. It has an advantageous position in numerous emerging as well as established markets, valued at nearly $25 billion across key segments.

Corel houses a wide range of top-of-the-line software solutions to more than 90 million knowledge workers across the globe. Consisting of some of the industry’s most reputed brands, the company’s products empower professionals through its three major verticals, viz., Creativity, Productivity and Desktop-as-a-Service. Corel has a consistent track record signifying its evolution and product innovation and has accomplished many pivotal acquisitions with products like Parallels, MindManager, and ClearSlide. The company rose to success with its exceptional operational capabilities and the concomitant advancement of its product offerings for niche industries. KKR will be able to further its growth trajectory by improving its internal skills and tapping Corel’s accretive acquisitions. John Park of  KKR has commented that Corel has built an impressive portfolio with valuable tools and services that it provides to connected knowledge workers, present across devices, operating systems, and various rapidly growing sectors.

Park added that KKR would collaborate with management to continue in the same direction across its current platforms while leveraging the team’s extensive experience in M&A to enter the next phase of innovation and growth globally. The financial terms of the deal remain undisclosed. Sidley Austin LLP represented Corel and Vector Capital during the transaction, while Kirkland & Ellis LLP and Deloitte represented KKR.

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