American investment firm KKR has announced the acquisition of Ottawa-based software company Corel Corporation.
The financial details of the transaction were not disclosed, but KKR emphasised in its press release Corel’s track record of growth, having recently acquired Parallels, ClearSlide and MindManager. The investment was said to have been made primarily from KKR’s Americas XII Fund.
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.”
KKR pointed to Corel’s portfolio of software, which has a user base of 90mn workers worldwide, focused on the creativity, productivity and desktop-as-a-service industries.
“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,” said John Park, Member at KKR. “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.”