Corel Corporation
TypePrivate
IndustrySoftware
Programming
Founded1985; 37 years ago (1985)
FounderMichael Cowpland
Headquarters
Key people
Christa Quarles (CEO)
Brad Jewett (CFO)
Prasannaa Ganesan (COO)
Rene Barreda (CPO)(CLO)
ProductsWordPerfect
CorelDRAW
WinZip
PaintShop Pro
AfterShot Pro
WinDVD
Painter
MindManager
RevenueIncrease 268.2 million USD (2008)[1]
OwnerKohlberg Kravis Roberts
Number of employees
< 500 (2015)
SubsidiariesRoxio
Parallels
Websitewww.corel.com

Corel Corporation (/kəˈrɛl/ kə-REL;[2] from the abbreviation "Cowpland Research Laboratory") is a Canadian software company headquartered in Ottawa, Ontario, specializing in graphics processing. It is known for producing software titles such as CorelDRAW, and for acquiring AfterShot Pro, PaintShop Pro, Painter, Video Studio and WordPerfect.

History

Corel was founded by Michael Cowpland in 1985 as a research laboratory. Michael Cowpland was CEO of Mitel. Mitel needed writing and creative design programs to enhance the company product line. Corel products were born. Additional products were added. The company had great success early in the high-tech boom of the 1990s and early 2000s with the product CorelDRAW, and became, for a time, the biggest software company in Canada. In 1996, it acquired Novell WordPerfect and started competing with the thought of being "Pepsi to Microsoft's Coke"[3] as Microsoft Word was the top-used word processing software at the time. Corel was in a difficult position as Microsoft pushed pre-loaded copies of its software onto new computers. This mainly consisted of Microsoft Works office applications, but a variant called Works Suite also bundled the Microsoft Word software.

The company held the naming rights to the home arena for the NHL's Ottawa Senators from February 1996 until January 2006 as the "Corel Centre", a venue currently known as the Canadian Tire Centre.[4]

In 1996, Corel created a Full motion video game called Mode.[5]

In 1997, Corel sold its Corel ChemLab studio and its "CD Home Collection" consisting of over 60 multimedia titles to Hoffmann + Associates, a Toronto-based company. As part of the deal, Corel acquired a minority interest in Hoffmann + Associates and received royalties.[6]

In August 2000, Cowpland was accused of insider trading and left. A new board of directors was then appointed and Derek Burney Jr., announced that the product line would be split into several brands—DeepWhite, ProCreate, and Corel. However, these plans were scrapped, and only the Corel brand remained. Corel acquired the graphics software company Micrografx in late 2001.[citation needed]

In August 2003, Corel was bought out by the private equity firm Vector Capital for $1.05 a share (slightly more than the cash in the company).[citation needed] The company was voluntarily delisted from the NASDAQ and Toronto Stock Exchanges. Some U.S. shareholders alleged the management benefited from the buyout personally while the buyout price was too low. A lawsuit was filed in the U.S. to stop the buyout and was unsuccessful.

In March 2005, Corel announced that the United States Justice Department purchased 50,000 licenses of WordPerfect (adding to the worldwide user base of 20 million) and that WordPerfect was adding 4 million new users per year thanks to bundling deals with Dell.[7] Corel contended that WordPerfect was the only viable alternative to Microsoft Office, with sales 70 times more than Lotus' SmartSuite. On April 26, 2006, Corel completed its return to the public market with an initial public offering on NASDAQ,[8] the same day finalizing the acquisition of WinZip, an archiving software title.

On December 12, 2006, Corel completed its acquisitions of InterVideo and Ulead. The InterVideo acquisition was valued at around $196 million.[9] In May 2008, CEO David Dobson announced that he was leaving the company to take a senior strategy role at Pitney Bowes.[10] Dobson was replaced on May 8 by former Symantec executive Kris Hagerman.[11] In November 2009, it was announced that Vector Capital would be purchasing the remaining shares of common stock in Corel Corporation.[12] Upon completion, this made Corel once again privately owned.[13] On January 29, 2010, the shareholders of Corel approved its previously announced stock consolidation, completing the transfer to Corel Holdings, L.P., a limited partnership controlled by an affiliate of Vector Capital.[14]

In January 2012, Corel acquired Roxio from Rovi Corporation for an undisclosed amount.[15] Subsequently on July 2, 2012, Corel announced its acquisition of Pinnacle Systems, a developer of consumer-oriented video editing products (such as the Pinnacle Studio series) owned by Avid.[16]

Having suffered layoffs in 2003 and 2008,[17] Corel began a near yearly culture of restructuring beginning in 2010, when in the latter part of that year the company's finance department was restructured and moved to their Taipei office, resulting in significant layoffs at its Ottawa HQ. Restructuring in 2012[18] resulted in more layoffs. In December 2013, the company's restructuring resulted in the layoffs of the Taipei locations engineering and quality assurance team. Corel's Taipei office was the core development centre of PaintShop Pro and VideoStudio, one of the company's most well-known photo- and video-editing bundles. The 2013 restructuring led to a partial handover of product development to outsourced companies, resulting in more rapid, low-cost development across its product lines. The company continued with layoffs in 2014 and once again at the beginning of 2015 with the change of the company's CEO to Patrick Nichols, previously the head of Corel's WinZip business unit.

In August 2016, Corel announced the acquisition of the Mindjet MindManager business from Spigit.[19]

In June 2018, Corel announced the acquisition of Gravit GmbH.[20]

In December 2018, Corel announced the acquisition of Parallels.[21]

On July 3, 2019, Corel was acquired by KKR.[22]

In September 2020, Christa Quarles was named the CEO of the company.[23]

In 2021, Prashant Ketkar was named the Chief Technology and Product Officer of the company.

Products

Acquired products

Reviversoft, an american computer optimizer software company acquired by Corel in 2014. Simplestar, an american computer optimizer software company.

Corel World Design Contest

The annual Corel World Design Contest first ran from 1990 through 1998. The competition intended to recognize and encourage an international community of graphic artists from over 50,000,000 registered Corel users. Two finalists for each of the eight categories were awarded a trip to Ottawa, Canada to participate in the Corel World Design Contest gala and awards ceremony. The finalists from each of the eight categories received an issue of the "Corel Crystal Award". The collection of artworks were later released in a catalogue with bundled CD, under the name of "Corel Artshow". The contest was reinitiated in 2009 on the 20th Anniversary of CorelDRAW's launch and now runs every two years. The 2013 and 2015 contests each had a prize pool with a total value of USD100,000.

See also

References

  1. ^ "Annual Report" (PDF). Corel Corporation. Retrieved 2016-07-18.
  2. ^ Wells, John (3 April 2008). Longman Pronunciation Dictionary (3rd ed.). Pearson Longman. ISBN 978-1-4058-8118-0.
  3. ^ Powers, Jeffrey. "January 31, 1996: Corel Acquired WordPerfect". Day In Tech History.
  4. ^ "The Canadian Tire Centre: Not 20 years old and already over the hill? | Metro Ottawa". metronews.ca. Archived from the original on 2017-10-06. Retrieved 2017-10-06.
  5. ^ "Archive.Org link to Mode website". Archived from the original on October 31, 1996.
  6. ^ "Moby Games summary of Hoffmann + Associates Inc". Retrieved 19 December 2015.
  7. ^ "DOJ Drops Microsoft Office for Corel". betanews.com. Retrieved 2017-10-06.
  8. ^ Kawamoto, Dawn (2006-04-26). "Corel IPO stumbles out of the gate". CNET. Retrieved 2015-09-05.
  9. ^ Dobson, David (2006). "Corel's letter to customers on the InterVideo Ulead acquisition". Corel. Archived from the original on 2008-10-09. Retrieved 2015-09-05.
  10. ^ "David Dobson blurb". Money 2020. 2015. Archived from the original on 2015-04-14. Retrieved 2015-09-05.
  11. ^ "Corel welcomes Kris Hagerman as permanent CEO". Business Wire. 2009-07-29. Retrieved 2015-09-05.
  12. ^ Wauters, Robin (2009-11-26). "Corel buys out Corel". Tech Crunch. Retrieved 2015-09-05.
  13. ^ Corel Holdings Announces Successful Tender Offer and Commencement of Subsequent Offering Period Archived 2009-11-28 at the Wayback Machine, URL accessed on 26 November 2009
  14. ^ "Shareholders Approve Consolidation of Corel Corporation Shares". Business Wire. 2010-01-26. Archived from the original on 2011-06-05. Retrieved 2015-09-05.
  15. ^ Muchmore, Michael (7 February 2012). "Corel Buys Roxio from Rovi, Releases First Product". PCMag.com. Retrieved 13 February 2012.
  16. ^ "Corel Acquires Pinnacle Products from Avid". Corel press release. Retrieved 7 September 2012.
  17. ^ "WordPerfect publisher to lay off 90 employees". Silicon Beat. 2008-09-10. Retrieved 2015-09-05.
  18. ^ Symons, Courtney (2012-03-07). "Corel confirms layoffs". Ottawa Business Journal. Archived from the original on 2015-09-24. Retrieved 2015-09-05.
  19. ^ "Corel Acquires MindManager". Mindjet. Retrieved 2017-03-20.
  20. ^ "Welcoming Gravit to the Corel family". Medium. Retrieved 2018-06-26.
  21. ^ Corel (20 December 2018). "Corel Acquires Parallels, Further Accelerating its Growth in Global Software Market". GlobeNewswire News Room. Retrieved 20 December 2018.
  22. ^ "KKR confirms it has acquired Canadian software company Corel, reportedly for over $1B". TechCrunch. Retrieved 2019-07-03.
  23. ^ Lashinsky, Adam; Pressman, Aaron (2020-09-29). "You should know the new CEO of this software company". Fortune. Retrieved 2020-09-29.
  24. ^ "Corel Introduces New Netbook-Ready Office Suite". PR Web. 2009-06-17. Retrieved 2015-09-05.
  25. ^ Dolcourt, Jessica (2009-06-16). "Corel Home Office review". CNET. Retrieved 2015-09-05.
  26. ^ Butler, Peter (2007-09-18). "Corel snaps off MediaOne Plus". Archived from the original on 2007-11-01. Retrieved 2018-10-25.
  27. ^ CAD Software for Mac and Windows – CorelCAD 2013. Corel.com. Retrieved on 2013-07-17.
  28. ^ Chastain, Sue. "Corel Acquires Jasc Software". About.com. Archived from the original on May 22, 2007.