Corel to be split: Parallels remains with KKR
Investor Vector Capital is taking over Corel's creative software; Parallels remains with KKR. Both areas are to operate independently in the future.
Corel is being split. Investor Vector Capital is taking over the creative software, which includes the CorelDrawGraphics Suite, among others.
(Image: Corel)
Canadian software provider Corel, or Alludo, is to be split into two independent companies. As the company announced, the US American investment firm Vector Capital from San Francisco will take over the business related to creative and productivity software. The virtualization division Parallels will remain with its previous owner, the US American investment company KKR (Kohlberg Kravis Roberts) headquartered in New York.
Vector Capital's share includes the vector graphics package CorelDrawGraphics Suite, the painting program Painter, the image editing software PaintShop Pro, the video editing program VideoStudio, the brainstorming tool MindManager, and the file compression utility WinZip.
The Parallels division remaining with KKR offers, among other things, the virtualization program of the same name for macOS, which allows Windows to be run on Macs, as well as Workspace products for virtual applications and desktops.
In 2003, Corel was initially acquired by Vector Capital. Further acquisitions followed. Corel took over Parallels in December 2018. KKR in turn took over Corel in 2019 for around one billion US dollars.
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Goal of the split
The split is intended to allow both areas to operate more independently and to concentrate more strongly on their respective markets. Parallels CEO Christa Quarles will remain in office, while the previous Corel COO Prasannaa Ganesan will take over the leadership of the future Corel company.
The transaction is expected to be completed in May 2026, subject to regulatory approvals. The parties involved did not disclose the purchase price.
Alludo becomes Corel again
With this, the company name Alludo is also history. In 2022, Corel renamed itself Alludo. The name is artificially created and derives from the English "to allude" (to hint at, to imply). It is intended to express that the software helps users to suggest, develop, and implement ideas.
Now Corel is returning to its original name, which the company received when it was founded in 1985 in Ottawa, Canada.
(akr)
