Corel and Parallels sold to KKR investment group from USA
On July 3, 2019, KKR, one of the world's leading investment companies, announced that it had completed the acquisition process of Corel Corporation. Along with it, all Parallels software products and assets that Corel bought last year passed to the buyer .
The fact that KKR plans to acquire Corel became known back in May 2019. The total amount of the transaction is not disclosed.
Once the transaction is closed, KRR will have at its disposal all the assets previously acquired by Corel, including Parallels, which has become widely known for its software to run Windows applications on a Mac without rebooting. The KKR software portfolio now includes the entire line of Parallels products, including Parallels Desktop for Mac, Parallels Toolbox for Windows and Mac, Parallels Access, Parallels Mac Management for Microsoft SCCM, and Parallels Remote Application Server (RAS).
The financial side of the transaction was not disclosed.
Parallels was founded in 1999 and is headquartered in Bellevue, Washington. Parallels is a global leader in cross-platform solutions.
Established in the 1980s in Ottawa, Canada, Corel is uniquely positioned at the intersection of several large and ever-growing markets, totaling nearly $ 25 billion in key verticals, and offers a wide portfolio of software solutions that provide opportunities for more than 90 million knowledge workers worldwide.
Corel has a long history of acquisitions and acquisitions, the most recent of which include the purchase of Parallels, ClearSlide and MindManager products. The Corel asset list also includes at least 15 software products of its own design, most of which are somehow related to graphics. These include CorelDraw, a vector graphics editor, Corel Painter, digital painting and drawing software, Corel Photo-Paint, a raster graphics editor, and even its own Linux distribution, Corel Linux OS. In addition to products developed directly by Corel, the company also owns third-party developers who purchased it in different years. This includes the WordPerfect text editor, WinDVD media player, WinZip archiver, and Pinnacle Studio video editing software. The number of third-party programs owned by Corel exceeds 15.
”Corel has achieved a unique market position by constantly expanding its impressive portfolio of IT solutions. KKR is looking forward to working with Corel's leadership to stimulate further business growth, while leveraging the team's vast experience in mergers and acquisitions, to begin a new chapter of innovation and growth globally, ”said John Park, member of the KKR Council.
”KKR, first of all, recognizes the value of our employees and their impressive achievements, especially in terms of our work with clients, technological innovation and the successfully implemented acquisition and acquisition strategy of other companies. Thanks to the support of KKR and a common vision, new exciting opportunities are opening up for our company, products and users, ”saidPatrick Nichols, CEO of Corel .
“Corel has been an important part of the Vector Capital family for many years, and we are pleased to have achieved fantastic results for our investors with the sale of KKR,” commented Alex Sluski, founder and chief investment officer of Vector Capital . During this time, Corel completed several transformational acquisitions, increased revenue, and significantly improved its profitability. We are confident that Corel has found a worthy partner in the face of KKR and wish them continued success together. ”
For KKR, investments in Corel are mainly made from the KKR Americas XII Fund.
Corel and Vector Capital were represented by Sidley Austin LLP during this transaction, and Kirkland & Ellis LLP and Deloitte represented KKR.
The KKR investment group was founded in 1976. Over the 43 years of its existence, it reported more than 150 acquisitions, the total amount of which amounted to around $ 345 billion. The group owns companies from various business fields. In 2014, KKR acquired Fujian Sunner Development, the largest chicken farm in China, paying $ 400 million for it, and in February 2019 became the owner of the German media company Tele München Gruppe, founded in 1970.
KKR representatives noted that the investment group will continue to develop the strategy, proposed by Corel - to buy promising software companies and use their assets.
The fact that KKR plans to acquire Corel became known back in May 2019. The total amount of the transaction is not disclosed.
Once the transaction is closed, KRR will have at its disposal all the assets previously acquired by Corel, including Parallels, which has become widely known for its software to run Windows applications on a Mac without rebooting. The KKR software portfolio now includes the entire line of Parallels products, including Parallels Desktop for Mac, Parallels Toolbox for Windows and Mac, Parallels Access, Parallels Mac Management for Microsoft SCCM, and Parallels Remote Application Server (RAS).
The financial side of the transaction was not disclosed.
Parallels was founded in 1999 and is headquartered in Bellevue, Washington. Parallels is a global leader in cross-platform solutions.
Established in the 1980s in Ottawa, Canada, Corel is uniquely positioned at the intersection of several large and ever-growing markets, totaling nearly $ 25 billion in key verticals, and offers a wide portfolio of software solutions that provide opportunities for more than 90 million knowledge workers worldwide.
Corel has a long history of acquisitions and acquisitions, the most recent of which include the purchase of Parallels, ClearSlide and MindManager products. The Corel asset list also includes at least 15 software products of its own design, most of which are somehow related to graphics. These include CorelDraw, a vector graphics editor, Corel Painter, digital painting and drawing software, Corel Photo-Paint, a raster graphics editor, and even its own Linux distribution, Corel Linux OS. In addition to products developed directly by Corel, the company also owns third-party developers who purchased it in different years. This includes the WordPerfect text editor, WinDVD media player, WinZip archiver, and Pinnacle Studio video editing software. The number of third-party programs owned by Corel exceeds 15.
”Corel has achieved a unique market position by constantly expanding its impressive portfolio of IT solutions. KKR is looking forward to working with Corel's leadership to stimulate further business growth, while leveraging the team's vast experience in mergers and acquisitions, to begin a new chapter of innovation and growth globally, ”said John Park, member of the KKR Council.
”KKR, first of all, recognizes the value of our employees and their impressive achievements, especially in terms of our work with clients, technological innovation and the successfully implemented acquisition and acquisition strategy of other companies. Thanks to the support of KKR and a common vision, new exciting opportunities are opening up for our company, products and users, ”saidPatrick Nichols, CEO of Corel .
“Corel has been an important part of the Vector Capital family for many years, and we are pleased to have achieved fantastic results for our investors with the sale of KKR,” commented Alex Sluski, founder and chief investment officer of Vector Capital . During this time, Corel completed several transformational acquisitions, increased revenue, and significantly improved its profitability. We are confident that Corel has found a worthy partner in the face of KKR and wish them continued success together. ”
For KKR, investments in Corel are mainly made from the KKR Americas XII Fund.
Corel and Vector Capital were represented by Sidley Austin LLP during this transaction, and Kirkland & Ellis LLP and Deloitte represented KKR.
The KKR investment group was founded in 1976. Over the 43 years of its existence, it reported more than 150 acquisitions, the total amount of which amounted to around $ 345 billion. The group owns companies from various business fields. In 2014, KKR acquired Fujian Sunner Development, the largest chicken farm in China, paying $ 400 million for it, and in February 2019 became the owner of the German media company Tele München Gruppe, founded in 1970.
KKR representatives noted that the investment group will continue to develop the strategy, proposed by Corel - to buy promising software companies and use their assets.