Corel and Parallels sold to US investment group KKR
On July 3, 2019, CCR, one of the world's leading investment companies, announced that it had completed the acquisition of Corel. Together with it, the buyer transferred all software products and assets of Parallels, which last year bought Corel.
The fact that KKR plans to acquire Corel became known in May 2019. The total amount of the transaction is not disclosed.
After closing the deal, KRR will have at its disposal all the assets previously acquired by Corel, including Parallels, which has gained wide popularity thanks to its software for running Windows applications on the Mac without rebooting. The KKR software portfolio now includes the entire Parallels product line, 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.
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Parallels was founded in 1999 and is headquartered in Bellevue, Washington. Parallels is a global leader in the development of cross-platform solutions.
Founded in Ottawa, Canada in the 1980s, Corel is uniquely positioned at the crossroads of several large and ever-growing markets, totaling nearly $ 25 billion in key verticals, and offering 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 list of Corel assets includes at least 15 proprietary software products, most of which are in one way or another connected with graphics. These include CorelDraw, a vector graphics editor, Corel Painter, a digital painting and drawing program, Corel Photo-Paint, a raster graphics editor, and even your own Linux distribution — Corel Linux OS. In addition to products developed directly by Corel, the company also owns third-party software developers, which it acquired in different years. This includes 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 positioning in the market, constantly expanding its impressive portfolio of IT solutions. KKR is looking forward to working with Corel management to stimulate further business growth, using the extensive experience of the mergers and acquisitions team to launch a new chapter of innovation and growth on a global scale, ”said John Park, member of the KKR Council.
”KKR, first of all, recognizes the value of our employees and their impressive achievements, especially from the point of view of our work with clients, technological innovation and successfully implemented strategies of acquisitions and acquisitions of other companies. Thanks to KKR support and a shared vision, new exciting opportunities are opening up for our company, products and users, ”said Patrick 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 a fantastic result for our investors with selling KKR,” commented Alex Sluski, founder and chief investment officer of Vector Capital . During this time, Corel completed several transformational acquisitions, increased revenues 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, Corel is mainly invested in the KKR Americas XII Foundation.
Corel and Vector Capital were represented by Sidley Austin LLP during this transaction, while 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, totaling around $ 345 billion. The group owns companies from various business areas. In 2014, KKR acquired Fujian Sunner Development's 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.
Representatives of KKR 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 in May 2019. The total amount of the transaction is not disclosed.
After closing the deal, KRR will have at its disposal all the assets previously acquired by Corel, including Parallels, which has gained wide popularity thanks to its software for running Windows applications on the Mac without rebooting. The KKR software portfolio now includes the entire Parallels product line, 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 the development of cross-platform solutions.
Founded in Ottawa, Canada in the 1980s, Corel is uniquely positioned at the crossroads of several large and ever-growing markets, totaling nearly $ 25 billion in key verticals, and offering 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 list of Corel assets includes at least 15 proprietary software products, most of which are in one way or another connected with graphics. These include CorelDraw, a vector graphics editor, Corel Painter, a digital painting and drawing program, Corel Photo-Paint, a raster graphics editor, and even your own Linux distribution — Corel Linux OS. In addition to products developed directly by Corel, the company also owns third-party software developers, which it acquired in different years. This includes 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 positioning in the market, constantly expanding its impressive portfolio of IT solutions. KKR is looking forward to working with Corel management to stimulate further business growth, using the extensive experience of the mergers and acquisitions team to launch a new chapter of innovation and growth on a global scale, ”said John Park, member of the KKR Council.
”KKR, first of all, recognizes the value of our employees and their impressive achievements, especially from the point of view of our work with clients, technological innovation and successfully implemented strategies of acquisitions and acquisitions of other companies. Thanks to KKR support and a shared vision, new exciting opportunities are opening up for our company, products and users, ”said Patrick 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 a fantastic result for our investors with selling KKR,” commented Alex Sluski, founder and chief investment officer of Vector Capital . During this time, Corel completed several transformational acquisitions, increased revenues 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, Corel is mainly invested in the KKR Americas XII Foundation.
Corel and Vector Capital were represented by Sidley Austin LLP during this transaction, while 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, totaling around $ 345 billion. The group owns companies from various business areas. In 2014, KKR acquired Fujian Sunner Development's 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.
Representatives of KKR noted that the investment group will continue to develop the strategy proposed by Corel - to buy promising software companies and use their assets.
Source: https://habr.com/ru/post/458810/
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