Why KKR Acquired Ottawa-Based Corel

By Noah Long ● July 9, 2019
  • KKR recently confirmed it closed the acquisition of Corel from Vector Capital
  • These are the details behind the deal

KKR recently confirmed that it closed the acquisition of Corel from technology-focused private equity firm Vector Capital. The terms of the deal were undisclosed, but there are rumors that it was valued at more than $1 billion.

Corel has a wide portfolio of knowledge worker software solutions that are used by more than 90 million people worldwide. And Corel empowers professionals across industries in three main verticals: Creativity, Productivity, and Desktop-as-a-Service.

“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 KKR member John Park. “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.”


Corel has seen a consistent track record of organic growth and product innovation and a proven history of accretive acquisitions, the most recent which include the products Parallels, ClearSlide, and MindManager.

“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,” added Corel CEO  Patrick Nichols. “With KKR’s support and shared vision, our management team is excited by the opportunities ahead for our company, products, and users.”

Some of Corel’s other primary application offerings include CorelDRAW and WinZip. The investment in Corel is primarily being made from KKR’s Americas XII Fund. 

“Corel has been an important part of the Vector Capital family for many years and we are pleased to have achieved a fantastic outcome for our investors with the sale to KKR,” explained Alex Slusky — the founder and chief investment officer at Vector Capital. “Under Vector’s ownership, Corel completed multiple transformative acquisitions, grew revenue and meaningfully improved profitability, highlighting Vector’s proven strategy of partnering with management teams to position companies for long-term success. We are confident the company has found a great partner with KKR and wish them continued success together.”

Corel and Vector Capital were represented by Sidley Austin LLP for this transaction. And Kirkland & Ellis LLP and Deloitte represented KKR.