Corel Acquires Jasc to Extend Graphics Software Portfolio
October 15, 2004
Ottawa, ON - Corel Corporation has acquired Jasc Software, developer of the Paint Shop family of digital photography and image editing software.
Corel will sell Paint Shop Pro, Paint Shop Pro Studio and Paint Shop Photo Album as stand alone products and will continue to provide worldwide service and support to customers under the Corel brand. In addition, Corel will actively support new R&D initiatives for the Paint Shop family, the company reported.
Corel corporate headquarters will remain in Ottawa, Ontario, Canada. Corel will maintain the former Jasc facility in Minneapolis, MN for the Paint Shop family operations. Amish Mehta will continue to serve as the Chief Executive Officer of Corel Corporation. Several members of the Jasc senior management team will join Corel.
A critical milestone in Corel's ongoing growth strategy, this acquisition follows four consecutive quarters of profitability and a successfully completed turnaround since Corel was taken private in August 2003.
In August 2003, Corel was acquired by Vector Capital Group, a San Francisco-based venture capital concern which currently manages approximately 500 million dollars in capital. Vector helped Corel create and execute a focused product and market strategy – leveraging Corel's most popular and enduring products, the WordPerfect Office Suite, CorelDRAW Graphics Suite and Corel Painter – while streamlining its operations and product lines.
With the support of Vector, Corel is poised for future growth with the addition of the Paint Shop family as well as through future acquisitions on the horizon.
Corel's innovative software offerings, which include the popular WordPerfect Office Suite, the CorelDRAW Graphics Suite and Corel Painter Natural-Media®, painting and illustration software, have earned a strong following among value-conscious consumers, graphics professionals, and businesses around the world. This acquisition extends Corel's unique value proposition to millions of customers worldwide and dramatically expands Corel's reach in both the business and consumer graphics market sectors.
Now, Corel can provide users of graphics software a complete migration path from the most basic photo organizing and sharing, to image improvement and retouching, all the way to advanced image editing and graphics creation. The addition of the Paint Shop product family allows Corel to better serve sizable new consumer graphics markets while expanding its coverage of the business graphics market segment.
The Paint Shop family optimizes the digital photography and imaging experience for consumers and business professionals at all skill levels, offering a growth path from novice to seasoned professional. Its flagship products, Paint Shop Pro, Paint Shop Pro Studio and Paint Shop Photo Album, are recognized worldwide for innovation.
About Jasc
Jasc is recognized as a global leader of digital photography and imaging software, providing the Paint Shop family of products that is anchored by Paint Shop Pro, Paint Shop Pro Studio and Paint Shop Photo Album. Jasc is focused on optimizing the digital photography and imaging experience for consumers and business professionals at all skill levels, offering a growth path from novice to seasoned professional. Jasc products are Windows-based and provide an affordable solution for PC users – all backed by award-winning service and support.
Corel Corporation
Corel Corporation provides innovative software solutions that help millions of value-conscious businesses and consumers in over 75 countries improve their productivity. The Company is best known for its graphics, office and personal productivity solutions, including the CorelDRAW® Graphics Suite, the WordPerfect® Office Suite and the Corel Painter Natural-Media® painting and illustration software. Corel was acquired by San Francisco-based Vector Capital Group in August 2003 and, since that time has achieved record levels of profitability and growth across all product lines. Founded in 1985, Corel is headquartered in Ottawa, Canada.
For more information, visit
www.corel.com
or
www.jasc.com
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