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Enterprise software company Corel hopes to be on the cusp of a transformation, thanks to a new, recently-hired CEO.
Former OpenTable CEO and Nextdoor executive Christa Quarles joined the company in October and is charged with unifying the 35-year-old firm’s disparate assets into a cohesive offering, after a tumultuous decade of ownership changes and acquisitions.
When the company was at its peak in the 1990s it was best known for its flagship graphics software CorelDraw, as well as a word processing tool called WordPerfect that ultimately failed to compete with Microsoft’s Word. It now offers a suite of photo and video editing tools that rival Adobe’s Creative Cloud products, file compression tool WinZip, and virtualization software Parallels, which it acquired in 2018.
Meanwhile, it’s fresh off an ownership change: private equity firm KKR bought Corel from Vector Capital for a reported $1 billion in 2019 with stated goal of providing the company with new capital to spur its growth. The key for Quarles will be to unify Corel’s products into a robust product suite, according to IDC analyst Shannon Kalvar.
“Corel has an opportunity to make some very differentiating moves for itself with its combination of products,” Kalvar told Business …read more
Source:: Businessinsider – Tech