KKR's Corel to Separate Into Two Companies

By Kelly Cloonan

Corel, which is owned by KKR, said it plans to separate its business into two independent companies.

The Canadian software company said Thursday that private equity firm Vector Capital Management will acquire its portfolio of creativity and productivity software. Funds managed by KKR will continue to own Corel's Parallels business, which offers cross-platform and virtualization software.

After the transaction is completed, Corel's Chief Executive Christa Quarles will continue to be CEO of Parallels. Prasannaa Ganesan, former chief operating officer of Corel, will become CEO of Corel, the company said.

The company did not disclose the financial terms of the deal. It is expected to close in May.

The deal aims to allow Parallels to sharpen its focus, and best position both Corel and Parallels to serve their respective customers and markets, the company said.

Write to Kelly Cloonan at [e-mail]

(END) Dow Jones Newswires

02-26-26 1311ET