Corel Corporation today acquired Jasc Software, Inc., the award-winning developer of the Paint Shop family of digital photography and image editing software. 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.
The acquisition further extends Corel's position as a powerful force in the packaged software industry providing exceptional office and personal productivity and graphics products. Corel will now serve a combined base of more than 60 million customers worldwide with an extended software portfolio that combines innovative photo editing and graphics creation, vector illustration and technical graphics applications along with Corel's popular WordPerfect line of products. The acquisition is expected to officially close by the end of October 2004.
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.
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, ensuring that the next-generation of Jasc products will continue to flourish.