Corel Corporation Announces Strategic Transaction to Create Two Independent Companies

Vector Capital to Acquire Corel’s Suite of Trusted Software Brands for Creativity and Productivity

KKR to Retain Ownership of Parallels Business

OTTAWA, Ontario, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Corel Corporation (“Corel”) today announced a definitive agreement that will separate its business into two independent companies. Under the terms of the definitive agreement, Vector Capital Management, L.P. (“Vector”), a leading private equity firm specializing in technology investments, will acquire Corel’s portfolio of creativity and productivity software and related brands. Parallels will remain under ownership of funds managed by KKR, a leading global investment firm. Financial terms of the transaction were not disclosed.

Corel provides professional software for graphics, productivity, and digital workflow management, with a broad portfolio of desktop and digital tools, including trusted brands CorelDRAW, MindManager, and WinZip. The Parallels business offers cross-platform and virtualization software, including the well-known Parallels Desktop, enabling businesses and individuals to run Windows applications on Mac computers, and Parallels Workspace Solutions, delivering secure virtual applications and desktops across hybrid and cloud environments.

By creating two independent organizations with dedicated teams and strategic focuses, Corel and Parallels will be best positioned to serve their respective customers and markets.

Upon completion of the transaction, Christa Quarles, Chief Executive Officer of Corel Corporation, will continue to serve as Chief Executive Officer of Parallels and Prasannaa Ganesan, former Chief Operating Officer of Corel, will become Chief Executive Officer of Corel.

“We are building on a strong year of growth at Parallels, with Parallels Workspace solutions delivering 49% net new annual recurring revenue growth in 2025, and Parallels Desktop now serving more than one million customers worldwide. Becoming an independent company will allow Parallels to sharpen our focus while continuing to deliver even greater value to our customers,” said Christa Quarles, Chief Executive Officer of Parallels. “I’m excited to work with our team to execute our strategy in this next phase.”

“Corel has a strong portfolio of trusted and reliable software brands that enable its millions of users to create, ideate, and collaborate. We are excited to reunite with the Corel team and look forward to leveraging our deep familiarity with Corel’s business to drive growth through strategic M&A, product innovation, and operational enhancement,” said Alex Slusky, Founding Partner of Vector Capital, which previously owned Corel and oversaw a significant period of operational development and strategic growth. “We are pleased to welcome Prasannaa back to the helm and are eager to work with him and Corel leadership to focus on disciplined execution, and long-term value creation opportunities.”

“Corel has delighted and served its customers for decades, providing them with a differentiated portfolio of well-known and trusted software products that simply get the job done,” added Ganesan. “I am excited to return to Corel and to partner with Vector as we focus on supporting the company, building on its established foundation, and delivering reliable, high-quality professional software products to our global customer base.”

The transaction is expected to close in May 2026, subject to customary closing conditions, including regulatory approvals.

Moelis & Company LLC served as lead financial advisor to Corel and Kirkland & Ellis LLP as legal counsel in connection with the transaction. Paul Hastings LLP served as legal counsel to Vector Capital, with Alvarez & Marsal serving as financial advisor.

About Corel
Corel products enable knowledge workers around the world to do great work faster. Offering some of the industry's best-known software brands, we give individuals and teams the power to create, collaborate, and deliver impressive results. Our success is driven by an unwavering commitment to deliver a broad portfolio of innovative applications – including CorelDRAW, MindManager, and WinZip – to inspire users and help them achieve their goals. To learn more about Corel, please visit www.corel.com.

About Parallels

Parallels is a global leader in cross-platform and virtualization solutions that make it simple for businesses and individuals to securely access applications and data on any device, anywhere.

Parallels operates two core businesses. Parallels Desktop enables individuals and organizations to run Windows applications on Mac computers, providing a seamless, native-like experience without changing devices or disrupting workflows. Parallels Workspace Solutions deliver simple, flexible, and secure virtual applications and desktops through Parallels RAS, Parallels DaaS, and Parallels Browser Isolation, offering a modern, cost-effective alternative to traditional VDI across hybrid and cloud environments.

Together, Parallels helps customers reduce complexity, streamline IT operations, improve security, and deliver a seamless user experience across Windows, macOS, Linux, ChromeOS, iOS, Android, and the cloud and emerging application models. To learn more, visit www.parallels.com.

About Vector Capital
Vector Capital is a leading, San Francisco-based investment firm focused on transformational investments in middle-market technology and technology-enabled businesses. Founded in 1997, Vector manages over $4 billion of capital across credit and private equity strategies on behalf of a high-quality group of global limited partners. For over 29 years, Vector has combined technology investments with operational transformation to deliver breakthrough results. For more information, visit www.vectorcapital.com.

Media Contact

For Corel:
Beatrice Vogel, Director of Corporate Communications, beatrice.vogel@corel.com

For Vector Capital:
Nathaniel Garnick / Grace Cartwright
Gasthalter & Co.
(212) 257-4170
vector@gasthalter.com

© 2026 Corel Corporation. All rights reserved. Corel, CorelDRAW, MindManager and WinZip are trademarks or registered trademarks of Corel Corporation. Parallels is a registered trademark of Parallels International GmbH. All other company, product and service names, logos, brands and any registered or unregistered trademarks mentioned are used for identification purposes only and remain the exclusive property of their respective owners. For all notices and legal information please visit www.corel.com/en/legal-information/ and www.parallels.com/about/legal/