Corel announced that it has acquired Jasc Software, developer of Paint Shop Pro. Corel, based in Ottawa, Canada, said the the purchase of the company was a “critical milestone in its ongoing growth strategy.”
The acquisition follows four consecutive quarters of profitability of Corel and a successfully completed turnaround since the firm was taken private in August 2003. In 2000 and 2001 the software company had rocky times, several times avoiding bankruptcy just by inches.
Paint Shop Pro, a low-end competitor for Adobe’s Photoshop,
should help Corel to to extend its products to now 60 million customers worldwide, the firm said. 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, Minnesota, for the Paint Shop family operations. Amish Mehta will continue to serve as the Chief Executive Officer of Corel.