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- 2002-01-19
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UPDATE: Corel cuts 73 Ottawa jobs
By Leo Valiquette, Ottawa Business Journal Staff
Thu, Oct 9, 2003 3:00 PM EST
Vector Capital wielded the axe Thursday in its efforts to return Corel Corp. to profitability, cutting about 18 per cent of the software firm's global workforce.
The cuts impact about 125 staff worldwide, according to Catherine Hughes, director of corporate communications.
In Ottawa she said 15 per cent of the workforce is affected, or about 73 of 500 staff.
The cuts were across the board as part of a general cost reduction strategy.
Vector, a San Francisco-based venture capital firm, wrapped up its US$120-million acquisition of Corel in late August and took the company private in early September.
The takeover of Corel followed months of rhetoric as a vocal group of shareholders under the name of Corel Rescue tried to thwart both the acquisition and the plan to take the company private.
Despite the group's efforts, a majority of shareholders did approve the deal. A last-ditch attempt to block the deal before Ontario Superior Court Justice James Chadwick failed in August.
Vector and Corel management maintained all along that the arrangement is the best available course to rebuild Corel. Vector managing partner Alex Slusky repeatedly expressed his support for flagship products as WordPerfect and CorelDraw as well as the existing management team.
Taking Corel private was touted as a way to allow the company to focus on rebuilding its business without the distraction of being answerable to shareholders or burdened with the cost of public filings.
Corel Rescue argued that the deal undervalued the company, shortchanged shareholders and prevented them from taking part in the future success of the company.
By Leo Valiquette, Ottawa Business Journal Staff
Thu, Oct 9, 2003 3:00 PM EST
Vector Capital wielded the axe Thursday in its efforts to return Corel Corp. to profitability, cutting about 18 per cent of the software firm's global workforce.
The cuts impact about 125 staff worldwide, according to Catherine Hughes, director of corporate communications.
In Ottawa she said 15 per cent of the workforce is affected, or about 73 of 500 staff.
The cuts were across the board as part of a general cost reduction strategy.
Vector, a San Francisco-based venture capital firm, wrapped up its US$120-million acquisition of Corel in late August and took the company private in early September.
The takeover of Corel followed months of rhetoric as a vocal group of shareholders under the name of Corel Rescue tried to thwart both the acquisition and the plan to take the company private.
Despite the group's efforts, a majority of shareholders did approve the deal. A last-ditch attempt to block the deal before Ontario Superior Court Justice James Chadwick failed in August.
Vector and Corel management maintained all along that the arrangement is the best available course to rebuild Corel. Vector managing partner Alex Slusky repeatedly expressed his support for flagship products as WordPerfect and CorelDraw as well as the existing management team.
Taking Corel private was touted as a way to allow the company to focus on rebuilding its business without the distraction of being answerable to shareholders or burdened with the cost of public filings.
Corel Rescue argued that the deal undervalued the company, shortchanged shareholders and prevented them from taking part in the future success of the company.
