There was speculation last week that Corel was being readied for sale, causing concern among users about the future of its Coreldraw graphics package.
Canadian newspaper The National Post reported Microsoft was transferring part of the stake it bought in Corel in 2000 for $US135 million to a venture capital firm. Financial analysts read that as a sign that the company will be put up for sale.
Corel made a loss of $US96.4 million last year on revenue that was down to $US126.7. In November it laid of 220, or 20%, of its staff. But the company head, Derek Burney, says it is going into 2003 “with a strong cash position, no long-term debt and a clean balance sheet”.
An Auckland Coreldraw user says the cracks have been showing at the company in a slower software update schedule. If the company disappeared and Coreldraw with it, graphics designers would have lost a product with a “well thought-out and customisable interface”.