Corel Corporation is a popular software company with more than 100 million active users in over 75 countries. It is headquartered in Canada, with its main competitors Microsoft and Adobe. It's product portfolio includes CorelDRAW® Graphics Suite, Corel® Paint Shop Pro® Photo, Corel® Painter™, VideoStudio®, WinDVD®, Corel® WordPerfect® Office and WinZip®.
While many software companies are moving to cloud computing and software as a service models, Corel seems to be stuck in the past delivering software in packaged box format through its online store, OEM, or other partner relationships.
In January 2010, Corel announced that it reduced its global workforce by approximately 20% worldwide. This comes at the same time that it got a notice from The Nasdaq Stock Market that it no longer maintains the minimum number of publicly held shares required by Listing Rule 5450(b)(1)(B) for continued listing.
In a proxy statement dated December 29, 2009, Corel intends to terminate registration under U.S. securities laws and to delist shares on both NASDAQ and the TSX promptly following the special meeting of shareholders held on January 26, 2010.
In November 2009, Board of Directors of Corel unanimously determined to recommend, on behalf of the company, that shareholders tender their shares pursuant to a tender offer.
The news on Corel demonstrates that companies are still adapting and evolving in order to meet new consumer demands and an ever changing competitive business landscape. In building operating plans for 2010, companies continue to layoff to align cost structure for financial flexibility to continue to innovate and deliver new products to the market, and to drive brand.
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