The company behind one of the most iconic brands in Ottawa tech history is splitting up. Corel Corp. announced last week it has agreed to separate into two independent companies. As part of the agreement, San Francisco-based private equity firm Vector Capital Management, which previously owned Corel, is acquiring Corel’s portfolio of creativity and productivity […]
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The company behind one of the most iconic brands in Ottawa tech history is splitting up.
Corel Corp. announced last week it has agreed to separate into two independent companies.
As part of the agreement, San Francisco-based private equity firm Vector Capital Management, which previously owned Corel, is acquiring Corel’s portfolio of creativity and productivity software and related brands. That company will operate under the Corel name, offering products such as CorelDRAW, MindManager and WindZip.
Meanwhile, Corel’s Parallels suite of products, which includes software that allows Mac users to run Windows applications on their devices, will be spun off into a separate business called Parallels. The company will continue to be owned by global investment firm KKR, which acquired Corel from Vector Capital for a reported $1 billion in 2019.
Financial terms of the transaction, which is expected to close in May, were not disclosed.
Under the deal, current Corel CEO Christa Quarles will serve as chief executive of Parallels and Prasannaa Ganesan, former chief operating officer of Corel, will become Corel’s CEO.
Corel said splitting into two separate organizations will allow the businesses to better serve their specific markets and customer bases.
“Becoming an independent company will allow Parallels to sharpen our focus while continuing to deliver even greater value to our customers,” Quarles said in a news release.
“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,” Vector Capital founding partner Alex Slusky said in a release. “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.”
Founded in 1985 by flamboyant entrepreneur Michael Cowpland, Corel was among the city’s leading software enterprises over the next two decades, with a name that adorned Ottawa’s NHL arena and its prominent Carling Avenue office building.
The firm made headlines for buying WordPerfect in 1996 in an ill-fated bid to take on Microsoft. Over the years, Corel went public twice before being taken private again, both times in acquisitions by Vector Capital.
Corel’s products, such as CorelDRAW and WinZip, fall largely into the creativity and business utilities space. But over the years the company expanded its offerings through a series of acquisitions, including the purchase of Seattle-based Parallels in 2018.
In 2022, the company rebranded to Alludo in a move it said was meant to reflect its evolution into a more broad-based software provider. But the firm recently abandoned the Alludo moniker and reverted to its familiar Corel branding.
Pluvo lands $5M in seed capital
Pluvo has raised $5 million in seed funding as the Ottawa-born fintech startup looks to continue building out its platform and push into new markets.
The company said Monday the round includes participation from Andreessen Horowitz’s a16z speedrun, Deel, The Perseverance Fund, StandUp Ventures and AltaIR Capital. A group of angel investors, including existing Pluvo clients, also participated in the round.
Founded in Ottawa in 2024, Pluvo specializes in an AI-powered platform that uses real-time data to help clients with financial planning, scenario modelling and strategic forecasting.
“CFOs don’t need another dashboard,” CEO and co-founder Alex Labrèche said in a news release.
“They need a system that actually helps them move from data to decisions faster. That’s what we’re building.”
Pluvo is now co-headquartered on Richmond Road in Ottawa and at an office in San Francisco.
The new financing follows Pluvo’s acceptance earlier this year into a16z speedrun, Andreessen Horowitz’s flagship early-stage program that aims to give young software businesses a foothold in new international markets.
The company said it plans to use the new capital to expand its AI-powered platform’s capabilities, hire more engineers, deepen its software’s integration into enterprise resource planning, customer relationship management, HR and billing systems, and ramp up its go-to-market efforts targeted at finance leaders.
“Every CFO we talk to has the data,” Pluvo chief operating officer Seb Fallenbuchl said in a release.
“What they don't have is the time to make sense of it before the moment passes. Pluvo closes that gap.”
Versaterm acquires U.S. drone software firm
Public safety technology provider Versaterm has acquired U.S.-based air-space intelligence firm Aloft in a bid to further cement its position as a leader in drone management software.
Aloft makes Federal Aviation Administration-approved software that digitally authorizes drones to legally operate in controlled air space, such as areas near airports and in densely populated urban environments.
In a news release earlier this month, Ottawa-based Versaterm said the acquisition “addresses one of the biggest pain points for public safety drone programs – the fragmented, manual processes required to secure FAA authorization.”
Versaterm said it will integrate Aloft’s products into its DroneSense software platform, which allows customers to pilot drones of any type from central locations via web browsers. Combining the products means “public safety agencies can now use one single platform to manage drones in restricted air spaces as seamlessly as dispatching police and fire units,” the company added.
The deal follows Versaterm’s acquisition of DroneSense last summer. The Ottawa firm has grown dramatically in recent years, making 13 M&A transactions to expand its services and customer base after itself being purchased by U.S. private equity firm Banneker Partners in 2020.
Fuelled by its aggressive M&A push, the company that spun out of the Royal Canadian Mounted Police nearly 50 years ago to develop computer-aided dispatch systems for first responders has reportedly tripled its revenues over the past five years.
Versaterm now has more than 500 employees, up from about 115 in late 2020, and well over 1,000 customers around the world.
Calian appoints acting CFO to replace Houston
Calian Group has named veteran finance executive Will Majic its acting chief financial officer, the firm announced last month.
Majic joined Calian in 2017 and previously served as vice-president of finance. He previously held the roles of director of finance and controller.
Majic, who earned a bachelor of commerce degree from Carleton University, replaces Patrick Houston, who was promoted to chief executive officer after previous CEO Kevin Ford retired at the end of last year.
In a news release in late February, Calian said its annual revenues have grown from about $275 million to more than $750 million during Majic’s tenure. The company said Majic has led finance due diligence and integration for 19 acquisitions, supported two equity financings totaling $150 million and played a key role in establishing a $350-million syndicated credit facility.
“Will is a proven financial leader with deep knowledge of our business and a track record of disciplined execution,” Houston said in a release.
“He has been instrumental in strengthening our financial foundation, supporting our acquisition strategy, and enabling the significant growth we have achieved over the past several years. As we continue to scale and execute against our long-term strategy, I have full confidence in Will’s ability to lead our finance organization with rigour and focus.” 
