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Corel to Acquire Micrografx

Corel gets technologies to advance its new business strategy By Dave Nagel
Corel announced today that it has signed definitive agreements to acquire Micrografx, a provider of graphics software and services. The company's graphics programs, such as Micrografx Designer, are geared mainly for technical illustrations, but the company also offers some interactive tools. The deal, which is a stock for stock transaction, is still subject to shareholder and regulatory approval.

Corel released the following statement regarding the acquisition:

"This acquisition represents yet another important milestone in Corel's corporate strategy, which is designed to position the company for long-term growth and profitability. As announced in January 2001, Corel's growth strategy provides a framework for the company's future that is being unfolded in three phases, or "horizons." For the first horizon, Corel is focused on two goals: strengthening its position in the graphics market and effectively managing its business applications division to upgrade its large base of existing users. In horizon two, Corel will more fully embrace the power of the Web by developing advanced Web-based functionality within existing and new product lines. For horizon three, Corel will develop new technolog[ies] to target fast-growing emerging markets, such as wireless and Web-based services. Corel is able to advance key aspects of each horizon as a result of this acquisition."

Over the next several weeks, Corel and Micrografx will work together on a comprehensive plan outlining how best to integrate the two companies. Following the closing of the deal, which is expected to occur in Corel's fourth quarter, they will announce further details related to the integration plan.

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