Corel has announced a new corporate strategy which it believes will ensure long-term growth and profitability.
“This strategy represents the start of an important new chapter in Corel’s history. It is a long-term program based on three key principles: dynamic technology, dedication to the customer, and disciplined financial management,” said Derek Burney, president of Corel Corporation.
“Our blueprint for the future includes a solid foundation, a clear plan, and space for growth through strategic investments and acquisitions. We are committed to success and we believe that this plan, properly executed, will result in Corel’s return to profitability by the third quarter of this fiscal year. We have the opportunity to grow the company’s revenues at a compounded annual growth rate of at least 20% over the next three years.”
The company’s vision for Linux includes providing customers with a bundled solution that minimizes the total cost of ownership and eliminates integration issues. Corel wants to spin off the distribution element of its Linux division while retaining an interest in the new company. Corel will continue to develop brand name applications for the Linux operating system including WordPerfect Office for Linux and CorelDRAW for Linux.
WordPerfect: Corel’s flagship office suite remains the choice of the legal community and government offices where specialized formatting and stability are critical to productivity. Over 70% of the new features planned for Office 2002 are based on client feedback. Corel will target sales and marketing programs that reward customer loyalty.
There is a demonstrated customer demand for English versions of WordPerfect, both in North America and in International markets.
Creative Products: The company’s creative products will provide the primary revenue growth. Corel will investigate opportunities fueled by the increasing demand for web content and graphics, a market expected to reach $2.9 billion by 2003.
The strategy is the culmination of a corporate review by the company’s senior executive team over a period of several months.
Corel Corporation provides its customers with the creative tools they need to unleash their imaginations. With its heritage of software innovation and a solid franchise of loyal customers worldwide, Corel has earned its reputation as an internationally recognized developer of award-winning graphics and business productivity applications on the Windows, Macintosh, Linux and UNIX platforms. With its headquarters in Ottawa, Canada, Corel continues to be one of Silicon Valley North’s most exciting and influential software companies.