News:
SAN RAFAEL, Calif., Sept 25 (Reuter) - Software company
International Microcomputer Software Inc Thursday said
that it had acquired the rights to products from Corel Corp
in exchange for $5.6 million in IMSI stock and cash.
IMSI said it signed an agreement to acquire rights from
Corel to products in the Computer Assisted Design (CAD),
diagramming, and consumer categories, in exchange for IMSI
stock and cash, in addition to further royalties and
development payments.
Under a separate arrangement, IMSI said it plans to hire
about 20 Corel employees and will establish a development
center in Ottawa, Canada.
The products to which IMSI acquired rights include CorelCAD
Modeler, CorelCAD Technical, CorelFLOW, Corel Click & Create,
Corel Lumiere, Corel Family Tree Suite, Corel Family Publisher
and Corel Personal Architect.
The transaction is expected to close by September 30, and
will be accounted for as a purchase, IMSI said. It is estimated
that the majority of the acquisition price will be expensed
primarily as in-process Research and Development in the
September 1997 quarter.
"This transaction with IMSI allows Corel to sharpen its
focus on the core strategic products relating to our
concentration on the corporate marketplace," Michael Cowpland,
Corel's president and chief executive said.
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Peter |
