Canadian software house Corel is selling off its CD Home Collection as part of a company wide restructure that began earlier this month.
Officials at the $350 million company said they wanted to focus more closely on the organisations flagship desktop application products Corel Wordperfect and Corel Draw.
The multimedia business which contains more than 60 multimedia and game CD-ROMs including CDs like the Complete works of Shakespeare and World Classics will be sold to Toronto based multimedia specialist I Hoffman and Associates (H&A) for $1 million.
?Corel is no longer the small graphics company that it was,? said Eric Lefebvre international communications manager at Corel. ?We have acquired companies and new technologies which has lead to a lack of focus. Selling off the CD-Home collection will mean we can focus more closely on our core business.?
Earlier this month Corel spun off its hardware activities, creating a new company called Corel Computing Corporation which will house the firm?s network computers and its videoconferencing products and various Java tools. The original company will continue to house Corel?s applications business consisting of Corel Draw and the Wordperfect office suite, including Office for Java.
According to Lefebvre Corel will take a 22 to 25 percent stake in H&A and will also retain a 5 percent royalty stake on all sales of the CD Home software. He said the multimedia group which had sales of between $7 and $10 million in fiscal 1996 amounted to no more than 2 to 3 percent of the company?s overall business.
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