Corel wants to adopt a new identity. The company changed its name to Alludo and aims to create more cohesion among its subsidiaries, including Parallels, CorelDRAW and WinZip.
Corel was founded in 1985. The organization became Canada’s largest software company in the ’90s. WordPerfect, a word processor and one of the largest products in its portfolio at the time, competed with Microsoft Word for years on end.
Over time, Corel was acquired, listed and delisted several times. The company is currently owned by investor KKR. The organization’s name was left unchanged until recently. Corel will operate under the banner of Alludo from here on out.
From Corel to Alludo
In addition to the name change, the company announced a change of strategy. A spokesperson explained that Corel developed its name and brand by acquiring several software companies. The name Alludo, however, represents a cohesive identity. The parent wants to more closely connect the goals of its sub-brands, the spokesperson said.
The statement refers to brands like Parallels, WinZip and CorelDRAW. Some were acquired decades ago, others recently joined the company. The old Corel barely interfered with the identity of acquired organizations. The new Alludo wants to strengthen ties, according to the spokesperson.
Alludo CEO Christa Quarles described the move as “a turning point”. Although the company will continue to focus on mergers and acquisitions, cohesiveness is key to the plan. The organization promises that “customers can expect the same products and service”.
95 percent work externally
The plan’s exact impact on subsidiaries was not disclosed. Alludo did emphasize that employees can freely choose between home and remote work from now on. The organization says it wants to develop software that frees up time for “things that really matter”. To align itself with that vision, employees were given the freedom to work where they want. According to Alludo, 95 percent opted for a remote workplace.
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