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CorelDraw update planned

Software maker Corel on Monday announced plans to update its CorelDraw graphics package, the company's first major software release since going private last year. CorelDraw Graphics Suite 12 will include a new "smart drawing tool" to reduce the work involved in creating sketches, expanded text tools, and the ability to export drawings to common office documents. The package is set to go on sale in mid-February, priced at $399 for the full product, $179 for those upgrading from a previous version, and $99 for the academic version.

Corel went private last year, after shareholders agreed to a $98 million buyout by venture capital firm Vector Capital. The company subsequently laid off 18 percent of its already reduced staff, saying it would concentrate on key products such as CorelDraw and WordPerfect.