Corel has acquired Jasc Software, developer of the Windows-only Paint Shop family of products.

Discussing the move, Corel calls the acquisition: "A crucial part of its ongoing growth strategy."

The move follows four consecutive quarters of profitability on the part of the once assailed company. The acquisition is expected to officially close by the end of October 2004.

Corel headquarters will remain in Ottawa, Canada. Corel will maintain the former Jasc facility in Minneapolis for the Paint Shop family operations. Amish Mehta will continue to serve as Corel CEO. Several members of the Jasc senior management team will join Corel.

"The acquisition expands our reach in digital imaging software - one of the key drivers behind our growth strategy," said Mehta. "The Paint Shop family gives us strong entry level graphics and imaging software products that will help Corel capture millions of new customers. Over the long-term, we will significantly expand our footprint with consumers who regularly purchase digital photography software - a fast growing software market segment."

Corel will sell Paint Shop Pro, Paint Shop Pro Studio and Paint Shop Photo Album as stand alone products and will continue to provide worldwide service and support to customers under the Corel brand. Corel will actively support new research and development of these products.

"Corel is poised for future growth with the addition of the Paint Shop family as well as through future acquisitions on the horizon," the company said.