Corel Corp., the maker of WordPerfect and other software, said Thursday it was reducing its global work force by about 20 percent, or 200 employees, leaving it with 750 workers.
The move is intended to give the company financial flexibility in line with its operating plan for 2010, Corel CEO Kris Hagerman said in a statement.
Some employees left the company Thursday while others would leave in the coming months, the company said.
Last year, Corel's board said it was entertaining an offer by its majority investor, Vector Capital, to take the company private for $4 per share.
Corel shares fell a penny to close at $3.96 on Thursday.