Corel, based in Ottawa, Canada, will have a worldwide workforce of around 769 following the cuts.
A spokesperson for Corel Australia was unable to say how the cuts might affect the company's Asia Pacific operations.
"While we anticipate revenue growth for fiscal 2003, we are adopting a conservative approach in aligning our cost structure to reflect the company's current revenue patterns," Corel President and chief operating officer Derek Burney said in a statement.
The changes will result in a one off restructuring charge of US$5.8 to US$6.3 million for the current quarter.
Corel shares slumped nearly five percent to US$1 following the news.
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iTnews Executive Retreat - Security Leaders Edition
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