Not so much.. I mean if Word Perfect and Lotus 123 had a merger, then they would still be competitive as neither was really better than the MS Office counterparts, but as a combo they would have had more entrenchment to work from.

IBM buying Lotus and not Word Perfect was probably a mistake, had they really wanted to take it seriously... but they seemed more interested in Lotus Notes (think Outlook+Access in a self-hosted cloud environment), it was imho nasty af.