Corel Will Acquire Virtualization Software Developer Parallels: Report

Corel, developer of a wide range of creativity and productivity software including CorelDRAW and the WordPerfect suite, has acquired cross-platform virtualization software developer Parallels, according to TechCrunch.

TechCrunch reported on Tuesday that Parallels will be acquired by Ottawa, Ontario-based Corel for an undisclosed sum in an all-cash deal that is expected to be announced soon.

Corel did not respond to a CRN request for more information by press time. A Parallels spokesperson told CRN via email that the company does comment on rumors or speculation.

[Related: Cisco To Buy British Networking Software Firm To Beef Up Automation]

The actual acquisition of Parallels is likely to be made by private equity firm Vector Capital which in 2003 acquired Corel, TechCrunch reported. Vector in 2006 completed an IPO of Corel, but took the company private again in 2010.

Under Vector, Corel has made multiple acquisitions including Jasc Software, WinZip, Intervideo, Roxio Software, ClearSlide, and Gravit Designer. Its last acquisition, ClearSlide in December of 2017, brought it a sales engagement platform leader that enables sales, marketing, and service teams to drive improved customer interactions.

Bellevue, Wash.-based Parallels is a developer of cross-platform software that virtualizes operating systems to allow them to be run on various platforms. Parallels is a part of the Intel Capital portfolio.

Corel's acquisition of Parallels is expected to close next year, after which it is expected to remain an independent product, TechCrunch reported.