Corel to Buy Parallels in all-cash deal

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“Some consolidation is afoot in the world of business software,” Ingrid Lunden reports for TechCrunch. “TechCrunch has learned from multiple sources that Parallels, the virtualization software specialist with millions of users, is getting acquired by Corel, the Canadian company behind design apps like CorelDraw and productivity apps like WordPerfect that once competed heavily with Microsoft.”

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“Employees at Parallels were briefed on the acquisition Tuesday, one source said,” Lunden reports. “Terms have not been disclosed, but we understand it is an all-cash deal.”

“From what we understand, Corel will keep Parallels as an independent product,” Lunden reports. “Corel has changed ownership and gone in and out of being listed publicly a number of times since being founded in the 1980s in Ottawa. It’s now owned by Vector Capital, which is essentially the one buying Parallels. Parallels was originally founded in 1999 with roots in Russia and is currently headquartered in Bellevue, Washington… These days, Corel is ‘highly profitable,’ says Vector, selling software that includes CorelDraw, WordPerfect, WinZip, PaintShop Pro, and WinDVD.”

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