Corel Acquires Virtualization Software Specialist Parallels

Ottawa, Canada-based Corel Corp. confirms that it has acquired Seattle-based Parallels, a software company primarily involved in the development of virtualization software for MacOS, in order to expand its footprint in the world of business.

A shifting business landscape, including the rise of cloud-based services, employees who bring their own device to work, and a variety of untraditional work environments has created a demand for better software management practices that cover an array of things like security and usability, according to the company. Corel says it expects to make “significant investment into the Parallels business” because it believes it has “exceptional opportunities for growth.” This will likely include integration between its existing products and those of Parallels.

Products such as CorelDRAW and apps like WordPerfect will now sit alongside Parallels Desktop for Mac, Parallels Toolbox for Windows and Mac, Parallels Access, Parallels Mac Management for Microsoft SCCM, and Parallels Remote Application Server (RAS).

“We’re excited to welcome our new Parallels employees to Corel’s global organization,” says Patrick Nichols, CEO of Corel, in a statement. “From our highly complementary product portfolios to our shared business models and strategies, Corel and Parallels are a great fit. Thanks to the combined power of our technologies and teams, we see tremendous opportunities to drive continued growth and success for our businesses and most importantly, our customers.”

“Parallels and Corel share a common vision, market leadership, and passion for innovation. We look forward to continuing to serve our customers and partners with best-in-class software as part of Corel,” adds Jack Zubarev, CEO of Parallels.

Corel is owned by Vector Capital. The company also acquired Germany’s Gravit Designer in 2018.