Central regions | Finance, business | Technology & innovation
Canada’s Corel acquires Russia’s virtualization specialist Parallels in all-cash deal
28 Nov '18
Parallels, a virtualization specialist of Russian origin with millions of users, is getting acquired by Corel, the Canadian company behind design apps like CorelDraw and other productivity apps like WordPerfect, TechCrunch reported.
Terms have not been disclosed but it appears to be an all-cash deal. It is expected to close in December, a TechCrunch source said. From what TechCrunch could understand, Corel will keep Parallels an independent product.
Parallels was originally founded in 1999 with roots in Russia and is currently headquartered in Bellevue, Washington. According to PitchBook, its last funding round was in 2015, an undisclosed amount from Endeavour Vision, KG Investments, Maxfield Capital, Savano Capital Partners and others. It had raised $300m from Ingram Micro the year before that.
Parallels provides a number of products that help people work seamlessly across multiple platforms, essentially letting people (and IT managers) run a unified workflow regardless of the device or operating system, ranging from Windows, Mac, iOS, Android, Chromebook, Linux, Raspberry Pi and cloud—a particularly compelling offering in the current, fragmented IT climate.