Canada’s Corel is acquiring virtualization specialist Parallels in an all-cash deal

Some consolidation is afoot in the world of business software. TechCrunch has learned that Parallels, the virtualization specialist with millions of users, is getting acquired by Corel, the Canadian company behind design apps like CorelDraw and other productivity apps like WordPerfect.
Some employees at Parallels have already been briefed on the acquisition, which is expected to be announced to the whole company today. Terms have not been disclosed but we understand it is an all-cash deal.
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.
From what we 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. It has never made much of a fanfare around its financing or


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