Parallels Has Been Acquired by Corel

Parallels Profile

  • Parallels is a global leader in cross-platform solutions best known for its best-selling software for running Windows on Mac systems
  • Parallels makes it simple for customers to use and access the applications and files they need on any device or operating system; by enabling seamless delivery of virtual desktops and applications to any device, Parallels helps businesses and individuals securely and productively use their favorite devices and preferred technology, whether it's Windows, Mac, iOS, Android, Chromebook, Linux, Raspberry Pi or the cloud
  • Parallels is headquartered in Seattle with additional offices across North America, Europe, Australia and Asia

Corel Profile

  • Corel, a portfolio company of Vector Capital, is a leading global provider of software products that help people achieve new levels of creativity, productivity and success
  • The company boasts some of the industry’s best-known graphics, productivity and digital media products, including CorelDRAW, WinZip, ClearSlide and MindManager
  • Corel was founded in 1985 and is headquartered in Ottawa

Transaction Notes

  • The acquisition of Parallels by Corel was announced on December 20, 2018; financial terms were not disclosed
  • “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.” – Patrick Nichols (CEO, Corel)
  • “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.” – Jack Zubarev (CEO, Parallels)
  • Shea & Company served as the exclusive financial advisor to Parallels
Financial terms not disclosed
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Shea & Company served as the exclusive financial advisor to Parallels